Understanding Edge

Tariffs, Fed shifts and a newly normalized yield curve — Doug Gimple breaks down what fixed income investors need to know heading into the second half of 2025.

Dive into the recent events impacting fixed income markets with Douglas Gimple. Explore topics including the Fed, tariffs and inflation. (24 min podcast)

Explore insights from portfolio manager Arthur Cheng, CFA, on high-yield markets and their role in the Core Plus strategy. He also discusses what risks investors should be watching for and where opportunities might arise in today's dynamic environment. DISCLOSURES The performance data quoted represents past performance and is not indicative of future results. The discussion of specific portfolio holding(s) performance is provided gross of fees and should be viewed in conjunction with the net of fee returns provided for the entire strategy. Performance for the strategies are available here: Core Bond and Core Plus. Securities referenced may not be representative of all portfolio holdings. Listeners should not assume that an investment in the securities was or will be profitable. Credit ratings are an estimate of the level of risk involved in lending money to a business or other entity. Bonds receive credit ratings before they are issued. While each rating agency uses a slightly different scale, they assign ratings as letter grades. In general, a rating of AAA is the highest possible credit rating, while a C or D rating is the lowest. Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB.  As of 31 March 2025, Diamond Hill owned shares of Bank OZK. As of 28 February 2025, Diamond Hill owned debt of Bank OZK, Brundage-Bone Concrete Pumping, Adient Global Holdings, Bread Financial Holdings. As of 31 January 2025, Diamond Hill owned shares of Concrete Pumping Holdings Inc. Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the indices' EM country definition, are excluded. The views expressed are those of the speakers as of April 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results. 

Explore how tariffs and inflation are shaping 2025's market volatility. Hear from Douglas Gimple as he discusses fixed income strategies to manage risks and seize opportunities in an evolving market landscape. (23 min podcast)   The views expressed are those of the speakers as of March 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results. 

The Federal Reserve is navigating inflation, political pressures and shifting market expectations. Dive into how they are making data-driven decisions and what this means for fixed income investors. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high-yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer.  S&P 500 Index measures the performance of 500 large companies in the US. Nasdaq Composite Index measures the performance of more than 3,000 securities and is heavily weighted in technology stocks. Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB The views expressed are those of the speakers as of February 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Micah Martin, CFA, recaps his trip to Australia, diving into the country, its economy and the investible opportunity set. As of 31 January 2025, Diamond Hill's International Strategy owned shares of Whitehaven Coal Limited. MSCI ACWI ex USA Index measures the performance of large- and mid-cap stocks in developed (excluding the US) and emerging markets. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: MSCI, Inc. See diamond-hill.com/disclosures for a full copy of the disclaimer.  The views expressed are those of the speaker as of December 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Henry Song, CFA, joined Bloomberg's FICC Focus podcast to discuss his team's approach to credit investing, the current market landscape, why a focus on securitized assets can be beneficial, and more. (60 min podcast) Click here for Diamond Hill's most recent fixed income fund holdings. Acronyms referenced: Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Collateralized Loan Obligations (CLO), Great Financial Crisis (GFC), Investment Grade (IG), RMBS (Residential Mortgage-backed Securities). Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer.  Risk disclosure: In general, when interest rates rise, fixed income values fall. Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties and become more volatile and/or illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or repay loans sooner than expected, creating an early return of principal to loan holders. The views expressed are those of Diamond Hill as of 27 December 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance quoted. For current to most recent month-end performance, visit diamond-hill.com. Carefully consider the Fund's investment objectives, risks and expenses. This and other important information are contained in the Fund's prospectus and summary prospectus, which are available at diamond-hill.com or calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value  

From golden handcuffs to home equity innovations: Discover how today's unique housing market is reshaping fixed income opportunities. Join us for an insightful discussion on rate dynamics, securitization trends, and what's ahead for fixed income investors. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer.  The views expressed are those of the speakers as of November 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

The Fed has made its first rate cut. What does it mean for fixed income markets? Listen to our latest podcast with Douglas Gimple as he breaks down the implications for mortgages, ABS, and investment opportunities. CMBS or commercial mortgage-backed securities are fixed-income investment products that are backed by mortgages on commercial properties rather than residential real estate. OAS or option-adjusted spread is the measurement of the spread of a fixed income security rate and the risk-free rate of return, which is then adjusted to take into account embedded options. The views expressed are those of the speakers as of September 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Fed signals rate cuts ahead: What does it mean for fixed income? Explore Jackson Hole takeaways, market volatility, and investment opportunities in our latest podcast with fixed income expert Douglas Gimple. (24 min podcast) The views expressed are those of the speakers as of August 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In this episode of Understanding Edge, senior portfolio specialist Douglas Gimple discusses the latest from the fed. He also shares his current insight into the commercial real estate market, and why it may not be all bad. (21 min podcast)

