Diamond Hill Investment Group, Inc. (DHIL): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão de investimentos, o Diamond Hill Investment Group, Inc. (DHIL) se destaca como um farol de excelência estratégica, elaborando meticulosamente seu modelo de negócios para fornecer soluções sofisticadas de investimento. Ao alavancar uma mistura única de pesquisa proprietária, análise avançada e relacionamentos personalizados do cliente, a DHIL se posicionou como um participante formidável no cenário institucional de investimento. Seu modelo abrangente de negócios de negócios revela uma abordagem diferenciada que vai além do gerenciamento tradicional de ativos, oferecendo aos investidores institucionais uma proposta de valor convincente de desempenho consistente, transparência e estratégias de investimento de ponta.

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: Parcerias -chave

Empresas de pesquisa de investimento e provedores de dados financeiros

O Diamond Hill Investment Group colabora com os seguintes provedores importantes de pesquisa e dados:

Parceiro	Tipo de serviço	Valor anual do contrato
Morningstar	Dados de pesquisa financeira	$385,000
Terminal Bloomberg	Análise de mercado	US $ 24.000 por terminal
FACTSET PESQUISA SISTEMAS	Plataforma de dados de investimento	$475,000

Plataformas de investimento institucional

Principais parcerias da plataforma de investimento institucional incluem:

• Charles Schwab Institucional
• Fidelity Institutional
• TD Ameritrade Institutional

Empresas de corretagem e consultores financeiros

Parceiro de corretagem	Ativos sob consultoria	Ano de parceria
Raymond James	US $ 287 milhões	2019
Edward Jones	US $ 412 milhões	2017

Órgãos regulatórios e organizações de conformidade

Detalhes da parceria regulatória:

• Número de registro da SEC: 801-60097
• FIRMA FINRA
• Consultores de investimento Lei de conformidade

Provedores de serviços de tecnologia e software

Parceiro de tecnologia	Tipo de serviço	Investimento anual
Microsoft Azure	Infraestrutura em nuvem	$215,000
Salesforce	Plataforma CRM	$89,000
Blackrock Aladdin	Software de gerenciamento de investimentos	$350,000

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: Atividades -chave

Gerenciamento de portfólio ativo

No quarto trimestre 2023, Diamond Hill conseguiu US $ 26,1 bilhões em ativos totais sob gestão. A empresa gerencia ativamente portfólios de investimento em várias estratégias de investimento.

Estratégia do portfólio	Ativos sob gestão
Estratégia de grande capitalização	US $ 12,4 bilhões
Estratégia de pequeno valor	US $ 5,7 bilhões
Estratégia global	US $ 8,0 bilhões

Pesquisa e análise de investimento

Diamond Hill emprega uma equipe de pesquisa dedicada, com foco em análises fundamentais abrangentes.

• Tamanho da equipe de pesquisa: 25 profissionais de investimento
• Experiência média de pesquisa: 15 anos
• Orçamento de pesquisa anual: US $ 3,2 milhões

Desenvolvimento de produtos financeiros

A empresa oferece vários produtos de investimento em diferentes segmentos de mercado.

Tipo de produto	Número de fundos	Total de ativos
Fundos mútuos	10	US $ 22,5 bilhões
Contas gerenciadas separadamente	15	US $ 3,6 bilhões

Gerenciamento de relacionamento com o cliente

Diamond Hill mantém uma abordagem abrangente de envolvimento do cliente.

• Total de clientes institucionais: 187
• Taxa média de retenção de clientes: 92%
• Equipe de atendimento ao cliente: 18 profissionais

Gerenciamento de riscos e monitoramento de conformidade

A empresa mantém protocolos robustos de gerenciamento de riscos.

• Equipe de conformidade: 12 profissionais
• Horário anual de treinamento de conformidade: 1.200
• Taxa de aprovação do exame regulatório: 100%

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 31 de dezembro de 2023, o Diamond Hill Investment Group possui 97 funcionários totais, com 61 profissionais de investimento.

Posição de liderança	Número de executivos
Gerentes de portfólio seniores	12
Analistas de pesquisa	49

Capacidades de pesquisa de investimento proprietárias

Ativos de metodologia de pesquisa:

• Abordagem abrangente de pesquisa fundamental
• Modelos de avaliação proprietários
• Estruturas detalhadas de análise da empresa

Plataformas avançadas de análise financeira

Investimento total de infraestrutura de tecnologia em 2023: US $ 4,3 milhões

Plataforma de tecnologia	Investimento anual
Sistemas de gerenciamento de pesquisa	US $ 1,2 milhão
Software de análise de negociação	US $ 1,5 milhão
Ferramentas de gerenciamento de riscos	US $ 1,6 milhão

Forte reputação da marca

Ativos sob gestão (AUM) a partir do quarto trimestre 2023: US $ 25,4 bilhões

Capital intelectual e estratégias de investimento

Redução da estratégia de investimento:

• Estratégia de grande capitalização: US $ 12,6 bilhões
• Estratégia de pequeno valor: US $ 7,8 bilhões
• Estratégia de capitalização intermediária: US $ 5,0 bilhões

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: proposições de valor

Estratégias de investimento sofisticadas para investidores institucionais

No quarto trimestre 2023, o Diamond Hill Investment Group conseguiu US $ 21,5 bilhões em ativos sob gestão (AUM). A empresa é especializada em fornecer estratégias de investimento complexas em várias classes de ativos.

