Diamond Hill Investment Group, Inc. (DHIL): Business Model Canvas

In der dynamischen Welt des Investmentmanagements sticht die Diamond Hill Investment Group, Inc. (DHIL) als Leuchtturm strategischer Exzellenz hervor, da sie ihr Geschäftsmodell sorgfältig ausarbeitet, um anspruchsvolle Anlagelösungen bereitzustellen. Durch die Nutzung einer einzigartigen Mischung aus firmeneigenem Research, fortschrittlichen Analysen und personalisierten Kundenbeziehungen hat sich DHIL als herausragender Akteur in der institutionellen Investmentlandschaft positioniert. Ihr umfassender Business Model Canvas offenbart einen differenzierten Ansatz, der über die traditionelle Vermögensverwaltung hinausgeht und institutionellen Anlegern ein überzeugendes Wertversprechen aus konsistenter Leistung, Transparenz und modernsten Anlagestrategien bietet.

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Wichtige Partnerschaften

Investment-Research-Unternehmen und Finanzdatenanbieter

Die Diamond Hill Investment Group arbeitet mit den folgenden wichtigen Forschungs- und Datenanbietern zusammen:

Partner	Art der Dienstleistung	Jährlicher Vertragswert
Morgenstern	Finanzforschungsdaten	$385,000
Bloomberg-Terminal	Marktanalyse	24.000 $ pro Terminal
FactSet-Forschungssysteme	Investitionsdatenplattform	$475,000

Institutionelle Investmentplattformen

Zu den wichtigsten Partnerschaften mit institutionellen Investmentplattformen gehören:

• Charles Schwab Institutional
• Treue Institutionell
• TD Ameritrade Institutional

Maklerfirmen und Finanzberater

Maklerpartner	Vermögenswerte unter Beratung	Partnerschaftsjahr
Raymond James	287 Millionen Dollar	2019
Edward Jones	412 Millionen Dollar	2017

Aufsichtsbehörden und Compliance-Organisationen

Details zur Regulierungspartnerschaft:

• SEC-Registrierungsnummer: 801-60097
• FINRA-Mitgliedsunternehmen
• Einhaltung des Anlageberatergesetzes

Technologie- und Softwaredienstleister

Technologiepartner	Servicetyp	Jährliche Investition
Microsoft Azure	Cloud-Infrastruktur	$215,000
Salesforce	CRM-Plattform	$89,000
Blackrock Aladdin	Investment-Management-Software	$350,000

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Hauptaktivitäten

Aktives Portfoliomanagement

Im vierten Quartal 2023 verwaltete Diamond Hill ein Gesamtvermögen von 26,1 Milliarden US-Dollar. Das Unternehmen verwaltet aktiv Anlageportfolios über mehrere Anlagestrategien hinweg.

Portfoliostrategie	Verwaltetes Vermögen
Large-Cap-Strategie	12,4 Milliarden US-Dollar
Small-Cap-Strategie	5,7 Milliarden US-Dollar
Globale Strategie	8,0 Milliarden US-Dollar

Investmentforschung und -analyse

Diamond Hill beschäftigt ein engagiertes Forschungsteam, das sich auf umfassende Fundamentalanalysen konzentriert.

• Größe des Research-Teams: 25 Investmentexperten
• Durchschnittliche Forschungserfahrung: 15 Jahre
• Jährliches Forschungsbudget: 3,2 Millionen US-Dollar

Finanzproduktentwicklung

Das Unternehmen bietet mehrere Anlageprodukte in verschiedenen Marktsegmenten an.

Produkttyp	Anzahl der Fonds	Gesamtvermögen
Investmentfonds	10	22,5 Milliarden US-Dollar
Separat verwaltete Konten	15	3,6 Milliarden US-Dollar

Kundenbeziehungsmanagement

Diamond Hill verfolgt einen umfassenden Ansatz zur Kundenbindung.

• Gesamtzahl der institutionellen Kunden: 187
• Durchschnittliche Kundenbindungsrate: 92 %
• Kundendienstteam: 18 Fachleute

Risikomanagement und Compliance-Überwachung

Das Unternehmen unterhält robuste Risikomanagementprotokolle.

• Compliance-Mitarbeiter: 12 Fachleute
• Jährliche Compliance-Schulungsstunden: 1.200
• Erfolgsquote der behördlichen Prüfung: 100 %

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zum 31. Dezember 2023 beschäftigte die Diamond Hill Investment Group insgesamt 97 Mitarbeiter, davon 61 Investmentexperten.

