Diamond Hill Investment Group, Inc. (DHIL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des investissements, Diamond Hill Investment Group, Inc. (DHIL) se distingue comme un phare d'excellence stratégique, créant méticuleusement son modèle commercial pour fournir des solutions d'investissement sophistiquées. En tirant parti d'un mélange unique de recherche propriétaire, d'analyse avancée et de relations avec les clients personnalisés, DHIL s'est positionné comme un acteur formidable dans le paysage d'investissement institutionnel. Leur toile complète du modèle commercial révèle une approche nuancée qui va au-delà de la gestion traditionnelle des actifs, offrant aux investisseurs institutionnels une proposition de valeur convaincante de performances, de transparence cohérentes et de stratégies d'investissement de pointe.

Diamond Hill Investment Group, Inc. (DHIL) - Modèle commercial: partenariats clés

Sociétés de recherche en investissement et fournisseurs de données financières

Diamond Hill Investment Group collabore avec les principaux fournisseurs de recherche et de données suivants:

Partenaire	Type de service	Valeur du contrat annuel
Morningstar	Données de recherche financière	$385,000
Bloomberg Terminal	Analytique du marché	24 000 $ par terminal
Systèmes de recherche de faits	Plateforme de données d'investissement	$475,000

Plateformes d'investissement institutionnelles

Les partenariats clés de la plate-forme d'investissement institutionnels comprennent:

• Charles Schwab institutionnel
• Fidélité institutionnelle
• Td ameritrade institutionnel

Brokerage Companies et conseillers financiers

Partenaire de courtage	Actifs en cours de conseil	Année de partenariat
Raymond James	287 millions de dollars	2019
Edward Jones	412 millions de dollars	2017

Organismes de réglementation et organisations de conformité

Détails du partenariat réglementaire:

• Numéro d'enregistrement SEC: 801-60097
• Entreprise membre de la FINRA
• Conformité des conseillers en investissement

Fournisseurs de services de technologie et de logiciel

Partenaire technologique	Type de service	Investissement annuel
Microsoft Azure	Infrastructure cloud	$215,000
Salesforce	Plate-forme CRM	$89,000
Blackrock Aladdin	Logiciel de gestion des investissements	$350,000

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: Activités clés

Gestion de portefeuille actif

Au quatrième trimestre 2023, Diamond Hill a géré 26,1 milliards de dollars d'actifs totaux sous gestion. L'entreprise gère activement des portefeuilles d'investissement sur plusieurs stratégies d'investissement.

Stratégie de portefeuille	Actifs sous gestion
Stratégie de grande capitalisation	12,4 milliards de dollars
Stratégie de petite capitalisation	5,7 milliards de dollars
Stratégie mondiale	8,0 milliards de dollars

Recherche et analyse des investissements

Diamond Hill utilise une équipe de recherche dédiée axée sur une analyse fondamentale complète.

• Taille de l'équipe de recherche: 25 professionnels de l'investissement
• Expérience de recherche moyenne: 15 ans
• Budget de recherche annuel: 3,2 millions de dollars

Développement de produits financiers

La société propose plusieurs produits d'investissement dans différents segments de marché.

Type de produit	Nombre de fonds	Actif total
Fonds communs de placement	10	22,5 milliards de dollars
Comptes gérés séparément	15	3,6 milliards de dollars

Gestion des relations avec les clients

Diamond Hill maintient une approche complète de l'engagement client.

• Clients institutionnels totaux: 187
• Taux moyen de rétention de la clientèle: 92%
• Équipe du service à la clientèle: 18 professionnels

Gestion des risques et surveillance de la conformité

L'entreprise maintient des protocoles de gestion des risques robustes.

• Personnel de conformité: 12 professionnels
• Heures de formation annuelle de conformité: 1 200
• Taux de réussite de l'examen réglementaire: 100%

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au 31 décembre 2023, Diamond Hill Investment Group compte 97 employés au total, avec 61 professionnels de l'investissement.

Poste de direction	Nombre de cadres
Gestionnaires de portefeuille seniors	12
Analystes de recherche	49

Capacités de recherche en investissement propriétaire

Assets de méthodologie de recherche:

• Approche complète de recherche fondamentale
• Modèles d'évaluation propriétaires
• Cadres d'analyse des entreprises approfondies

Plateformes d'analyse financière avancées

Investissement total d'infrastructure technologique en 2023: 4,3 millions de dollars

Plate-forme technologique	Investissement annuel
Systèmes de gestion de la recherche	1,2 million de dollars
Logiciel d'analyse commerciale	1,5 million de dollars
Outils de gestion des risques	1,6 million de dollars

Grande réputation de marque

Actifs sous gestion (AUM) auprès du quatrième trimestre 2023: 25,4 milliards de dollars

Capital intellectuel et stratégies d'investissement

Répartition de la stratégie d'investissement:

• Stratégie à grande plafond: 12,6 milliards de dollars
• Stratégie de petite plafond: 7,8 milliards de dollars
• Stratégie à milieu de plafond: 5,0 milliards de dollars

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement sophistiquées pour les investisseurs institutionnels

Au quatrième trimestre 2023, Diamond Hill Investment Group a géré 21,5 milliards de dollars d'actifs sous gestion (AUM). L'entreprise se spécialise dans la fourniture de stratégies d'investissement complexes dans plusieurs classes d'actifs.