Estratégia de investimento	AUM (US $ bilhões)	Desempenho (retorno de 3 anos)
Valor de capitalização grande	8.7	12.3%
Valor de pequena tampa	5.2	10.9%
Equidade global	4.6	11.5%

Desempenho consistente de investimento a longo prazo

Os fundos de investimento de Diamond Hill demonstraram desempenho consistente em vários ciclos de mercado.

• Retorno anual médio de 5 anos: 11,2%
• Retorno anual médio de 10 anos: 9,7%
• Morningstar Classificação: 4.2/5

Abordagem de investimento transparente e disciplinado

A empresa mantém uma rigorosa metodologia de investimento orientada por pesquisa com baixas taxas de rotatividade de portfólio.

Métrica	Valor
Taxa de rotatividade de portfólio	32%
Tamanho da equipe de pesquisa	28 analistas
Período de retenção de investimento médio	4-5 anos

Soluções de investimento personalizadas

Diamond Hill oferece estratégias de investimento personalizado para clientes institucionais em vários setores.

• Fundos de pensão: US $ 6,3 bilhões
• Doações: US $ 3,8 bilhões
• FUNDAÇÕES: US $ 2,1 bilhões

Gerenciamento de investimentos orientado a pesquisas

A equipe de investimento utiliza pesquisas fundamentais abrangentes para impulsionar as decisões de investimento.

Abordagem de pesquisa	Detalhes
Horário de pesquisa anual	15,000+
Reuniões da empresa anualmente	1,200+
Banco de dados de pesquisa proprietária	Mais de 25 anos de dados históricos

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A partir do quarto trimestre 2023, o Diamond Hill Investment Group gerencia US $ 22,1 bilhões em ativos sob gestão. A empresa fornece serviços de consultoria de investimento personalizados, com foco em clientes individuais e institucionais de alta rede.

Segmento de cliente	Tamanho médio da conta	Nível de serviço
Indivíduos de alta rede	US $ 5,3 milhões	Conselho Premium
Investidores institucionais	US $ 17,8 milhões	Gestão abrangente

Relatórios regulares de desempenho do portfólio

Diamond Hill fornece relatórios de desempenho trimestrais com a seguinte frequência de relatório:

• Análise de desempenho abrangente trimestral
• Instantâneos mensais de portfólio
• Rastreamento de portfólio online em tempo real

Comunicação direta com profissionais de investimento

A empresa mantém uma equipe dedicada de 42 profissionais de investimento disponíveis para comunicação direta do cliente.

Canal de comunicação	Tempo médio de resposta
Consulta de telefone direto	Dentro de 2 horas úteis
Comunicação por e -mail	Dentro de 24 horas

Equipes de atendimento ao cliente dedicados

Diamond Hill emprega 18 gerentes de relacionamento com clientes dedicados Servindo aproximadamente 350 contas de clientes institucionais e individuais ativos.

Consultas em andamento em estratégia de investimento

O grupo de investimentos conduz uma média de 2-3 reuniões de consulta estratégica anualmente por cliente, concentrando -se na otimização do portfólio e no mercado de insights.

Tipo de consulta	Freqüência	Duração
Revisão de portfólio estratégico	Trimestral	90 minutos
Sessão de insight de mercado	Semestralmente	60 minutos

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: canais

Equipe de vendas diretas

No quarto trimestre 2023, o Diamond Hill Investment Group mantém uma equipe de vendas interna de 42 representantes profissionais.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	42
Valor médio do portfólio de clientes	US $ 3,2 milhões
Receita anual da equipe de vendas	US $ 18,7 milhões

Redes de consultores financeiros

Diamond Hill colabora com 127 empresas de consultoria financeira independentes nos Estados Unidos.

• Cobertura da rede: 38 estados
• Ativos médios sob gerenciamento por rede: US $ 425 milhões
• Porcentagem de receita de redes de consultores: 42%

Plataformas de investimento on -line

Os canais de distribuição de plataforma digital incluem:

Plataforma	Base de usuários	Ativos gerenciados
Charles Schwab	12.500 contas	US $ 670 milhões
Fidelidade	8.900 contas	US $ 512 milhões
TD Ameritrade	6.300 contas	US $ 345 milhões

Conferências de investimento e eventos da indústria

Diamond Hill participa de 17 conferências de investimento anualmente.

• Participação total da conferência: 1.850 investidores institucionais
• Leads de cliente em potencial gerados: 423
• Taxa de conversão de leads de conferência: 6,2%

Canais de marketing e comunicação digital

Métricas de engajamento digital para 2023:

Canal	Seguidores/assinantes	Taxa de engajamento
LinkedIn	24,700	3.4%
Twitter	8,900	2.1%
Newsletter de e -mail	15.600 assinantes	22,5% de taxa de abertura

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

Investidores institucionais

No quarto trimestre 2023, o Diamond Hill Investment Group atende a 87 clientes de investimento institucional com ativos totais sob gestão (AUM) de US $ 22,3 bilhões.

