DHSMX — Diamond Hill Small Cap Fund
Data updated: 2026-08-31
DHSMX — Diamond Hill Small Cap Fund. United States Small Cap Value Equity · $307.68M AUM · 2.01% expense ratio. Holdings, fees, performance and SEC filings.
DHSMX Fund Overview
DHSMX — Diamond Hill Small Cap Fund is a US mutual fund managed by Diamond Hill Funds, categorised as United States Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Diamond Hill Funds
- Category: United States Small Cap Value Equity
- Assets under management: $307.68M
- 1-year return: 41.6%
- Ticker: DHSMX
- SEC CIK: 0001032423
- SEC series ID: S000003154
- Share class ID: C000008531
DHSMX Investment Objective and Strategy
Diamond Hill Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Diamond Hill Funds.
Investment objective
The investment objective of the Diamond Hill Small Cap Fund is to provide long-term capital appreciation.
Principal investment strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that Diamond Hill Capital Management, Inc. (the Adviser) believes are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined as companies with market capitalizations at the time of purchase below $3 billion or in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $20 million and $13 billion as of January 31, 2018. The size of the companies included in the Russell 2000 Index will change with market conditions. The Adviser focuses on estimating a companys value independent of its current stock price.
To estimate a companys value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on bottom-up analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Advisers estimate of a companys value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value.
The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction. Once a stock is selected, the Adviser continues to monitor the companys strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Advisers estimate of the companys value; if it believes that the companys earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.
DHSMX Holdings
Top 10 holdings of Diamond Hill Small Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Astrana Health, Inc. | 6.21% |
| Triumph Financial, Inc. | 5.23% |
| Ducommun, Inc. | 5.11% |
| Red Rock Resorts, Inc. | 5.00% |
| Ryman Hospitality Properties, Inc. | 4.76% |
| Ufp Technologies, Inc. | 4.13% |
| Bank Ozk | 3.96% |
| Mesa Laboratories, Inc. | 3.54% |
| Utz Brands, Inc. | 3.45% |
| Magnolia Oil & Gas Corp. | 3.36% |
DHSMX Portfolio Allocation
Asset-class allocation of Diamond Hill Small Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.7% |
| Cash & Equivalents | 8.8% |
DHSMX Performance
Total returns for DHSMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 41.6% |
DHSMX Risk Information
Risk metrics for DHSMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 16.3%
DHSMX Costs and Fees
DHSMX costs about $201 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.01%
- Gross expense ratio: 2.01%
- Portfolio turnover: 57%
- Brokerage commissions: 9.57 bps of average net assets (SEC N-CEN)
DHSMX Cashflows
Over the 12 months to 2026-06, Diamond Hill Small Cap Fund had net inflows of $20.09M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$8.45M |
| 2026-05 | $1.63M |
| 2026-04 | $22.93M |
| 2026-03 | $1.40M |
| 2026-02 | $712.07K |
| 2026-01 | $3.42M |
DHSMX Debt Constituents
No individual debt constituents are reported in Diamond Hill Small Cap Fund's latest SEC N-PORT filing.
DHSMX Prospectus and SEC Filings
Official Diamond Hill Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-25
- Prospectus (485BPOS) — filed 2025-02-25
- Prospectus (485BPOS) — filed 2024-02-26
- Portfolio holdings (N-PORT) — filed 2026-08-31
- Portfolio holdings (N-PORT) — filed 2026-06-01
- Portfolio holdings (N-PORT) — filed 2026-03-02
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-13
Related Funds
Other United States Small Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.