Diamond Hill Investment Group, Inc. (DHIL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de inversiones, Diamond Hill Investment Group, Inc. (DHIL) se destaca como un faro de excelencia estratégica, elaborando meticulosamente su modelo de negocio para ofrecer soluciones de inversión sofisticadas. Al aprovechar una combinación única de investigación patentada, análisis avanzado y relaciones personalizadas de clientes, DHIL se ha posicionado como un jugador formidable en el panorama de inversiones institucionales. Su lienzo de modelo de negocio integral revela un enfoque matizado que va más allá de la gestión tradicional de activos, ofreciendo a los inversores institucionales una propuesta de valor convincente de un desempeño consistente, transparencia y estrategias de inversión de vanguardia.

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: asociaciones clave

Empresas de investigación de inversiones y proveedores de datos financieros

Diamond Hill Investment Group colabora con los siguientes proveedores clave de investigación y datos:

Pareja	Tipo de servicio	Valor anual del contrato
Estrella de la mañana	Datos de investigación financiera	$385,000
Terminal de Bloomberg	Análisis de mercado	$ 24,000 por terminal
Sistemas de investigación de datos	Plataforma de datos de inversión	$475,000

Plataformas de inversión institucional

Las asociaciones clave de la plataforma de inversión institucional incluyen:

• Charles Schwab Institucional
• Fidelidad institucional
• Td ameritrade institucional

Empresas de corretaje y asesores financieros

Socio de corretaje	Activos bajo aviso	Año de asociación
Raymond James	$ 287 millones	2019
Edward Jones	$ 412 millones	2017

Organismos reguladores y organizaciones de cumplimiento

Detalles de la asociación regulatoria:

• Número de registro de la SEC: 801-60097
• Firma miembro de FINRA
• Cumplimiento de la Ley de Asesores de Inversiones

Proveedores de servicios de tecnología y software

Socio tecnológico	Tipo de servicio	Inversión anual
Microsoft Azure	Infraestructura en la nube	$215,000
Salesforce	Plataforma CRM	$89,000
Blackrock Aladdin	Software de gestión de inversiones	$350,000

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: actividades clave

Gestión de cartera activa

A partir del cuarto trimestre de 2023, Diamond Hill logró $ 26.1 mil millones en activos totales bajo administración. La empresa administra activamente las carteras de inversión en múltiples estrategias de inversión.

Estrategia de cartera	Activos bajo administración
Estrategia de gran capitalización	$ 12.4 mil millones
Estrategia de pequeño límite	$ 5.7 mil millones
Estrategia global	$ 8.0 mil millones

Investigación y análisis de inversiones

Diamond Hill emplea un equipo de investigación dedicado centrado en el análisis fundamental integral.

• Tamaño del equipo de investigación: 25 profesionales de inversión
• Experiencia de investigación promedio: 15 años
• Presupuesto de investigación anual: $ 3.2 millones

Desarrollo de productos financieros

La compañía ofrece múltiples productos de inversión en diferentes segmentos de mercado.

Tipo de producto	Número de fondos	Activos totales
Fondos mutuos	10	$ 22.5 mil millones
Cuentas administradas por separado	15	$ 3.6 mil millones

Gestión de la relación con el cliente

Diamond Hill mantiene un enfoque integral de participación del cliente.

• Total de clientes institucionales: 187
• Tasa promedio de retención del cliente: 92%
• Equipo de servicio al cliente: 18 profesionales

Gestión de riesgos y monitoreo de cumplimiento

La empresa mantiene protocolos de gestión de riesgos sólidos.

• Personal de cumplimiento: 12 profesionales
• Horas de capacitación de cumplimiento anual: 1.200
• Tasa de aprobación del examen regulatorio: 100%

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

Al 31 de diciembre de 2023, Diamond Hill Investment Group tiene 97 empleados en total, con 61 profesionales de inversión.

Posición de liderazgo	Número de ejecutivos
Gerentes de cartera senior	12
Analistas de investigación	49

Capacidades de investigación de inversiones propietarias

Activos de metodología de investigación:

• Enfoque de investigación fundamental integral
• Modelos de valoración patentados
• Marcos de análisis de la empresa en profundidad

Plataformas de análisis financiero avanzados

Inversión de infraestructura tecnológica total en 2023: $ 4.3 millones

Plataforma tecnológica	Inversión anual
Sistemas de gestión de investigaciones	$ 1.2 millones
Software de análisis de análisis	$ 1.5 millones
Herramientas de gestión de riesgos	$ 1.6 millones

Reputación de marca fuerte

Activos bajo administración (AUM) a partir del cuarto trimestre 2023: $ 25.4 mil millones

Capital intelectual e estrategias de inversión

Desglose de la estrategia de inversión:

• Estrategia de gran capitalización: $ 12.6 mil millones
• Estrategia de pequeño límite: $ 7.8 mil millones
• Estrategia de límite medio: $ 5.0 mil millones

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocio: propuestas de valor

Estrategias de inversión sofisticadas para inversores institucionales

A partir del cuarto trimestre de 2023, Diamond Hill Investment Group logró $ 21.5 mil millones en activos bajo administración (AUM). La firma se especializa en ofrecer estrategias de inversión complejas en múltiples clases de activos.

