COLUMBUS, Ohio, Jan. 29, 2020 /PRNewswire/ -- Diamond Hill
Capital Management, Inc., an independent active asset manager and
subsidiary of Diamond Hill Investment Group, Inc. (NASDAQ: DHIL),
recently celebrated the five-year anniversary of its High Yield
strategy with a top percentile ranking in eVestment's U.S. High
Yield Fixed Income universe.¹ eVestment is a
Nasdaq company and a global leader in institutional investment data
and analytics.
The Diamond Hill High Yield strategy, launched in December 2014, seeks to generate high current
income with the opportunity for capital appreciation. William (Bill) Zox, CFA, and John McClain, CFA, who have managed the strategy
since inception, focus on evaluating the underlying business
fundamentals and credit risk of high yield securities. They
generally invest at least 80% of assets in a diversified portfolio
of corporate debt securities that are rated below investment grade
or are unrated. In addition to Zox and McClain, the portfolio team
includes assistant portfolio manager Suken
Patel, CFA, and Douglas
Gimple, senior portfolio specialist.
The strategy ranks in the top 1% in its eVestment peer universe
for the five- and three-year periods, and 14th percentile for the
one-year period, through Dec. 31,
2019.
For the five-year period through Dec. 31,
2019, the Diamond Hill High Yield strategy returned 8.92%
annualized before fees and 8.49% net of fees, compared with 6.13%
annualized for its passive benchmark, the ICE BofA U.S. High Yield
Index. The strategy returned 9.55% annualized for the three-year
period ended Dec. 31, 2019 before
fees and 9.02% net of fees, compared with 6.32% for the index. For
the one-year period ended Dec. 31,
2019, the strategy returned 16.18% before fees and 15.63%
net of fees, against 14.41% for the ICE BofA U.S. High Yield
Index.
"We are pleased with the results we have delivered to our
clients and optimistic about the future as high yield is an
inefficient asset class getting less efficient over time," said
McClain.
"This is another example of Diamond
Hill's edge in navigating the financial markets on behalf of
our clients and we are committed to maintaining that edge for the
long term," said Zox, who also serves as Diamond Hill's chief investment officer for
fixed income.
For more information about the Diamond Hill High Yield strategy,
see accompanying fact sheet.
About Diamond Hill Capital Management
Based in Columbus, Ohio,
Diamond Hill Capital Management is an independent active asset
manager. The firm is a subsidiary of Diamond Hill Investment Group,
Inc. (NASDAQ: DHIL), with significant employee ownership and
$23.4 billion in assets under
management as of Dec. 31, 2019.
Diamond Hill invests on behalf of
institutions and individuals through mutual funds and separate
accounts. Strategies include long-only U.S. and international
equity, alternative long-short equity, and fixed income.
Diamond Hill serves clients by
providing investment strategies that deliver lasting value through
a shared commitment to its intrinsic value investment philosophy,
long-term perspective, disciplined approach and alignment with
client interests. For more information visit
www.diamond-hill.com
Past performance is not a guarantee of future
results.
1Source: eVestment Analytics. Ranking within
eVestment. U.S. High Yield Fixed Income universe based on monthly
returns gross of fees. Ranking data calculated on Jan. 20, 2020 (as of Dec. 31, 2019) and is subject to change as
additional firms within the category submit data.
Source ICE Data Indices, LLC (ICE Data), is used with
permission. ICE Data, its affiliates and their respective third
party suppliers disclaim any and all warranties and
representations, express and/or implied, including any warranties
of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related
to, or derived therefrom. Neither ICE Data, its affiliates or their
respective third party providers shall not be subject to any
damages or liability with respect to the adequacy, accuracy,
timeliness or completeness of the indices or the index data or any
component thereof, and the indices and index data and all
components thereof are provided on an "as is" basis and your use is
at your own risk. ICE Data, its affiliates and their respective
third party suppliers do not sponsor, endorse, or recommend Diamond
Hill Capital Management, Inc., or any of its products or
services.
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SOURCE Diamond Hill Investment Group, Inc.