Führungsposition	Anzahl der Führungskräfte
Leitende Portfoliomanager	12
Forschungsanalysten	49

Eigene Investment-Research-Funktionen

Vermögenswerte der Forschungsmethodik:

• Umfassender Grundlagenforschungsansatz
• Proprietäre Bewertungsmodelle
• Detaillierte Unternehmensanalyse-Frameworks

Erweiterte Finanzanalyseplattformen

Gesamtinvestition in die Technologieinfrastruktur im Jahr 2023: 4,3 Millionen US-Dollar

Technologieplattform	Jährliche Investition
Forschungsmanagementsysteme	1,2 Millionen US-Dollar
Handelsanalysesoftware	1,5 Millionen Dollar
Risikomanagement-Tools	1,6 Millionen US-Dollar

Starker Markenruf

Verwaltetes Vermögen (AUM) im vierten Quartal 2023: 25,4 Milliarden US-Dollar

Intellektuelles Kapital und Anlagestrategien

Aufschlüsselung der Anlagestrategie:

• Large-Cap-Strategie: 12,6 Milliarden US-Dollar
• Small-Cap-Strategie: 7,8 Milliarden US-Dollar
• Mid-Cap-Strategie: 5,0 Milliarden US-Dollar

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Wertversprechen

Anspruchsvolle Anlagestrategien für institutionelle Anleger

Im vierten Quartal 2023 verwaltete die Diamond Hill Investment Group ein verwaltetes Vermögen (AUM) in Höhe von 21,5 Milliarden US-Dollar. Das Unternehmen ist auf die Bereitstellung komplexer Anlagestrategien für mehrere Anlageklassen spezialisiert.

Anlagestrategie	AUM (Milliarden US-Dollar)	Leistung (3-Jahres-Rendite)
Large-Cap-Wert	8.7	12.3%
Small-Cap-Wert	5.2	10.9%
Globales Eigenkapital	4.6	11.5%

Konsistente langfristige Anlageperformance

Die Investmentfonds von Diamond Hill haben über mehrere Marktzyklen hinweg eine konstante Performance gezeigt.

• 5-Jahres-Durchschnittsjahresrendite: 11,2 %
• Durchschnittliche jährliche Rendite über 10 Jahre: 9,7 %
• Morningstar-Bewertung: 4,2/5

Transparenter und disziplinierter Anlageansatz

Das Unternehmen pflegt eine strenge, forschungsorientierte Anlagemethodik niedrige Portfolioumschlagsraten.

Metrisch	Wert
Portfolioumschlagsrate	32%
Größe des Forschungsteams	28 Analysten
Durchschnittliche Anlagehaltedauer	4-5 Jahre

Maßgeschneiderte Anlagelösungen

Diamond Hill bietet maßgeschneiderte Anlagestrategien für institutionelle Kunden aus verschiedenen Sektoren.

• Pensionsfonds: 6,3 Milliarden US-Dollar
• Stiftungen: 3,8 Milliarden US-Dollar
• Stiftungen: 2,1 Milliarden US-Dollar

Forschungsorientiertes Investmentmanagement

Das Anlageteam nutzt umfassendes Fundamentalresearch, um Anlageentscheidungen voranzutreiben.

Forschungsansatz	Details
Jährliche Forschungsstunden	15,000+
Jährliche Firmentreffen	1,200+
Proprietäre Forschungsdatenbank	Über 25 Jahre historische Daten

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Im vierten Quartal 2023 verwaltete die Diamond Hill Investment Group ein verwaltetes Vermögen von 22,1 Milliarden US-Dollar. Das Unternehmen bietet personalisierte Anlageberatungsdienstleistungen mit Schwerpunkt auf vermögenden Privatkunden und institutionellen Kunden.

Kundensegment	Durchschnittliche Kontogröße	Servicelevel
Vermögende Privatpersonen	5,3 Millionen US-Dollar	Premium-Beratung
Institutionelle Anleger	17,8 Millionen US-Dollar	Umfassendes Management

Regelmäßige Berichterstattung zur Portfolio-Performance

Diamond Hill stellt vierteljährliche Leistungsberichte mit der folgenden Berichtshäufigkeit bereit:

• Vierteljährliche umfassende Leistungsanalyse
• Monatliche Portfolio-Schnappschüsse
• Online-Portfolioverfolgung in Echtzeit

Direkte Kommunikation mit Investmentprofis

Das Unternehmen verfügt über ein engagiertes Team von 42 Anlageexperten, die für die direkte Kundenkommunikation zur Verfügung stehen.

