Diamond Hill Funds
12/17/2025 | Press release | Distributed by Public on 12/17/2025 08:00
Prospectus by Investment Company (Form 497)
DIAMOND HILL FUNDS
Diamond Hill Small-Mid Cap Fund
Diamond Hill Mid Cap Fund
Supplement dated December 17, 2025
to the Summary Prospectus Dated February 28, 2025, and
to the Prospectus Dated February 28, 2025 As Amended, and
to the Statement of Additional Information Dated February 28, 2025 As Amended
Effective December 31, 2025, Anthony Philipp is named as a Co-Portfolio Manager of the Diamond Hill Small-Mid Cap Fund and the Diamond Hill Mid Cap Fund.
Summary Prospectus and Prospectus
Accordingly, Page 3 of each respective Summary Prospectus and Pages 5 and 8 of the Prospectus are amended to include Anthony Philipp as a Portfolio Manager, with a Since 12/2025 date.
Accordingly, the table in the Portfolio Managers section on page 45 of the Prospectus is amended to include Mr. Philipp as a Portfolio Manager of the Diamond Hill Small-Mid Cap Fund and the Diamond Mid Cap Fund. In addition, the following biographical information shall also be included in this section.
Mr. Philipp has a Bachelor of Science in engineering (Eta Kappa Nu Honors) from the University of Illinois and a Masters of Business Administration (Dean's Honors and Distinctions) from Columbia University. He has been an investment professional with the Adviser since March 2024. Mr. Philipp currently serves as a Portfolio Manager for the Adviser. From 2019 to 2024, he was an investment analyst for Hotchkis & Wiley Capital Management. From 2016 to 2019, he was an investment analyst for Ziff Capital Partners. In 2015, he was an MBA analyst for Blue Ridge Capital, and from 2011 to 2014, he was an associate with Flexpoint Ford. From 2008 to 2011, Mr. Philipp was an analyst for Centerview Partners.
Statement of Additional Information
Accordingly, the Portfolio Manager Holdings section on Page 55 is amended to include the following information as of December 16, 2025:
| Dollar Range of Shares in the Fund | |||||||||||||
| Fund |
Portfolio Manager |
$1 - $10,000 |
$10,001 - $50,000 |
$50,001 - $100,000 |
$100,001 - $500,000 |
$500,001 - $1,000,000 |
Over $1,000,000 |
||||||
| Small-Mid Cap Fund | Anthony Philipp | PM | X | ||||||||||
| Mid Cap Fund | Anthony Philipp | PM | X | ||||||||||
In addition, the Other Accounts Managed section on Page 57 is amended to include the following information as of November 30, 2025:
| Name of Portfolio Manager | Account Category | Number of Accounts | Total Assets in Accounts | Number of Accounts Where Advisory Fee is Based on Account Performance | Total Assets in Accounts Where Advisory Fee is Based on Account Performance |
| Anthony Philipp | Registered Investment Company | 2 | $1,016,646,718 | - | $- |
| Portfolio Manager, Small-Mid Cap Fund and Mid Cap Fund | Other Pooled Investment Vehicles | 3 | $228,620,785 | - | $- |
| Other Accounts | 7 | $71,902,551 | - | $- |
YOU SHOULD READ THIS SUPPLEMENT IN CONJUNCTION WITH THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Diamond Hill Funds published this content on December 17, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 17, 2025 at 14:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]