Diamond Hill Capital Management, Inc has closed the Diamond Hill Long-Short Fund to most new investors effective 12 June, 2015. The Fund will remain open to additional investment from existing shareholders and certain other new accounts as described in the prospectus supplement dated 8 May, 2015.
At Diamond Hill, portfolio managers have the authority to close their strategies before they reach an asset size where they believe they can no longer add sufficient value over a passive alternative, protecting existing clients.
"Our primary focus is always on achieving value-added results for existing clients," says Chris Bingaman, Long-Short Fund portfolio manager and president of Diamond Hill. "We believe the best way to achieve that goal is to manage relatively concentrated portfolios, which becomes more difficult as the size of the portfolio increases. As a result, we have decided to close the Fund to new investors and remain committed to our investment philosophy and process."
The Diamond Hill Long-Short Fund had USD4.2 billion in assets under management as of 31 May, 2015.