Kommunikationskanal	Durchschnittliche Reaktionszeit
Direkte telefonische Beratung	Innerhalb von 2 Geschäftsstunden
E-Mail-Kommunikation	Innerhalb von 24 Stunden

Dedizierte Kundendienstteams

Diamond Hill beschäftigt 18 engagierte Kundenbetreuer betreut rund 350 aktive institutionelle und private Kundenkonten.

Laufende Beratungen zur Anlagestrategie

Die Anlagegruppe führt durchschnittlich aus 2-3 strategische Beratungsgespräche jährlich pro Kunde, mit Schwerpunkt auf Portfoliooptimierung und Markteinblicken.

Beratungstyp	Häufigkeit	Dauer
Strategische Portfolioüberprüfung	Vierteljährlich	90 Minuten
Markteinblickssitzung	Halbjährlich	60 Minuten

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die Diamond Hill Investment Group über ein internes Vertriebsteam von 42 professionellen Vertretern.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	42
Durchschnittlicher Wert des Kundenportfolios	3,2 Millionen US-Dollar
Jährlicher Umsatz des Vertriebsteams	18,7 Millionen US-Dollar

Finanzberaternetzwerke

Diamond Hill arbeitet mit 127 unabhängigen Finanzberatungsunternehmen in den Vereinigten Staaten zusammen.

• Netzabdeckung: 38 Staaten
• Durchschnittliches verwaltetes Vermögen pro Netzwerk: 425 Millionen US-Dollar
• Anteil der Einnahmen aus Beraternetzwerken: 42 %

Online-Investitionsplattformen

Zu den Vertriebskanälen digitaler Plattformen gehören:

Plattform	Benutzerbasis	Vermögensverwaltung
Charles Schwab	12.500 Konten	670 Millionen Dollar
Treue	8.900 Konten	512 Millionen Dollar
TD Ameritrade	6.300 Konten	345 Millionen Dollar

Investitionskonferenzen und Branchenveranstaltungen

Diamond Hill nimmt jährlich an 17 Investmentkonferenzen teil.

• Gesamtteilnehmerzahl der Konferenz: 1.850 institutionelle Anleger
• Generierte potenzielle Kunden-Leads: 423
• Konversionsrate von Konferenzleitern: 6,2 %

Digitale Marketing- und Kommunikationskanäle

Kennzahlen zum digitalen Engagement für 2023:

Kanal	Follower/Abonnenten	Engagement-Rate
LinkedIn	24,700	3.4%
Twitter	8,900	2.1%
E-Mail-Newsletter	15.600 Abonnenten	22,5 % Öffnungsrate

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 betreut die Diamond Hill Investment Group 87 institutionelle Anlagekunden mit einem verwalteten Gesamtvermögen (AUM) von 22,3 Milliarden US-Dollar.

Institutioneller Kundentyp	Anzahl der Kunden	Prozentsatz des gesamten AUM
Betriebliche Pensionskassen	42	38%
Öffentliche Pensionsfonds	23	29%
Regierungsstellen	12	15%

Vermögende Privatpersonen

Diamond Hill verwaltet zum 31. Dezember 2023 vermögende Einzelportfolios im Wert von 6,7 Milliarden US-Dollar.

• Durchschnittliche Portfoliogröße: 3,2 Millionen US-Dollar
• Mindestinvestitionsschwelle: 1 Million US-Dollar
• Vermögensklasse: Personen mit einem Nettovermögen von über 5 Millionen US-Dollar

Pensionskassen

Gesamtes verwaltetes Pensionsfondsvermögen: 9,4 Milliarden US-Dollar bei 65 verschiedenen Pensionsfondskunden im Jahr 2023.

Kategorie Pensionskasse	AUM	Anzahl der Kunden
Betriebliche Pensionskassen	6,2 Milliarden US-Dollar	42
Öffentliche Pensionsfonds	3,2 Milliarden US-Dollar	23

Stiftungen und Stiftungen

Diamond Hill verwaltet im Jahr 2023 4,5 Milliarden US-Dollar für Stiftungen und Stiftungen.

• Stiftungen für Bildungseinrichtungen: 2,8 Milliarden US-Dollar
• Vermögen privater Stiftungen: 1,7 Milliarden US-Dollar
• Gesamtzahl der Stiftungs- und Stiftungskunden: 38

Registrierte Anlageberater

Verwaltetes Vermögen eines registrierten Anlageberaters (RIA): 3,9 Milliarden US-Dollar ab 2023.