Stratégie d'investissement	Aum ($ milliards)	Performance (retour de 3 ans)
Grande valeur de capuchon	8.7	12.3%
Valeur de petite capuchon	5.2	10.9%
Capitaux propres mondiaux	4.6	11.5%

Performance d'investissement à long terme cohérente

Les fonds d'investissement de Diamond Hill ont démontré des performances constantes sur plusieurs cycles de marché.

• Retour annuel moyen à 5 ans: 11,2%
• Retour annuel moyen à 10 ans: 9,7%
• Note Morningstar: 4.2 / 5

Approche d'investissement transparente et disciplinée

L'entreprise maintient une méthodologie d'investissement rigoureuse à la recherche avec taux de roulement de portefeuille bas.

Métrique	Valeur
Taux de rotation du portefeuille	32%
Taille de l'équipe de recherche	28 analystes
Période de détention d'investissement moyenne	4-5 ans

Solutions d'investissement personnalisées

Diamond Hill propose des stratégies d'investissement sur mesure pour les clients institutionnels dans divers secteurs.

• Fonds de pension: 6,3 milliards de dollars
• Dotations: 3,8 milliards de dollars
• Fondations: 2,1 milliards de dollars

Gestion des investissements axée sur la recherche

L'équipe d'investissement utilise des recherches fondamentales complètes pour stimuler les décisions d'investissement.

Approche de recherche	Détails
Heures de recherche annuelles	15,000+
Réunions de l'entreprise chaque année	1,200+
Base de données de recherche propriétaire	Plus de 25 ans de données historiques

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Au quatrième trimestre 2023, Diamond Hill Investment Group gère 22,1 milliards de dollars d'actifs sous gestion. L'entreprise fournit aux services de conseil en investissement personnalisés en mettant l'accent sur les clients individuels et institutionnels à haute teneur.

Segment client	Taille moyenne du compte	Niveau de service
Individus à haute nette	5,3 millions de dollars	Avis de qualité supérieure
Investisseurs institutionnels	17,8 millions de dollars	Gestion complète

Rapports de performance de portefeuille réguliers

Diamond Hill fournit des rapports de performance trimestriels avec la fréquence de rapport suivante:

• Analyse des performances complètes trimestrielles
• Instantanés de portefeuille mensuels
• Suivi du portefeuille en ligne en temps réel

Communication directe avec les professionnels de l'investissement

L'entreprise maintient une équipe dédiée de 42 professionnels de l'investissement disponibles pour la communication directe des clients.

Canal de communication	Temps de réponse moyen
Consultation téléphonique directe	Dans les 2 heures de travail
Communication par e-mail	Dans les 24 heures

Équipes de service à la clientèle dédiées

Diamond Hill emploie 18 gestionnaires de relations clients dédiés desservant environ 350 comptes de clients institutionnels et individuels actifs.

Consultations en cours de stratégie d'investissement

Le groupe d'investissement mène une moyenne de 2-3 réunions de consultation stratégique chaque année par client, en nous concentrant sur l'optimisation du portefeuille et les informations sur le marché.

Type de consultation	Fréquence	Durée
Examen du portefeuille stratégique	Trimestriel	90 minutes
Session d'information sur le marché	Semi-annuellement	60 minutes

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Diamond Hill Investment Group maintient une équipe de vente interne de 42 représentants professionnels.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	42
Valeur moyenne du portefeuille client	3,2 millions de dollars
Revenus de l'équipe de vente annuelle	18,7 millions de dollars

Réseaux de conseillers financiers

Diamond Hill collabore avec 127 cabinets de conseil financier indépendants à travers les États-Unis.

• Couverture réseau: 38 États
• Actif moyen sous gestion par réseau: 425 millions de dollars
• Pourcentage de revenus des réseaux de conseillers: 42%

Plateformes d'investissement en ligne

Les canaux de distribution de plate-forme numérique comprennent:

Plate-forme	Base d'utilisateurs	Actifs gérés
Charles Schwab	12 500 comptes	670 millions de dollars
Fidélité	8 900 comptes	512 millions de dollars
Améritrade TD	6 300 comptes	345 millions de dollars

Conférences d'investissement et événements de l'industrie

Diamond Hill participe à 17 conférences d'investissement chaque année.

• Total de conférence présence: 1 850 investisseurs institutionnels
• Plances du client potentiel généré: 423
• Taux de conversion à partir des chefs de conférence: 6,2%

Canaux de marketing numérique et de communication

Métriques d'engagement numérique pour 2023:

Canal	Adeptes / abonnés	Taux d'engagement
Liendin	24,700	3.4%
Gazouillement	8,900	2.1%
E-mail newsletter	15 600 abonnés	Taux d'ouverture de 22,5%

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, Diamond Hill Investment Group dessert 87 clients d'investissement institutionnels avec un actif total sous gestion (AUM) de 22,3 milliards de dollars.

