Here are a few analogies for Diamond Hill Investment (DHIL):

• DHIL is like a smaller, independent T. Rowe Price.
• DHIL is like the active fund management division of a Fidelity or Vanguard, operating as an independent firm.

• Investment Management (Separate Accounts): Provides customized portfolio management for institutional clients and high-net-worth individuals based on their specific investment objectives and risk profiles.
• Sub-Advisory Services: Manages investment portfolios for other financial institutions and their clients, often as the underlying manager for mutual funds, collective trusts, or other pooled investment vehicles.
• Mutual Funds: Offers a suite of actively managed, proprietary mutual funds across various asset classes to a broad range of investors seeking professional portfolio management.

Diamond Hill Investment Group, Inc. (DHIL) is an investment manager that provides actively managed equity and fixed income strategies. The company serves a diverse client base, and while it manages assets for individuals, a significant portion of its client base consists of institutional investors and financial intermediaries. Since DHIL's SEC filings indicate that no single client accounts for 10% or more of its annual revenues, specific major customer companies cannot be named. Instead, its customer base can be described by the following categories:

• Institutional Clients: This broad category includes a variety of organizations that directly invest with Diamond Hill. These typically comprise corporate pension plans, public pension funds, Taft-Hartley plans (multi-employer union pension plans), endowments (e.g., for universities and hospitals), and foundations. These institutions engage Diamond Hill to manage specific portfolios or segments of their overall assets.
• Financial Intermediaries: Diamond Hill distributes its investment products, including mutual funds and separately managed accounts, through various financial intermediaries. These customers include broker-dealers, independent registered investment advisors (RIAs), and other wealth management platforms. These intermediaries, in turn, offer Diamond Hill's strategies to their own underlying clients, which can be individuals, families, or smaller institutional clients.
• High-Net-Worth Individuals (HNWIs): While often accessing Diamond Hill's strategies through financial intermediaries, the company also directly or indirectly serves high-net-worth individuals and families, particularly for separately managed accounts tailored to their specific investment goals and financial situations.

• U.S. Bancorp (USB)
• PricewaterhouseCoopers LLP

Heather E. Brilliant, Chief Executive Officer and President

Heather E. Brilliant was appointed Chief Executive Officer and President of Diamond Hill Investment Group, and Chief Executive Officer of Diamond Hill Capital Management, Inc., effective September 3, 2019. She previously served as Chief Executive Officer, Americas with First State Investments from 2017 until joining Diamond Hill. Prior to that, she spent nearly 14 years with Morningstar, holding positions as global head of equity & credit research and later as Chief Executive Officer, Morningstar Australasia. Earlier in her career, she held roles analyzing both credit and equity at firms including Driehaus Capital Management, Coghill Capital Management, and Bank of America. Ms. Brilliant has made efforts to transform Diamond Hill by closing noncore services and refocusing on intrinsic value investing.

Thomas E. Line, Chief Financial Officer and President of the Diamond Hill Funds

Thomas E. Line has been the Chief Financial Officer of Diamond Hill Investment Group since January 2015, and also serves as President of the Diamond Hill Funds. He joined the firm in 2014. Prior to joining Diamond Hill, Mr. Line served as a Trustee and Chairman for the Diamond Hill Funds from 2005 to 2014. His previous experience includes serving as Chief Operating Officer for Lancaster Pollard & Company from 2012 to 2014, and as Managing Director and Chief Financial Officer for Red Capital Group from 2005 to 2012. He was also President of Focused Financial Consulting, Inc. from 2002 to 2004 and Chief Operating Officer for Meeder Financial, Inc. from 1998 to 2002. Mr. Line spent seven years at KPMG in various roles before 1996, with a focus on investment advisors and mutual funds.

Jo Ann Quinif, Chief Client Officer and President of Diamond Hill Capital Management, Inc.

Jo Ann Quinif joined Diamond Hill in 2017 as Managing Director – Business Development & Marketing, assumed the role of Chief Client Officer in 2020, and was named President of Diamond Hill Capital Management, Inc., in 2023.

Austin Hawley, Co-Chief Investment Officer & Portfolio Manager

Austin Hawley has been a director of the Company since May 2025 and a portfolio manager of Diamond Hill Capital Management, Inc. since 2013. From 2008 to 2013, he held various roles for DHCM, including Chief Investment Officer, Director of Research, and equity analyst.

Christopher A. Welch, Co-Chief Investment Officer & Portfolio Manager

Christopher A. Welch serves as a Co-Chief Investment Officer & Portfolio Manager at Diamond Hill Investment Group.

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• Global Addressable Market: The global asset management industry reached a record-breaking $128 trillion in assets under management (AUM) in 2024.
• U.S. Addressable Market: The U.S. asset management market was valued at approximately $48 trillion as of 2023. This market is projected to be $63.28 trillion in 2025 and is forecast to expand to $112.17 trillion by 2030.

Here are 3-5 expected drivers of future revenue growth for Diamond Hill Investment Group (DHIL) over the next 2-3 years:

1. Growth in Assets Under Management (AUM) and Assets Under Advisement (AUA): Diamond Hill's revenue is directly tied to the level of its AUM and AUA. Future revenue growth will largely depend on the company's ability to increase these assets, which can come from positive market performance and, more critically, net client inflows. The firm's performance is closely linked to attracting and retaining client assets.
2. Attracting and Retaining Client Assets and Building Enduring Client Partnerships: A key priority for Diamond Hill is maintaining high standards in client alignment and building long-term client partnerships. Successfully attracting new clients and retaining existing ones will directly contribute to AUM/AUA growth and, consequently, revenue.
3. Product Innovation and Strategic Investment in New Offerings: The company emphasizes "investing in the right products" and mentions "product innovation" as a factor in its business. Developing and successfully launching new or enhancing existing investment products and strategies that meet client demand can drive AUM growth and attract new capital.
4. Maintaining Strong Investment Performance through Disciplined Capacity Management: While often viewed as a constraint, Diamond Hill's commitment to "disciplined capacity management" and "strategic capacity management" is intended to protect its ability to generate competitive long-term investment results for clients. This sustained strong performance is crucial for client retention and for attracting new assets, thereby indirectly supporting future revenue growth.

Share Repurchases

• Diamond Hill Investment Group authorized a new share repurchase program on November 4, 2024, allowing for the repurchase of up to $50 million of its common shares, set to expire on November 4, 2026.
• In 2024, the company utilized $30.2 million for common share repurchases, and in 2023, $34.6 million was used for repurchases.
• For the third quarter of 2025, approximately $2.6 million was used to repurchase 18,871 common shares, contributing to a year-to-date total of nearly $14.5 million in share repurchases.

Share Issuance

• Proceeds from the Employee Stock Purchase Plan (ESPP) amounted to $0.3 million in 2024 and $0.4 million in 2023.

Outbound Investments

• Purchases of Company-sponsored investments totaled $7.6 million in 2024.

Capital Expenditures

• Capital expenditures for property and equipment purchases were $0.1 million in 2024.
• Historical capital expenditures were $2 million in 2020, $1 million in 2021, $0 million in 2022, $0 million in 2023, and $1 million in 2024.
• Expected capital expenditures are projected to be $1 million annually from 2025 through 2029.