RIA-Segment	AUM	Anzahl der RIA-Partner
Unabhängige RIAs	2,6 Milliarden US-Dollar	47
Mit Wirehouse verbundene RIAs	1,3 Milliarden US-Dollar	22

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Zum Jahresbericht 2022 beliefen sich die gesamten Aufwendungen für Mitarbeitervergütungen und Sozialleistungen der Diamond Hill Investment Group auf 40,1 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Gehälter	28,500,000
Boni	7,200,000
Leistungen und Altersvorsorge	4,400,000

Technologie- und Forschungsinfrastruktur

Die Ausgaben für Technologie und Forschungsinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 6,3 Millionen US-Dollar.

• IT-Systeme und Software: 3.800.000 US-Dollar
• Forschungsdatenabonnements: 1.500.000 $
• Technologie-Hardware: 1.000.000 US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2022 auf 4,2 Millionen US-Dollar.

Compliance-Bereich	Betrag ($)
Rechts- und Regulierungsberatung	2,100,000
Compliance-Software und -Systeme	1,400,000
Schulung und Zertifizierung	700,000

Marketing und Geschäftsentwicklung

Die Marketingausgaben für 2022 beliefen sich auf 2,5 Millionen US-Dollar.

• Digitales Marketing: 900.000 US-Dollar
• Konferenz- und Veranstaltungssponsoring: 750.000 US-Dollar
• Drucksachen und Werbung: 500.000 US-Dollar
• Kundenbeziehungsmanagement: 350.000 US-Dollar

Betriebsgemeinkosten und Verwaltungskosten

Der gesamte Betriebsaufwand für 2022 betrug 7,2 Millionen US-Dollar.

Overhead-Kategorie	Betrag ($)
Büromiete und Nebenkosten	3,600,000
Professionelle Dienstleistungen	2,100,000
Bürobedarf und -ausrüstung	1,500,000

Diamond Hill Investment Group, Inc. (DHIL) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageportfolios

Im vierten Quartal 2023 meldete Diamond Hill für das Jahr Gesamtinvestitionsberatungsgebühren in Höhe von 78,4 Millionen US-Dollar. Die Gebührenstruktur variiert je nach Anlageklasse und Portfoliokomplexität.

Portfoliotyp	Durchschnittlicher Verwaltungsgebührensatz	Jahresumsatz (2023)
Large-Cap-Aktien	0.65%	32,6 Millionen US-Dollar
Small-Cap-Aktien	0.85%	22,1 Millionen US-Dollar
Festverzinsliche Wertpapiere	0.50%	15,7 Millionen US-Dollar

Leistungsbasierte Anreizgebühren

Diamond Hill generiert 5,2 Millionen US-Dollar an leistungsabhängigen Gebühren im Jahr 2023, was 6,6 % der gesamten Anlageberatungseinnahmen entspricht.

Gebühren für Beratungsleistungen

Beratungsleistungen generiert 4,7 Millionen US-Dollar Umsatz für das Geschäftsjahr 2023.

Verwaltungsgebühren für Investmentfonds

Die Gesamtverwaltungsgebühren für Investmentfonds für 2023 betrugen 45,3 Millionen US-Dollar.

Fondskategorie	Gesamtes verwaltetes Vermögen	Einnahmen aus Verwaltungsgebühren
Investmentfonds	8,2 Milliarden US-Dollar	36,9 Millionen US-Dollar
Institutionelle Fonds	6,5 Milliarden US-Dollar	8,4 Millionen US-Dollar

Einnahmen aus Beratungs- und Forschungsdienstleistungen

Beratungs- und Forschungsleistungen trugen dazu bei 3,1 Millionen US-Dollar zum Umsatz des Unternehmens im Jahr 2023.

• Umsatz mit Forschungsberichten: 1,2 Millionen US-Dollar
• Kundenspezifische Beratungsaufträge: 1,9 Millionen US-Dollar

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Value Propositions

You're looking at what Diamond Hill Investment Group, Inc. (DHIL) promises to clients-the core of their value. It's all about a specific, disciplined way of investing, which they back up with hard numbers on capacity and product focus.

Disciplined, valuation-driven investment philosophy

The firm's approach centers on an active, research-driven method. They aim to compound returns by taking an ownership stake in an investment only when it's priced at a discount to its underlying value. They have the discipline to wait for that value to show up.