From biotech's rebound to the next frontier for GLP-1 drugmakers, Chendhore Veerappan, PhD, CFA, our health care research analyst, delves into the trends and investment opportunities unfolding in this dynamic sector. Tune in to our latest podcast! As of 30 April 2024, Diamond Hill owned shares of Abbott Laboratories and Roche Holdings AG. SPDR® S&P® Biotech ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Biotechnology Select IndustryTM Index. The views expressed are those of Diamond Hill as of May 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In this episode of Understanding Edge, we discuss the Fed's recent meeting and the latest outlook on inflation and rates. We also explore the recent performance of various sectors within the fixed income market. Bonds rated AAA, AA, A and BBB are considered investment grade. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. Bloomberg US Securitized Index measures the performance of the securitized sector of the Bloomberg US Aggregate Bond Index. Bloomberg US Mortgage-Backed Securities Index measures the performance of fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg US ABS Index measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. Bloomberg US Non-Agency CMBS Index measures the market of US non-agency conduit and fusion CMBS deals with a minimum current deal size of $300 million. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer.  The views expressed are those of Diamond Hill as of May 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Our director of research, Win Murray, discusses identifying investment talent, how a research team should operate, what makes a great analyst and more. (78 min podcast)   Diamond Hill's total assets were $30.3 billion as of 29 February 2024 For Important information on Diamond Hill Funds, click here. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). The views expressed are those of Diamond Hill as of March 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Senior Portfolio Specialist Douglas Gimple shares his insights on the fixed income markets. Tune in to hear about the latest from the Fed, market expectations, CMBS, and more. Bonds rated AAA, AA, A and BBB are considered investment grade. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. Bloomberg Non-Agency US CMBS Investment Grade Index measures the market of US Non-Agency conduit and fusion CMBS deals with a minimum current deal size of $300mn. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. MOVE Index, or Merrill Lynch Option Volatility Estimate Index, measures interest rate volatility in the US Treasury market. It is calculated from options prices, which reflect the collective expectations of market participants about future volatility. Yield to Worst is the lowest potential bond yield received without the issuer defaulting, it assumes the worst-case scenario, or earliest redemption possible under terms of the bond.   The views expressed are those of Diamond Hill as of March 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Senior portfolio specialist Douglas Gimple discusses the market's ongoing desire to fight the Fed on rate cuts. Get insights into the latest from the FOMC, inflation and opportunities in fixed income in our podcast. Bonds rated AAA, AA, A and BBB are considered investment grade. ICE BofA AAA and BBB CMBS indexes measure the performance of US dollar denominated investment grade rated commercial mortgage-backed securities publicly issued in the US domestic market. These subsets include all securities with a given investment grade rating AAA and BBB, respectively. ICE BofA AAA and BBB Corporate indexes measure the performance of US dollar denominated investment grade rated corporate debt publicly issued in the US domestic market. These subsets include all securities with a given investment grade rating AAA and BBB, respectively. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. The views expressed are those of Diamond Hill as of February 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Tune into our podcast with senior portfolio specialist Douglas Gimple, as he discusses the latest from the Fed, what drove the November fixed income rally, and opportunities that await investors heading into 2024.

In our recent podcast, we unpack the latest from the Fed, inflation outlook, interest rate forecast, and more. Discover historical context on tightening cycles and fixed income returns over 3 years post-hikes. Plus, a deep dive into risks, opportunities and attractive areas of the bond market.   Bonds rated AAA, AA, A and BBB are considered investment grade. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US CMBS AAA Index measures the market of US agency and US non-agency conduit and fusion CMBS deals rated AAA with a minimum current deal size of $300 million. Bloomberg US Corporate A-Rated Index measures the single-A rated, fixed-rate, taxable, corporate bond market. The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures a full copy of the disclaimer  The views expressed are those of Diamond Hill as of November 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In our latest podcast, we discussed Fed policy, corporate bonds, and our #fixedincome market outlook with Douglas Gimple. Listen as we break down market dynamics, risks and areas of opportunity. (27 min podcast) Bonds rated AAA, AA, A and BBB are considered investment grade. Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. ICE BofA CMBS Fixed Rate AAA 7-10 Year Index measures the performance of US dollar denominated AAA-rated commercial mortgage-backed securities with a remaining term to maturity of greater than or equal to 7 years and less than 10 years in the US domestic market. ICE BofA CMBS Fixed Rate BBB 7-10 Year Index measures the performance of US dollar denominated BBB-rated commercial mortgage-backed securities with a remaining term to maturity of greater than or equal to 7 years and less than 10 years in the US domestic market. ICE BofA Single-A US Corporate Index measures the performance of US dollar denominated A-rated corporate debt publicly issued in the US domestic market. The views expressed are those of Diamond Hill as of September 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Our international analysts recount learnings and insights from recent travels to Scandinavia, Canada, India and other destinations. Hear their first-hand experiences exploring local markets, researching investment prospects and meeting with management teams. (20 min) As of 31 August 2023, Diamond Hill owned shares of Canadian Natural Resources Ltd. The views expressed are those of Diamond Hill as of August 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.  