Type de client institutionnel	Nombre de clients	Pourcentage de l'AUM total
Fonds de retraite d'entreprise	42	38%
Fonds de pension publique	23	29%
Entités gouvernementales	12	15%

Individus à haute nette

Diamond Hill gère 6,7 milliards de dollars de portefeuilles individuels à haute navette au 31 décembre 2023.

• Taille moyenne du portefeuille: 3,2 millions de dollars
• Seuil d'investissement minimum: 1 million de dollars
• Bracket de richesse: les personnes avec une valeur nette de plus de 5 millions de dollars

Fonds de pension

Les actifs totaux des fonds de retraite gérés: 9,4 milliards de dollars sur 65 clients distincts de fonds de pension en 2023.

Catégorie de fonds de pension	Aum	Nombre de clients
Fonds de retraite d'entreprise	6,2 milliards de dollars	42
Fonds de pension publique	3,2 milliards de dollars	23

Dotations et fondations

Diamond Hill gère 4,5 milliards de dollars pour les dotations et les fondations en 2023.

• Dotations des établissements d'enseignement: 2,8 milliards de dollars
• Actifs de fondation privée: 1,7 milliard de dollars
• Nombre total de clients de dotation et de fondation: 38

Conseillers en investissement enregistrés

ACTIONS ACCESSIONNANTS INVESPATIONS (RIA) sous gestion: 3,9 milliards de dollars en 2023.

Segment RIA	Aum	Nombre de partenaires RIA
RIAS indépendants	2,6 milliards de dollars	47
Rias affiliés à la maison	1,3 milliard de dollars	22

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Depuis le rapport annuel de 2022, les dépenses totales de rémunération et de prestations des employés de Diamond Hill Group étaient de 40,1 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires	28,500,000
Bonus	7,200,000
Plans d'avantages et de retraite	4,400,000

Infrastructure technologique et de recherche

Les frais de technologie et d'infrastructure de recherche pour 2022 ont totalisé 6,3 millions de dollars.

• Systèmes informatiques et logiciels: 3 800 000 $
• Abonnements de données de recherche: 1 500 000 $
• Matériel technologique: 1 000 000 $

Compliance et dépenses réglementaires

Les coûts liés à la conformité en 2022 étaient de 4,2 millions de dollars.

Zone de conformité	Montant ($)
Conseil juridique et réglementaire	2,100,000
Logiciel et systèmes de conformité	1,400,000
Formation et certification	700,000

Marketing et développement commercial

Les frais de marketing pour 2022 s'élevaient à 2,5 millions de dollars.

• Marketing numérique: 900 000 $
• Conférences et parrainages d'événements: 750 000 $
• Matériel imprimé et publicité: 500 000 $
• Gestion de la relation client: 350 000 $

Frais généraux et frais administratifs opérationnels

Les frais généraux opérationnels totaux pour 2022 étaient de 7,2 millions de dollars.

Catégorie aérienne	Montant ($)
Loyer de bureau et services publics	3,600,000
Services professionnels	2,100,000
Fournitures et équipements de bureau	1,500,000

Diamond Hill Investment Group, Inc. (DHIL) - Modèle d'entreprise: Strots de revenus

Frais de gestion des portefeuilles d'investissement

Au quatrième trimestre 2023, Diamond Hill a déclaré des frais de conseil en investissement total de 78,4 millions de dollars pour l'année. La structure des frais varie en fonction de la classe d'actifs et de la complexité du portefeuille.

Type de portefeuille	Taux de frais de gestion moyen	Revenus annuels (2023)
Grande capitaux propres	0.65%	32,6 millions de dollars
Small Cap Equity	0.85%	22,1 millions de dollars
Revenu fixe	0.50%	15,7 millions de dollars

Frais d'incitation basés sur la performance

Diamond Hill généré 5,2 millions de dollars Dans les frais basés sur la performance en 2023, représentant 6,6% du total des revenus de conseil en investissement.

Frais de service consultatif

Services consultatifs générés 4,7 millions de dollars en revenus pour l'exercice 2023.

Frais de gestion des fonds d'investissement

Les frais totaux de gestion des fonds d'investissement pour 2023 étaient 45,3 millions de dollars.

Catégorie de fonds	Total des actifs sous gestion	Revenus de frais de gestion
Fonds communs de placement	8,2 milliards de dollars	36,9 millions de dollars
Fonds institutionnels	6,5 milliards de dollars	8,4 millions de dollars

Revenus des services de conseil et de recherche

Les services de conseil et de recherche ont contribué 3,1 millions de dollars aux revenus de l'entreprise en 2023.

• Ventes de rapports de recherche: 1,2 million de dollars
• Engagements de conseil personnalisés: 1,9 million de dollars

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.