DHWAX Fees and Costs — Diamond Hill Securitized Total Return Fund, Investor Class
Data updated: 2026-08-31
The net expense ratio is 1.17%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.22% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 12%.
DHWAX Fees and Expenses
Annual operating expenses and sales charges of DHWAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.17% |
| Fee waiver | — |
| Net expense ratio | 1.17% |
| 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 |
DHWAX Costs Over Time
On $10,000 invested in DHWAX, assuming 5% a year before costs, total costs come to $729 over 5 years, cutting the return by 1.23% 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 1.17%) | $123 | $383 | $662 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $123 | $402 | $729 |
| Value after costs | $10,377 | $11,175 | $12,033 |
| Impact on return, per year | 1.23% | 1.23% | 1.23% |
DHWAX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $35.3M
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
DHWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO., LLC | $7.5M | 28.44% |
| J.P. MORGAN SECURITIES LLC | $3.4M | 12.87% |
| STONEX FINANCIAL INC. | $3.2M | 11.89% |
| PENSERRA SECURITIES LLC | $2.7M | 10.26% |
| STIFEL, NICOLAUS & CO., INC. | $2.4M | 8.89% |
| STEPHENS, INC. | $1.8M | 6.83% |
| BARCLAYS CAPITAL, INC. | $1.8M | 6.69% |
| WELLS FARGO SECURITIES, LLC | $1.5M | 5.68% |
| JEFFERIES LLC | $1.3M | 5.07% |
| MIZUHO SECURITIES CO., LTD | $900K | 3.39% |
Diamond Hill Securitized Total Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DHWYX | Class Y | 0.75% | — |
| DHWIX | Class I | 0.88% | — |
| DHWAX | Investor Class | 1.17% | — |
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.