DHMAX Fees and Costs — Diamond Hill Small-Mid Cap Fund, Investor Class
Data updated: 2026-08-31
The net expense ratio is 1.23%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.23% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $398K in broker commissions, 0.0427% of average net assets, and portfolio turnover was 44%.
DHMAX Fees and Expenses
Annual operating expenses and sales charges of DHMAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.23% |
| Fee waiver | — |
| Net expense ratio | 1.23% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DHMAX Costs Over Time
On $10,000 invested in DHMAX, assuming 5% a year before costs, total costs come to $792 over 5 years, cutting the return by 1.34% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.23%) | $129 | $402 | $695 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $134 | $436 | $792 |
| Value after costs | $10,366 | $11,140 | $11,971 |
| Impact on return, per year | 1.34% | 1.34% | 1.34% |
DHMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0427%
- Total broker commissions: $398K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 44%
- Securities on loan, average value: $108.2M
- Net income from securities lending: $180K (0.019% of average net assets)
DHMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO | $182K | 49.80% |
| JEFFERIES LLC | $52K | 14.35% |
| THEMIS TRADING LLC | $37K | 10.27% |
| MORGAN STANLEY & CO., LLC | $21K | 5.82% |
| BTIG LLC | $17K | 4.58% |
| COWEN AND COMPANY LLC | $16K | 4.45% |
| BIDS TRADING LP | $10K | 2.81% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $10K | 2.72% |
| RBC CAPITAL MARKETS LLC | $10K | 2.69% |
| WELLS FARGO SECURITIES, LLC | $9K | 2.51% |
Diamond Hill Small-Mid Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DHMYX | Class Y | 0.81% | — |
| DHMIX | Class I | 0.94% | — |
| DHMAX | Investor Class | 1.23% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.