Strategy. The Fund, under normal market conditions, invests its assets in U.S. equity securities of any size capitalization that Diamond Hill Capital Management, Inc. (the Adviser) believes are undervalued. Equity securities consist of common and preferred stocks. The Fund is non-diversified and intends to focus its investments in a limited number of securities. The Adviser focuses on estimating a companys value independent of its current stock price. To estimate a companys value, the Adviser focuses on the fundamental economic drivers of the business. The primary focus is on bottom-up analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, the regulatory environment, the threat of technological obsolescence, and … Show more… The Fund, under normal market conditions, invests its assets in U.S. equity securities of any size capitalization that Diamond Hill Capital Management, Inc. (the Adviser) believes are undervalued. Equity securities consist of common and preferred stocks. The Fund is non-diversified and intends to focus its investments in a limited number of securities. The Adviser focuses on estimating a companys value independent of its current stock price. To estimate a companys value, the Adviser focuses on the fundamental economic drivers of the business. The primary focus is on bottom-up analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, the regulatory environment, the threat of technological obsolescence, and a variety of other industry factors. If the Advisers estimate of a companys value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction. Once a holding is selected, the Adviser continues to monitor the companys strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Advisers estimate of the companys value if it believes that the companys earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity. Show less