Diamond Hill Financial Trends Fund, Inc. Announces Retirement of Two Directors
August 18 2009 - 4:15PM
PR Newswire (US)
COLUMBUS, Ohio, Aug. 18 /PRNewswire-FirstCall/ -- Diamond Hill
Financial Trends Fund, Inc. (NASDAQ:DHFT) (the "Fund") announced
today the retirement of Directors H. Hall Ware and Robert Freedman
who have provided exemplary service to the shareholders of the Fund
for 20 and 13 years, respectively. Their retirement decreases the
number of Directors from six to four and comes after an overall
review of corporate governance and operating expenses. The
remaining Directors; Chairman Franklin Golden, Russell Page, Fred
Steingraber, and Donald Tomlin have resolved to reduce their
compensation by approximately 23% to further reduce Fund expenses.
Additional Announcements: The Fund's Investment Advisor, Diamond
Hill Capital Management, Inc., ("DHCM") has been operating under an
expense limitation agreement which expires on January 3, 2010.
Since the inception of the agreement through June 30, 2009, DHCM
has waived over 50% of their investment advisory fees. The Board of
Directors has approved a new expense limitation arrangement upon
the expiration of the previous agreement. Under the terms of the
new arrangement, DHCM has agreed to voluntarily waive its
investment advisory fees to maintain a total expense ratio no
greater than 1.59% subject to an advisory fee floor of 0.50% or
maximum wavier of 0.15%. This new expense limitation arrangement
will continue until December 31, 2010. As of June 30, 2009, the
Fund has accumulated realized losses in excess of $10 million. This
places the Fund in an advantageous position to take advantage of a
rebound in the financial sector without generating immediate
capital gain taxes for the shareholder. About the Fund: The Fund's
primary objective is to seek long-term capital appreciation by
investing in companies selling for less than and shorting companies
selling for more than our appraisal of intrinsic value. Current
income is a secondary objective. The Fund invests at between 80%
and 115% of its assets long and sells short between 0% and 30% of
its assets in stocks of U.S. financial services companies of any
size. About Diamond Hill: Diamond Hill Capital Management, Inc.
provides investment management services to institutions and
financial intermediaries seeking to preserve and build wealth. The
firm currently manages mutual funds, separate accounts and private
investment funds. For more information on Diamond Hill, visit
http://www.diamond-hill.com/. DATASOURCE: Diamond Hill Financial
Trends Fund, Inc. CONTACT: Investor Contact: James F. Laird,
+1-614-255-3353, Web Site: http://www.diamond-hill.com/
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