CTRA - Diamond Hill Small-Mid Cap 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.
• Amid a rocky market quarter overall, our portfolio’s negative returns still outpaced the Russell 2500 Index by a healthy margin in Q1.
• From current levels, equity market returns over the next five years are likely to be below historical averages.
• We believe we can achieve better-than-market returns over the next five years through active portfolio management.

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