Our international analysts shared their insights from recent research trips around the world. In this two-part series, they explore Japan, Scandinavia, Canada and India. In Part 1, we focus on Japan. As of 31 July 2023, Diamond Hill owned shares of Howden Joinery Group plc. The views expressed are those of Diamond Hill as of August 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

The debt ceiling debate, ongoing tightening cycle and a banking crisis have created volatility in financial markets. How is the consumer faring amid this uncertainty? Listen to our recent podcast to learn more. The views expressed are those of the speakers as of June 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Catch up on the latest updates in the CMBS market and May's Fed meeting in this recent podcast with Senior Portfolio Specialist Douglas Gimple. Bloomberg US Financial Institutions Index measures the performance of the financial institutions sector of the Bloomberg US Aggregate Bond Index. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US CMBS Investment Grade Index measures the market of US agency and US non-agency conduit and fusion CMBS. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for full disclaimers. As of 28 February 2023, Diamond Hill owned debt in Huntington Bancshares Inc., Citizens Bank NA, JPMorgan Chase & Co., Apple Inc., Amazon.com Inc. and Walmart Inc. The views expressed are those of the speakers as of May 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Video game demand benefited from the stay-at-home days of the pandemic. Demand has waned, but the industry has been resilient in weaker economic environments. Learn what's driving growth in this underappreciated market.   As of 31 March 2023, Diamond Hill owned shares of Microsoft Corp and Take-Two Interactive Software Inc.   The views expressed are those of the speaker as of April 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Volatility in the tech space, meme stocks and a rising rate environment — Long-Short PM Nate Palmer, CFA, discusses these topics and more in our latest podcast. Carefully consider the Fund's investment objectives, risks and expenses. This and other important information are contained in the Fund's prospectus and summary prospectus, which are available at diamond-hill.com or calling 888.226.5595. Read carefully before investing. Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value Risk disclosure: The portfolio uses short selling which incurs significant additional risk. Theoretically, stocks sold short have the risk of unlimited losses. Overall equity market risks may affect the portfolio's value. For standardized performance, expenses and important information, click here. Click here to view a complete list of holdings for the Long-Short Fund as of 31 March 2023. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. Bloomberg US Treasury Bills 1-3 Month Index measures the performance of US Treasury bills with time to maturity between 1 and 3 months. The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: London Stock Exchange Group PLC and Bloomberg Services Limited. See diamond-hill.com/disclosures/ for full disclaimers. The views expressed are those of the speakers as of April 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal.  

After a quick start to the year, fixed income markets slowed in February as a disconnect between markets and the Fed reintroduced volatility. Learn more in our recent podcast. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). This index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. The views expressed are those of the speakers as of March 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

