GM - Diamond Hill Large Cap Concentrated Fund Q1 2022 Market Commentary

• Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment.
• During a volatile quarter, Diamond Hill Large Cap Concentrated Fund performed roughly in line with the Russell 1000 Index.
• The market environment in Q1 provided a meaningful opportunity for us to initiate positions in high-quality names.
• From current levels, equity market returns over the next five years are likely to be below historical averages.

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