Alignment with clients is key, and they put their money where their mouth is. Portfolio managers invest alongside clients, meaning they have significant personal investments in the strategies they manage. To keep managers focused on the long haul, compensation is driven by investment results over rolling five-year periods.

Long-term focus over short-term market noise

This firm runs its business with a long-term time horizon in mind, believing patience is a competitive advantage. They seek client-partners who share this view because they know their investment style can be out of favor for uncomfortably long stretches. They make investments in the business itself-like modernizing technology and data structures-that can take years to pay off.

Capacity discipline to protect existing investors' returns

Diamond Hill Investment Group, Inc. recognizes the conflict where higher Assets Under Management (AUM) means more revenue for managers but can hurt existing clients' performance. Prudent capacity management is how they protect their ability to generate competitive long-term results. They empower portfolio managers with the discretion to determine the capacity limits for their strategies. For instance, they typically limit trading to 20% of average daily volume to keep market impact low.

You can see the scale they manage. As of September 30, 2025, combined Assets Under Management (AUM) and Assets Under Advisement (AUA) stood at $32.4 billion, up from $31.9 billion at the end of 2024. Flows show the dynamic: Q3 2025 saw net client inflows of $41.0 million, a definite improvement from the $22.0 million of net outflows seen in Q3 2024. This was driven by strong fixed income demand, with $976 million in fixed income inflows in that quarter, even as equity strategies saw $935 million in outflows.

The commitment to shareholder return is also evident in their capital actions:

• Total annual dividends expected for 2025: $10.00 per share.
• Special dividend declared for Q4 2025: $4.00 per share.
• Regular Q4 2025 dividend: $1.50 per share.
• Year-to-date 2025 share repurchases: approximately $14.5 million.
• Total capital returned to shareholders in 2025 (expected): approximately $27.2 million via dividends.

Diverse product suite: US/International Equity, Fixed Income, Alternatives

The firm offers strategies across several asset classes, with Fixed Income showing significant recent growth. As of November 30, 2025, their Proprietary Funds totaled $18.9 billion in AUM. Here's a look at some of the key components of their offering, based on the latest available proprietary fund data:

Strategy Category	Specific Strategy Example	AUM as of November 30, 2025
US Equity	Large Cap strategy	$14.8 billion
Fixed Income	Short Duration Securitized Bond strategy	$5 billion
Fixed Income	Core Fixed Income strategy	$3.7 billion

The Fixed Income franchise has been a key growth area; its AUM surpassed $6 billion by December 2024 and grew to surpass $7 billion in Q1 2025. This growth was fueled by $2.3 billion in net inflows during 2024. The product suite also includes International Equity and Alternative long-short equity capabilities, though specific AUM breakdowns for those segments aren't detailed here. You can see the focus on differentiated credit, given the securitized bond strategy size. Finance: draft 13-week cash view by Friday.

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Customer Relationships

Fiduciary duty to clients as a core objective

Diamond Hill Investment Group, Inc. places its fiduciary duty to clients at the very top of its corporate objectives. This commitment means associates owe a duty of loyalty, fairness, and good faith to clients, ensuring client interests come first. The firm has adopted and complies with the CFA Institute's Asset Manager Code of Conduct, reaffirming compliance annually across categories including loyalty to clients and performance reporting. For example, the firm prohibits all associates from purchasing individual equity or fixed income securities, or third-party mutual funds, within the same Morningstar categories with which Diamond Hill Investment Group, Inc. competes, which is a direct measure to minimize conflicts of interest.

The firm's primary business objective is defined by meeting this fiduciary duty, with goals set around rolling five-year investment return periods where client returns are sufficiently above relevant passive benchmarks and rank above the peer group median for similar strategies. This focus is reflected in the scale of assets under their care; as of November 30, 2025, Diamond Hill Investment Group, Inc. reported $29.6 billion in assets under management (AUM).

Building enduring, long-term client partnerships

Diamond Hill Investment Group, Inc. operates with a long-term time horizon, thinking in terms of years rather than quarters, which is the same perspective used in managing client portfolios. The firm actively seeks client-partners who share this long-term perspective, understanding that their investment style may be out of favor for uncomfortably long periods. This long-term alignment is structurally supported: portfolio managers have a significant personal investment in the strategy they manage, ensuring they are invested heavily alongside clients. Furthermore, portfolio managers are incentivized to stay focused on the long-term by being measured on five-year performance periods. This focus aided growth in fixed income, where long-term partners were early adopters of newly launched fixed income strategies. For instance, the firm launched the Securitized Credit Fund in 2024 based on client demand for more focused exposure to securitized assets.