It's been a tumultuous two years for fixed income investors — given the market rebound since Q3 2022, are we starting to turn the corner in fixed income markets? Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. The views expressed are those of the speakers as of February 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Real estate and housing markets have changed drastically in today's post-COVID, rising rate environment. Analyst Josh Barber, CFA, breaks down the health of different segments of these markets in our latest podcast. As of 30 November 2022, Diamond Hill owned equity shares of Amazon.com Inc. As of 31 October 2022, Diamond Hill owned debt in American Tower Corp. and Amazon.com Inc. The views expressed are those of Diamond Hill as of December 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In our final podcast of 2022, get a brief update on the latest Fed meeting, insights on the potential benefits of investing in securitized debt and our latest thoughts about what's to come in 2023 and beyond. Bloomberg US Corporate High Yield Index measures the performance of publicly issued non-investment grade USD fixed-rate, taxable and corporate bonds. The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. S&P 500 Index measures the performance of 500 large companies in the US. Moody's Bond Ratings are intended to characterize the risk of holding a bond. These ratings, or risk assessments, in part determine the interest that an issuer must pay to attract purchasers to the bonds. The ratings are expressed as a series of letters and digits. Investment Grade is a bond quality rating of AAA, AA, A or BBB. As of 30 September 2022, Diamond Hill owned debt in Ford Motor Co., General Motors Co. and General Motors Financial Co. As of 30 November 2022, Diamond Hill owned equity shares of General Motors Co. Risk disclosure: In general, when interest rates rise, fixed income values fall. Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties, and become more volatile and/or illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or repay loans sooner than expected, creating an early return of principal to loan holders. The views expressed are those of Diamond Hill as of December 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Hear from analyst Tim Myers, CFA, as he discusses how changing consumer tastes— particularly among younger consumers — are driving growth for plant-based food and beverage companies. As of 31 October 2022, Diamond Hill owned shares of SunOpta, Inc. The views expressed are those of the speaker as of November 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Hear from fixed income portfolio specialist Douglas Gimple as he shares a brief overview of the latest Fed meeting and what it means for investors. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Corporate Bond Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. S&P 500 Index measures the performance of 500 large companies in the US.  Risk disclosure: In general, when interest rates rise, fixed income values fall. Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties and become more volatile and/or illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or repay loans sooner than expected, creating an early return of principal to loan holders. As of 31 August 2022, Diamond Hill owned debt in Amazon.com, Inc. As of 31 October 2022, Diamond Hill owned equity shares of Amazon.com, Inc. The views expressed are those of the speakers as of November 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Construction, mining and railroads may sound a bit stodgy on the surface, but innovations in automation, energy efficiency and operational excellence are propelling these industries into the future. Learn more in our podcast with research analyst Brian Bath, CFA. As of 30 September 2022, Diamond Hill owned shares of Caterpillar, Inc. and Wabtec Corp. The views expressed are those of the speaker as of October 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Analyst Scott Williams, CFA, discusses what's happened in the tech space the last 18 months amid market turbulence and where we're finding value as intrinsic value investors in a sector often dominated by growth businesses. As of 31 August 2022, Diamond Hill owned shares of Channel Advisor Corp., First Advantage Corp. and Rimini Street, Inc. The views expressed are those of the speaker as of September 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

This year has been particularly challenging for fixed income investors. In this podcast, senior portfolio specialist Douglas Gimple shares his insights on the effect it's had on fixed income markets. S&P 500 Index measures the performance of 500 large companies in the US. Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Index data source: Bloomberg Index Services Limited. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. See diamond-hill.com/disclosures for a full copy of the disclaimer.  The views expressed are those of Diamond Hill as of September 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

The rate at which the Fed has accelerated is unprecedented. In this podcast, we discuss actions the Fed has taken in response to inflation, recent performance of fixed income markets and the definition of a recession. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. The views expressed are those of the speakers as of August 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

CEO Heather Brilliant, CFA, shares what drew her to investing, the future of asset management and more on The FiftyFaces podcast.   The views expressed are those of the speaker as of March 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Hear from analyst Harsh Acharya, CFA, as he discusses water scarcity and the innovations he is seeing from a particular industrials company to combat this and other ecological challenges.   As of 30 June 2022, Diamond Hill owned shares of Energy Recovery.   The views expressed are those of the speakers as of July 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In this two-part series, the international equity research team shares their thoughts about investing in international markets, currency hedging, emerging markets and rising interest rates. In part two, we dive into how intrinsic value investing differs when investing overseas, the nuances of emerging markets, and how rising interest rates are impacting opportunities around the globe. The views expressed are those of the speakers as of February 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results

Hear from portfolio manager Nate Palmer, CFA, as he shares his views on long-short investing and opportunities he's finding in the market.   The portfolio uses short selling which incurs significant additional risk. Theoretically, stocks sold short have the risk of unlimited losses. Overall equity market risks may affect the portfolio's value.   For standardized performance, expenses and important information, click here.   Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance quoted. For current to most recent month-end performance, visit diamond-hill.com.   Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for full disclaimers.      The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA).   Securities referenced may not be representative of all portfolio holdings. Click here to view a complete list of holdings for the Long-Short Fund.   The views expressed are those of the speakers as of May 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal.