Estrategia de inversión	AUM ($ mil millones)	Rendimiento (retorno de 3 años)
Valor de gorra grande	8.7	12.3%
Valor de tapa pequeña	5.2	10.9%
Capital global	4.6	11.5%

Rendimiento de inversión a largo plazo consistente

Los fondos de inversión de Diamond Hill han demostrado un rendimiento constante en múltiples ciclos de mercado.

• Retorno anual promedio a 5 años: 11.2%
• Retorno anual promedio a 10 años: 9.7%
• Calificación de Morningstar: 4.2/5

Enfoque de inversión transparente y disciplinado

La empresa mantiene una rigurosa metodología de inversión impulsada por la investigación con Tasas de facturación bajas de la cartera.

Métrico	Valor
Tasa de facturación de cartera	32%
Tamaño del equipo de investigación	28 analistas
Período promedio de retención de inversión	4-5 años

Soluciones de inversión personalizadas

Diamond Hill ofrece estrategias de inversión personalizadas para clientes institucionales en varios sectores.

• Fondos de pensiones: $ 6.3 mil millones
• Dotaciones: $ 3.8 mil millones
• Fundamentos: $ 2.1 mil millones

Gestión de inversiones basada en la investigación

El equipo de inversión utiliza una investigación fundamental integral para impulsar las decisiones de inversión.

Enfoque de investigación	Detalles
Horas de investigación anuales	15,000+
Reuniones de la compañía anualmente	1,200+
Base de datos de investigación patentada	Más de 25 años de datos históricos

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, Diamond Hill Investment Group administra $ 22.1 mil millones en activos bajo administración. La firma brinda servicios de asesoramiento de inversiones personalizados con un enfoque en clientes individuales e institucionales de alto nivel de red.

Segmento de clientes	Tamaño promedio de la cuenta	Nivel de servicio
Individuos de alto nivel de red	$ 5.3 millones	Asesoramiento premium
Inversores institucionales	$ 17.8 millones	Gestión integral

Informes regulares de rendimiento de la cartera

Diamond Hill ofrece informes de rendimiento trimestrales con la siguiente frecuencia de informes:

• Análisis de rendimiento integral trimestral
• Instantáneas mensuales de cartera
• Seguimiento de cartera en línea en tiempo real

Comunicación directa con profesionales de la inversión

La firma mantiene un equipo dedicado de 42 profesionales de inversión disponibles para la comunicación directa del cliente.

Canal de comunicación	Tiempo de respuesta promedio
Consulta telefónica directa	Dentro de 2 horas hábiles
Comunicación por correo electrónico	Dentro de las 24 horas

Equipos de servicio al cliente dedicados

Diamond Hill emplea 18 gerentes dedicados de relaciones con clientes Sirviendo aproximadamente 350 cuentas activas de clientes institucionales e individuales.

Consultas de estrategia de inversión continua

El grupo de inversión realiza un promedio de 2-3 Reuniones de consulta estratégica anualmente por cliente, centrándose en la optimización de la cartera y las ideas del mercado.

Tipo de consulta	Frecuencia	Duración
Revisión de cartera estratégica	Trimestral	90 minutos
Sesión de información sobre el mercado	Semestralmente	60 minutos

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Diamond Hill Investment Group mantiene un equipo de ventas interno de 42 representantes profesionales.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	42
Valor promedio de cartera de clientes	$ 3.2 millones
Ingresos anuales del equipo de ventas	$ 18.7 millones

Redes de asesores financieros

Diamond Hill colabora con 127 firmas de asesoramiento financiero independiente en los Estados Unidos.

• Cobertura de red: 38 estados
• Activos promedio bajo administración por red: $ 425 millones
• Porcentaje de ingresos de las redes de asesores: 42%

Plataformas de inversión en línea

Los canales de distribución de la plataforma digital incluyen:

Plataforma	Base de usuarios	Activos administrados
Charles Schwab	12.500 cuentas	$ 670 millones
Fidelidad	8.900 cuentas	$ 512 millones
TD Ameritrade	6.300 cuentas	$ 345 millones

Conferencias de inversión y eventos de la industria

Diamond Hill participa en 17 conferencias de inversión anualmente.

• Asistencia total de la conferencia: 1.850 inversores institucionales
• Potentes de clientes potenciales generados: 423
• Tasa de conversión de los clientes potenciales de la conferencia: 6.2%

Canales de marketing digital y comunicación

Métricas de compromiso digital para 2023:

Canal	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	24,700	3.4%
Gorjeo	8,900	2.1%
Boletín de correo electrónico	15.600 suscriptores	22.5% de tasa de apertura

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Diamond Hill Investment Group atiende a 87 clientes de inversión institucional con activos totales bajo administración (AUM) de $ 22.3 mil millones.