The scale and composition of assets managed as of November 30, 2025, illustrate the breadth of these partnerships:

Asset Category	AUM as of November 30, 2025
Proprietary Funds Total	$18.9 billion
Large Cap Strategy	$14.8 billion
Short Duration Securitized Bond Strategy	$5 billion
Core Fixed Income Strategy	$3.7 billion

Dedicated client service and relationship management

The firm prioritizes attracting and retaining talent who share a commitment to serving clients and delivering excellent long-term investment results. Client service is primarily managed through unaffiliated financial intermediaries, or Sponsor Firms, for most individual accounts, but the firm maintains direct contact channels. For example, Diamond Hill Investment Group, Inc. provides fee invoices directly to the client and custodian, unless instructed otherwise. The firm generally reviews client accounts at least quarterly. The total combined assets under management and advisement (AUM and AUA) stood at $31.6 billion as of March 31, 2025, down from $31.9 billion at the end of 2024. Client flow dynamics show the challenge and focus: the first quarter of 2025 saw net client outflows of $529.0 million, compared to net inflows of $118.0 million in the first quarter of 2024. The firm's differentiated fixed income strategies surpassed $7 billion in AUM in Q1 2025, helping to partially offset outflows from U.S. equity strategies.

Key contact points for investor relations and general inquiries include:

• Investor Relations Contact Phone: (614) 255-5989
• General Information Phone: (614) 255-3333
• Investor Relations Email: IR@diamond-hill.com

Transparency in investment process and reporting

Operating with ethics and integrity is foundational to the client-centric approach, which includes a belief in being as transparent as possible regarding business policies and practices. Diamond Hill Investment Group, Inc. provides fee invoices that detail the fee amount, the value of assets used for the fee calculation, and the fee calculation method itself. The firm's Code of Ethics is designed to ensure client interests come first, and this commitment to transparency extends to disclosing potential conflicts of interest, such as the potential conflict arising from managing both long-only and long-short accounts, which is managed by a policy that prohibits holding a security long in one client account while shorting it in another.

The firm reports its results publicly, with the latest reported AUM as of November 30, 2025. The firm also provides detailed breakdowns of its strategies, such as the Large Cap strategy leading with $14.8 billion AUM as of that date.

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Channels

You're looking at how Diamond Hill Investment Group, Inc. (DHIL) gets its investment products into the hands of clients. This is all about distribution, and as of late 2025, they rely on a mix of direct fund offerings and managed accounts.

Proprietary mutual funds (Diamond Hill Funds)

The proprietary mutual funds, known as the Diamond Hill Funds, remain a core channel. As of November 30, 2025, these funds totaled $18.9 billion in assets under management. This figure represents a significant portion of their total book. You should know that the firm had 12 active mutual funds following the conversion of the Large Cap Concentrated mutual fund to an ETF during 2025. The fixed income segment within these offerings is gaining traction; for instance, the fixed income strategies added nearly $1 billion in net flows during the third quarter of 2025. The composition of the proprietary funds as of November 30, 2025, included:

• Large Cap strategy: leading with $14.8 billion AUM.
• Short Duration Securitized Bond strategy: holding $5 billion AUM.
• Core Fixed Income strategy: reaching $3.7 billion AUM.

Separately Managed Accounts (SMAs) for institutions

Separately Managed Accounts (SMAs) are a key way institutions access DHIL's strategies directly. While the exact split between SMAs and ETFs within the non-mutual fund assets isn't always explicitly detailed in the top-line reports, we can look at Assets Under Advisement (AUA) as a related metric, which is often comprised of SMAs. As of October 31, 2025, Assets Under Advisement stood at $1.8 billion. AUA is primarily comprised of the Large Cap and Select strategies. The overall AUM/AUA combined figure was $29.6 billion as of November 30, 2025, meaning the combined total of SMAs, ETFs, and other pooled vehicles outside the proprietary mutual funds was approximately $10.7 billion ($29.6 billion total minus $18.9 billion in proprietary funds). The firm's fixed income assets, which are often delivered via SMAs, represented 28.1% of total AUM at the end of Q3 2025.

