The Small-Mid Cap Strategy targets companies with market capitalizations between $500 million and $10 billion at time of purchase, maintaining a concentrated portfolio of 64 equity holdings as of December 31, 2025. With $1.374 billion in assets under management, the strategy demonstrates high conviction through a 99% active share and significant differentiation from benchmark indices. The approach has generated competitive long-term returns since inception in 2005, with 9.33% gross annualized returns compared to 8.97% for the Russell 2500 Index. The strategy is available both as separate accounts and through mutual fund vehicles (DHMAX, DHMIX, DHMYX).

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The Diamond Hill Small-Mid Cap Strategy operates under a distinctive intrinsic value philosophy that treats every investment as a partial ownership interest in the underlying company. The team seeks to invest at a discount to intrinsic value, focusing on long-term business fundamentals and valuations rather than perfect timing or price volatility. They believe solid businesses with attractive valuations eventually yield positive results. The strategy employs bottom-up fundamental analysis targeting securities trading below estimated intrinsic value, with a commitment to long-term investment horizons demonstrated by a low 22% five-year turnover rate.

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