The NASDAQ Biotechnology Index contains securities of NASDAQ-listed companies classified according to the industry classification benchmark as either biotechnology or pharmaceuticals which also meet other eligibility criteria. The Bloomberg Large Cap Pharmaceuticals Index consists of large cap pharma stocks. As of 31 May 2022, Diamond Hill owned shares of Abbott Laboratories, Becton, Dickinson and Co., Pfizer, Inc. and Stericycle, Inc. The views expressed are those of the speakers as of May 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

How is the steady climb in interest rates across the curve impacting various parts of the financial markets? Hear from our experts as they discuss fixed income markets, bank stocks and the effect sanctions on Russia are having on various businesses. Clarifications: The Chinese deathcare company mentioned has minimal exposure to Russia. As of 28 February 2022, Diamond Hill owned shares of BOK Financial Corporation, Nestle SA and Safran SA. The views expressed are those of the speakers as of March 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Ukraine's known as the breadbasket of Europe given its dominant presence in global agricultural commodities markets. So how does the war impact food prices, the spring planting season and the supply chain? Micah Martin, the Director of Research, discusses the effects on the wheat, fertilizer and poultry markets.   As of 28 February 2022, Diamond Hill owned shares of Archer-Daniels-Midland Co., Cal-Maine Foods, Inc. and Seaboard Corp. The views expressed are those of the speaker as of March 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

In this two-part series, the international equity research team shares their thoughts about investing in international markets, currency hedging, emerging markets and rising interest rates. In part one, you get to meet our research team members, learn about their backgrounds, and hear their perspectives on currency hedging. As of January 31, 2022, Diamond Hill owned shares of LVMH Moet Hennessy Louis Vuitton SE, Compagnie Financiere Richemont S.A. (Cl A), Tesco PLC, GlaxoSmithKline PLC, Novartis AG and Roche Holdings AG. The views expressed are those of the speakers as of February 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results

Hear from our energy analyst, Blake Haxton, JD, CFA, on the impact the war is having on the oil and gas industry and his insights on what to expect going forward. As of 31 December 2021, Diamond Hill owned debt in Apple, Inc.  The views expressed are those of the speaker as of March 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk including the possible loss of principal. Past performance is not a guarantee of future results.

Many businesses take drastic measures to improve operational efficiency, but few achieve the desired outcome. Learn more about the 80/20 principle and the Kaizen philosophy and how some companies have achieved success by implementing these practices. As of January 31, 2022, Diamond Hill owned shares of Colfax Corp., General Motors Co. and SPX Flow, Inc. As of November 30, 2021, Diamond Hill owned debt in Ford Motor Co. The views expressed are those of the speaker as of January 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Network effects are one of the most valuable – but difficult to maintain – advantages in the tech space. Analyst Varun Gupta, CFA, explains the benefits of these effects and why it's so challenging for companies to maintain their edge. As of December 31, 2021, Diamond Hill owned shares of Alibaba Group Holding Ltd., Alphabet, Inc. (Cl A), Meta Platforms, Inc. (Cl A), Microsoft Corp. and Tencent Holdings Ltd. As of November 30, 2021, Diamond Hill owned debt in Apple, Inc. The views expressed are those of the speaker as of January 2022 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.  

Over the past two years, much has transpired in global markets and economies. As we consider what the market might have in store for 2022, portfolio manager Grady Burkett, CFA, shares his views on global valuations and forward-looking growth. As of November 30, 2021, Diamond Hill owned share of Ashmore Group PLC, Compagnie Financiere Richemont S.A. (Cl A), Nestlé S.A., Nintendo Co. Ltd., Novartis AG, Roche Holdings AG, Rogers Communications, Inc. (Cl B), Safran S.A., Samsung Electronics Co. Ltd., Swatch Group AG, Tencent Holdings Ltd., Tesco PLC, Unilever PLC and Walt Disney Co. The views expressed are those of the speaker as of December 2021 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

From consumer spending to inflationary pressures to supply chains, analyst Mitch Linhart, CFA, examines the state of retail today. As of November 30, 2021, Diamond Hill owned shares of Hanesbrands, Inc., Home Depot, Inc. and TJX Cos., Inc. The views expressed are those of the speaker as of December 2021 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

From energy to consumer to technology to airlines, we examine the impacts that inflationary pressures and supply chain disruptions are having on companies around the world in our latest investment roundtable.

How does capacity management help align our interests with those of our clients? Hear from Diamond Hill leaders on the importance of capacity management and the nuances in determining a specific strategy's capacity range.   The views expressed are those of the speakers as of November 2021 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk including the possible loss of principal. Past performance is not a guarantee of future results.

Learn all about timber REITs, one of the many non-traditional property types that have become part of the REIT mainstream, as research analyst Josh Barber, CFA, discusses the pros and cons of timber REIT investing.   The views expressed are those of the speaker as of October 2021 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.