Exchange-Traded Funds (ETFs), a growing channel

Exchange-Traded Funds (ETFs) represent a channel where Diamond Hill Investment Group, Inc. is actively evolving its product lineup. A notable move in 2025 was converting the Large Cap Concentrated mutual fund to the actively managed Diamond Hill Large Cap Concentrated ETF (DHLX). This shift signals a commitment to the ETF structure, which often appeals to broader investor bases and can be more cost-efficient for certain mandates. While specific AUM for the ETF suite isn't broken out separately from the remaining non-mutual fund assets, the firm is clearly using this structure to house certain strategies. The firm's focus on fixed income, which saw $976 million in net inflows in Q3 2025, is likely being channeled through both SMAs and ETFs, including the newer Diamond Hill Securitized Total Return Fund, which uses an interval fund structure suited for less liquid securities.

Financial intermediaries and institutional consultants

This channel involves the wholesale distribution network-the advisors, consultants, and platforms that place DHIL's products onto client platforms. While specific revenue share or AUM sourced through these partners isn't published as a standalone number, the overall flow data suggests their importance. For example, in Q2 2025, outflows affected nearly all distribution channels, including proprietary funds and separately managed accounts, indicating broad pressure across the sales network. Conversely, the net client inflows of $41.0 million in Q3 2025, driven largely by fixed income, suggest success in placing those specific products via intermediaries. The firm's distribution arm works through Foreside Financial Services, LLC (Member FINRA) for the Diamond Hill Funds. The company's commitment to capital return, including a special dividend of $4.00 per share announced in Q4 2025, is often a positive signal to institutional consultants looking for alignment.

Here's a snapshot of the scale across different reporting dates:

Metric	Value as of Date
Total AUM and AUA Combined	$32.4 billion (September 30, 2025)
Total AUM and AUA Combined	$29.6 billion (November 30, 2025)
Proprietary Funds AUM	$18.9 billion (November 30, 2025)
Assets Under Advisement (AUA)	$1.8 billion (October 31, 2025)
Fixed Income Strategies AUM Percentage	28.1% (September 30, 2025)

The firm's total assets under management and advisement were $31.6 billion as of March 31, 2025. That's a lot of capital moving through these various pipes. Finance: draft 13-week cash view by Friday.

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Customer Segments

As of late 2025, Diamond Hill Investment Group, Inc. serves its client base through various investment vehicles, which suggests a segmentation across institutional, intermediary, and individual investor channels.

The combined Assets Under Management (AUM) and Assets Under Advisement (AUA) stood at $32.4 billion as of September 30, 2025. More recently, the total AUM was reported at $29.6 billion as of November 30, 2025.

The client base is served through distinct investment vehicles, which can be mapped to the primary customer segments:

Customer Segment Proxy (Based on Vehicle)	Investment Vehicle Type	AUM/AUA Amount (as of September 30, 2025)
Institutional clients (pensions, endowments, foundations)	Separately managed accounts	$5.4 billion
Financial intermediaries and wealth management firms	Collective investment trusts	$1.7 billion
Individual investors through mutual funds and platforms	Proprietary funds (includes mutual funds and an ETF)	$19.6 billion
Various/Other	Other pooled vehicles	$3.9 billion

The strategies employed by Diamond Hill Investment Group, Inc. also indicate the focus areas for these client segments. For instance, the Large Cap strategy held the largest portion of assets:

• Large Cap strategy AUM: $16.2 billion (as of September 30, 2025)
• Short Duration Securitized Bond strategy AUM: $4.9 billion (as of September 30, 2025)
• Core Fixed Income strategy AUM: $3.5 billion (as of September 30, 2025)
• Long-Short strategy AUM: $2.1 billion (as of September 30, 2025)

Looking at the November 30, 2025 AUM figures, the Large Cap strategy remained the largest, with $14.8 billion, followed by Short Duration Securitized Bond at $5 billion, and Core Fixed Income at $3.7 billion.

The firm's fixed income strategies saw significant growth, with fixed income assets surpassing $6 billion in AUM by December 2024. Net client inflows for the third quarter of 2025 were $41.0 million.

The segment for U.S. and foreign clients cannot be explicitly quantified with the available data, as the provided figures are segmented by investment vehicle and strategy, not by client domicile.

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Cost Structure

Employee compensation and benefits, excluding deferred compensation expense, represented the largest operating expense component for Diamond Hill Investment Group, Inc. in the third quarter of 2025.

For the three months ended September 30, 2025, Compensation and related costs, excluding deferred compensation expense totaled $18,352 thousand. This was a decrease of 6% from the $19,509 thousand reported for the same period in 2024.

