Diamond Hill Soft Closes Long-Short Fund
Jun 15, 2015, 08:30 ET
COLUMBUS, Ohio, June 15, 2015 /PRNewswire/ -- Diamond Hill Capital Management, Inc., a subsidiary of Diamond Hill Investment Group, Inc. (NASDAQ: DHIL), announced that the Diamond Hill Long-Short Fund closed to most new investors effective June 12, 2015. The Fund will remain open to additional investment from existing shareholders and certain other new accounts as described in the prospectus supplement dated May 8, 2015. At Diamond Hill, portfolio managers have the authority to close their strategies before they reach an asset size where they believe they can no longer add sufficient value over a passive alternative, protecting existing clients.
"Our primary focus is always on achieving value-added results for existing clients," said Chris Bingaman, Long-Short Fund portfolio manager and president of Diamond Hill. "We believe the best way to achieve that goal is to manage relatively concentrated portfolios, which becomes more difficult as the size of the portfolio increases. As a result, we have decided to close the Fund to new investors and remain committed to our investment philosophy and process."
The Diamond Hill Long-Short Fund had $4.2 billion in assets under management as of May 31, 2015.
About Diamond Hill:
We are an independent investment management firm with significant employee ownership and $16.8 billion in assets under management as of May 31, 2015. We provide investment management services to institutions and individuals through mutual funds, separate accounts, exchange traded funds, and private investment funds. Our entire investment team shares the same intrinsic value investment philosophy focused on absolute returns, and our interests are firmly aligned with our clients through significant investment in our strategies. For more information visit www.diamond-hill.com.
SOURCE Diamond Hill Investment Group, Inc.
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