Tipo de cliente institucional	Número de clientes	Porcentaje de AUM total
Fondos de pensiones corporativas	42	38%
Fondos de pensiones públicas	23	29%
Entidades gubernamentales	12	15%

Individuos de alto nivel de red

Diamond Hill administra $ 6.7 mil millones en carteras individuales de alto valor de la red al 31 de diciembre de 2023.

• Tamaño promedio de la cartera: $ 3.2 millones
• Umbral de inversión mínima: $ 1 millón
• Soporte de riqueza: individuos con un patrimonio neto de más de $ 5 millones

Fondos de pensiones

Activos totales del fondo de pensiones gestionados: $ 9.4 mil millones en 65 clientes distintos del fondo de pensiones en 2023.

Categoría de fondos de pensiones	Aum	Número de clientes
Fondos de pensiones corporativas	$ 6.2 mil millones	42
Fondos de pensiones públicas	$ 3.2 mil millones	23

Dotaciones y cimientos

Diamond Hill administra $ 4.5 mil millones para dotaciones y cimientos en 2023.

• Dotaciones de la institución educativa: $ 2.8 mil millones
• Activos de la Fundación Privada: $ 1.7 mil millones
• Número total de clientes de dotaciones y cimientos: 38

Asesores de inversiones registradas

Asesor de inversiones registradas (RIA) Activos bajo administración: $ 3.9 mil millones a partir de 2023.

Segmento de RIA	Aum	Número de socios de RIA
Rias independientes	$ 2.6 mil millones	47
Rias afiliadas a la casa de alambre	$ 1.3 mil millones	22

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del informe anual de 2022, los gastos totales de compensación y beneficios de los empleados de Diamond Hill Investment Group fueron de $ 40.1 millones.

Categoría de gastos	Monto ($)
Salarios	28,500,000
Bonificaciones	7,200,000
Beneficios y planes de jubilación	4,400,000

Infraestructura de tecnología e investigación

Los gastos de infraestructura de tecnología e investigación para 2022 totalizaron $ 6.3 millones.

• Sistemas y software de TI: $ 3,800,000
• Suscripciones de datos de investigación: $ 1,500,000
• Hardware tecnológico: $ 1,000,000

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento en 2022 fueron de $ 4.2 millones.

Área de cumplimiento	Monto ($)
Consultoría legal y regulatoria	2,100,000
Software y sistemas de cumplimiento	1,400,000
Capacitación y certificación	700,000

Marketing y desarrollo de negocios

Los gastos de marketing para 2022 ascendieron a $ 2.5 millones.

• Marketing digital: $ 900,000
• Conferencias y patrocinios de eventos: $ 750,000
• Materiales impresos y publicidad: $ 500,000
• Gestión de la relación con el cliente: $ 350,000

Gastos generales operativos y costos administrativos

La sobrecarga operativa total para 2022 fue de $ 7.2 millones.

Categoría de gastos generales	Monto ($)
Alquiler de oficina y servicios públicos	3,600,000
Servicios profesionales	2,100,000
Suministros y equipos de oficina	1,500,000

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de carteras de inversión

A partir del cuarto trimestre de 2023, Diamond Hill reportó tarifas de asesoramiento de inversiones totales de $ 78.4 millones para el año. La estructura de tarifas varía según la clase de activos y la complejidad de la cartera.

Tipo de cartera	Tasa de tarifas de gestión promedio	Ingresos anuales (2023)
Equidad de gorra grande	0.65%	$ 32.6 millones
Equidad de capricción pequeña	0.85%	$ 22.1 millones
Ingreso fijo	0.50%	$ 15.7 millones

Tarifas de incentivos basadas en el desempeño

Diamond Hill generada $ 5.2 millones en tarifas basadas en el desempeño en 2023, que representa el 6.6% de los ingresos por asesoramiento de inversiones totales.

Tarifas de servicio de asesoramiento

Servicios de asesoramiento generados $ 4.7 millones en ingresos para el año fiscal 2023.

Tarifas de gestión de fondos de inversión

Las tarifas de gestión de fondos de inversión total para 2023 fueron $ 45.3 millones.

Categoría de fondos	Activos totales bajo administración	Ingresos de tarifas de gestión
Fondos mutuos	$ 8.2 mil millones	$ 36.9 millones
Fondos institucionales	$ 6.5 mil millones	$ 8.4 millones

Ingresos de servicios de consultoría e investigación

Servicios de consultoría e investigación contribuidos $ 3.1 millones a los ingresos de la compañía en 2023.

• Ventas de informe de investigación: $ 1.2 millones
• Entrenamientos de consultoría personalizados: $ 1.9 millones

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.