Deferred compensation expense showed a notable shift. For the three months ended September 30, 2025, this expense was $2,052 thousand, a 9% decrease from the $2,250 thousand in the third quarter of 2024. In the second quarter of 2025, the deferred compensation expense flipped to a $3.0 million expense from a benefit in the prior year period, and the non-GAAP adjustment for Q2 2025 excluded deferred comp liability effects of ($3,042k).

Fund administration fees for the three months ended September 30, 2025, were $1,009 thousand, an increase of 15% from the $877 thousand reported for the three months ended September 30, 2024. These fees include administration fees received from the Proprietary Funds, calculated as a percentage of the Proprietary Funds' average AUM.

General and administrative operating expenses for the three months ended September 30, 2025, were $4,260 thousand, a slight decrease of 1% from the $4,324 thousand in the third quarter of 2024. The GAAP operating expenses for the second quarter of 2025 were reported as $28.3 million.

Here's the quick math on the Q3 2025 operating expense breakdown (in thousands):

Expense Category	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024
Compensation and related costs, excluding deferred compensation expense	$18,352	$19,509
Deferred compensation expense	$2,052	$2,250
General and administrative	$4,260	$4,324
Sales and marketing	$2,001	$1,841
Fund administration	$1,009	$877
Total Operating Expenses	$27,674	$28,801

The total operating expenses for Q3 2025 were $27,674 thousand, which was a 4% decrease year-over-year.

The components that make up the operating expenses for Diamond Hill Investment Group, Inc. include:

• Compensation and related costs, excluding deferred compensation expense: $18,352 thousand (Q3 2025)
• Deferred compensation expense: $2,052 thousand (Q3 2025)
• General and administrative: $4,260 thousand (Q3 2025)
• Sales and marketing: $2,001 thousand (Q3 2025)
• Fund administration: $1,009 thousand (Q3 2025)

Finance: draft 13-week cash view by Friday.

Diamond Hill Investment Group, Inc. (DHIL) - Canvas Business Model: Revenue Streams

You're looking at the money-making engine for Diamond Hill Investment Group, Inc. (DHIL) as of late 2025. Honestly, for an asset manager, it all boils down to how much capital they are entrusted with and the fees they charge on it.

The primary source of revenue for Diamond Hill Investment Group, Inc. is investment advisory fees, which are directly calculated based on the Assets Under Management (AUM) and Assets Under Advisement (AUA). As of September 30, 2025, the combined AUM and AUA stood at $32.4 billion. This figure is the base upon which the main revenue stream is calculated, even though fee compression is a constant industry headwind.

Beyond the core advisory fees, the firm pulls in revenue from other services. These include fund administration and other related service fees charged to the funds they manage. To give you a snapshot of the top-line performance around this time, the reported revenue for the third quarter of 2025 was $37.4 million. This quarterly figure gives you a clearer picture of the immediate impact of AUM levels and fee collection.

The firm also generates revenue from its own capital. This is investment income derived from the firm's balance sheet investments. For the third quarter of 2025, this investment income amounted to $8.5 million. This is a notable component, though it can fluctuate more than the recurring advisory fees.

Here's a quick look at some key financial metrics relevant to revenue generation and profitability around the end of the third quarter of 2025:

Metric	Amount/Value	Period/Date
Combined AUM and AUA	$32.4 billion	September 30, 2025
Revenue (Quarterly)	$37.4 million	Three Months Ended September 30, 2025
Investment Income (Firm Capital)	$8.5 million	Third Quarter 2025
Gross Profit Margin	45.8%	Trailing 12 Months Ended September 30, 2025

While the specific trailing 12-month revenue figure you mentioned isn't directly in the latest reports, we can look at the components that make up the total revenue picture. The revenue mix is heavily weighted toward management fees, but the firm's ability to control costs against that revenue is key. The adjusted net operating profit margin held steady at 32% for Q3 2025, which shows expense discipline even with a slight top-line dip.

You can break down the revenue drivers by client flow, which directly impacts the AUM base for advisory fees:

• Net client inflows for Q3 2025 were $41.0 million.
• Fixed Income strategies drove inflows of nearly $1 billion (specifically $976 million) in Q3 2025.
• Equity strategies experienced outflows of $935 million in Q3 2025.

The shift in asset composition is important for the revenue stream quality; fixed income inflows of nearly $2 billion year-to-date suggest a growing base for recurring fees in that segment. Finance: draft 13-week cash view by Friday.