Tipo de cliente institucional	Número de clientes	Porcentagem de AUM total
Fundos de pensão corporativa	42	38%
Fundos de pensão pública	23	29%
Entidades governamentais	12	15%

Indivíduos de alta rede

Diamond Hill gerencia US $ 6,7 bilhões em portfólios individuais de alta rede em 31 de dezembro de 2023.

• Tamanho médio do portfólio: US $ 3,2 milhões
• Limite mínimo de investimento: US $ 1 milhão
• Suporte de riqueza: indivíduos com patrimônio líquido acima de US $ 5 milhões

Fundos de pensão

Total de ativos do fundo de pensão gerenciado: US $ 9,4 bilhões em 65 clientes distintos de fundos de pensão em 2023.

Categoria de fundo de pensão	Aum	Número de clientes
Fundos de pensão corporativa	US $ 6,2 bilhões	42
Fundos de pensão pública	US $ 3,2 bilhões	23

Doações e fundações

Diamond Hill gerencia US $ 4,5 bilhões para doações e fundações em 2023.

• Doações de instituição educacional: US $ 2,8 bilhões
• Ativos de fundação privada: US $ 1,7 bilhão
• Número total de clientes de doações e fundação: 38

Consultores de investimento registrados

Ativos de consultor de investimentos registrados (RIA) sob gestão: US $ 3,9 bilhões a partir de 2023.

Segmento RIA	Aum	Número de parceiros da RIA
RIAS independente	US $ 2,6 bilhões	47
RIAS afiliados a Wirehouse	US $ 1,3 bilhão	22

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

No relatório anual de 2022, as despesas totais de remuneração e benefícios do Diamond Hill Investment Group foram de US $ 40,1 milhões.

Categoria de despesa	Valor ($)
Salários	28,500,000
Bônus	7,200,000
Benefícios e planos de aposentadoria	4,400,000

Infraestrutura de tecnologia e pesquisa

As despesas com infraestrutura de tecnologia e pesquisa em 2022 totalizaram US $ 6,3 milhões.

• Sistemas de TI e software: US $ 3.800.000
• Assinaturas de dados de pesquisa: US $ 1.500.000
• Hardware de tecnologia: US $ 1.000.000

Conformidade e despesas regulatórias

Os custos relacionados à conformidade em 2022 foram de US $ 4,2 milhões.

Área de conformidade	Valor ($)
Consultoria legal e regulatória	2,100,000
Software e sistemas de conformidade	1,400,000
Treinamento e certificação	700,000

Marketing e desenvolvimento de negócios

As despesas de marketing de 2022 totalizaram US $ 2,5 milhões.

• Marketing digital: US $ 900.000
• Patrocínios de conferência e evento: US $ 750.000
• Materiais impressos e publicidade: US $ 500.000
• Gerenciamento de relacionamento com cliente: US $ 350.000

Custos gerais operacionais e administrativos

A sobrecarga operacional total para 2022 foi de US $ 7,2 milhões.

Categoria de sobrecarga	Valor ($)
Aluguel e utilitários do escritório	3,600,000
Serviços profissionais	2,100,000
Material de escritório e equipamento	1,500,000

Diamond Hill Investment Group, Inc. (DHIL) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de portfólios de investimento

A partir do quarto trimestre de 2023, a Diamond Hill registrou taxas de consultoria total de investimentos de US $ 78,4 milhões no ano. A estrutura de taxas varia de acordo com a classe de ativos e a complexidade do portfólio.

Tipo de portfólio	Taxa de taxa de gerenciamento médio	Receita anual (2023)
Grande capitão de capital	0.65%	US $ 32,6 milhões
Equidade pequena	0.85%	US $ 22,1 milhões
Renda fixa	0.50%	US $ 15,7 milhões

Taxas de incentivo baseadas em desempenho

Diamond Hill gerado US $ 5,2 milhões nas taxas baseadas em desempenho em 2023, representando 6,6% da receita total de consultoria de investimento.

Taxas de serviço de consultoria

Serviços de consultoria gerados US $ 4,7 milhões em receita para o ano fiscal de 2023.

Taxas de gerenciamento de fundos de investimento

Taxas totais de gerenciamento de fundos de investimento para 2023 foram US $ 45,3 milhões.

Categoria de fundo	Total de ativos sob gestão	Receita da taxa de gerenciamento
Fundos mútuos	US $ 8,2 bilhões	US $ 36,9 milhões
Fundos institucionais	US $ 6,5 bilhões	US $ 8,4 milhões

Receitas de serviço de consultoria e pesquisa

Serviços de consultoria e pesquisa contribuíram US $ 3,1 milhões para a receita da empresa em 2023.

• Relatório de pesquisa Vendas: US $ 1,2 milhão
• Engajamentos de consultoria personalizados: US $ 1,9 milhão

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.