Shareholder Report
Jun. 30, 2025
USD ($)
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What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $63 | 1.27%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHSCX) returned -1.35% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2000 Index returned -1.79%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | -1.35% | 7.83% | 15.61% | 6.46% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2000 Index | -1.79 | 7.68 | 10.04 | 7.12 |
Key Fund Statistics
| Net Assets | $205,151,858 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $849,449 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $48 | 0.98%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHSIX) returned -1.17% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2000 Index returned -1.79%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | -1.17% | 8.16% | 15.94% | 6.77% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2000 Index | -1.79 | 7.68 | 10.04 | 7.12 |
Key Fund Statistics
| Net Assets | $205,151,858 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $849,449 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $42 | 0.86%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHSYX) returned -1.13% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2000 Index returned -1.79%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | -1.13% | 8.30% | 16.09% | 6.90% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2000 Index | -1.79 | 7.68 | 10.04 | 7.12 |
Key Fund Statistics
| Net Assets | $205,151,858 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $849,449 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| Ryman Hospitality Properties, Inc. | |
| Ducommun, Inc. | |
| Bank OZK | |
| Triumph Financial, Inc. | |
| Mr. Cooper Group, Inc. | |
| Astrana Health, Inc. | |
| Live Oak Bancshares, Inc. | |
| Graham Corp. | |
| United States Lime & Minerals, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $60 | 1.21%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHMAX) returned 0.94% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2500 Index returned 0.44%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | 0.94% | 8.20% | 12.26% | 6.48% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2500 Index | 0.44 | 9.91 | 11.44 | 8.39 |
Key Fund Statistics
| Net Assets | $899,489,126 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3,583,563 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $46 | 0.92%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHMIX) returned 1.09% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2500 Index returned 0.44%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | 1.09% | 8.53% | 12.58% | 6.79% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2500 Index | 0.44 | 9.91 | 11.44 | 8.39 |
Key Fund Statistics
| Net Assets | $899,489,126 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3,583,563 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $40 | 0.80%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHMYX) returned 1.17% for the 6-month period ended June 30, 2025. Over that same period, the Russell 2500 Index returned 0.44%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | 1.17% | 8.65% | 12.72% | 6.92% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 2500 Index | 0.44 | 9.91 | 11.44 | 8.39 |
Key Fund Statistics
| Net Assets | $899,489,126 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3,583,563 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Huntington Ingalls Industries, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. | |
| Webster Financial Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $54 | 1.07%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHPAX) returned 4.86% for the 6-month period ended June 30, 2025. Over that same period, the Russell Midcap Index returned 4.84%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | 4.86% | 10.99% | 13.15% | 6.99% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell Midcap Index | 4.84 | 15.21 | 13.11 | 9.89 |
Key Fund Statistics
| Net Assets | $82,017,666 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $396,629 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $40 | 0.78%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHPIX) returned 4.99% for the 6-month period ended June 30, 2025. Over that same period, the Russell Midcap Index returned 4.84%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | 4.99% | 11.32% | 13.49% | 7.31% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell Midcap Index | 4.84 | 15.21 | 13.11 | 9.89 |
Key Fund Statistics
| Net Assets | $82,017,666 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $396,629 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $34 | 0.66%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHPYX) returned 5.15% for the 6-month period ended June 30, 2025. Over that same period, the Russell Midcap Index returned 4.84%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | 5.15% | 11.48% | 13.63% | 7.44% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell Midcap Index | 4.84 | 15.21 | 13.11 | 9.89 |
Key Fund Statistics
| Net Assets | $82,017,666 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $396,629 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| WESCO International, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Mr. Cooper Group, Inc. | |
| Post Holdings, Inc. | |
| Boston Scientific Corp. | |
| Regal Rexnord Corp. | |
| Parker-Hannifin Corp. | |
| Huntington Ingalls Industries, Inc. | |
| Freeport-McMoRan, Inc. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $49 | 0.96%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHLAX) returned 4.10% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | 4.10% | 9.67% | 12.46% | 9.40% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Value Index | 6.00 | 13.70 | 13.93 | 9.19 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
Key Fund Statistics
| Net Assets | $8,414,727,808 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $20,831,323 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $34 | 0.67%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHLRX) returned 4.27% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | 4.27% | 9.99% | 12.79% | 9.72% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Value Index | 6.00 | 13.70 | 13.93 | 9.19 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
Key Fund Statistics
| Net Assets | $8,414,727,808 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $20,831,323 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $28 | 0.55%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHLYX) returned 4.33% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | 4.33% | 10.13% | 12.93% | 9.84% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Value Index | 6.00 | 13.70 | 13.93 | 9.19 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
Key Fund Statistics
| Net Assets | $8,414,727,808 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $20,831,323 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Texas Instruments, Inc. | |
| Aon plc, Class A | |
| Capital One Financial Corp. | |
| Colgate-Palmolive Co. | |
| ConocoPhillips | |
| Sysco Corp. | |
| Bank of America Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $49 | 0.96%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHFAX) returned 7.75% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Since Inception (02/26/2021) | |
|---|---|---|---|
| Investor | 7.75% | 13.66% | 9.87% |
| Russell 3000 Index | 5.75 | 15.30 | 11.95 |
| Russell 1000 Value Index | 6.00 | 13.70 | 9.61 |
| Russell 1000 Index | 6.12 | 15.66 | 12.65 |
Key Fund Statistics
| Net Assets | $41,786,984 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $95,472 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 26, 2025 at https://diamond-hill.com/documents or upon request at 888-226-5595.
The Board of Trustees after careful consideration and upon the recommendation of the Adviser, approved the conversion (the "Reorganization") of the Large Cap Concentrated Fund (the "Target Fund") into an exchange-traded fund ("ETF") by reorganizing the Target Fund into the newly created series of the Trust, the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"). The Reorganization is expected to occur on or about September 26, 2025 (the "Closing Date"). The Survivor Fund will not commence operations before completion of the Reorganization and does not have existing shareholders. Shareholders are not required to approve the Reorganization, and shareholders will not be asked to vote. However, shareholders received a Combined Prospectus/Information Statement that contains information about the Survivor Fund and provides details about the terms and conditions of the Reorganization.
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $35 | 0.67%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHFIX) returned 7.94% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Since Inception (02/26/2021) | |
|---|---|---|---|
| Class I | 7.94% | 14.10% | 10.21% |
| Russell 3000 Index | 5.75 | 15.30 | 11.95 |
| Russell 1000 Value Index | 6.00 | 13.70 | 9.61 |
| Russell 1000 Index | 6.12 | 15.66 | 12.65 |
Key Fund Statistics
| Net Assets | $41,786,984 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $95,472 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 26, 2025 at https://diamond-hill.com/documents or upon request at 888-226-5595.
The Board of Trustees after careful consideration and upon the recommendation of the Adviser, approved the conversion (the "Reorganization") of the Large Cap Concentrated Fund (the "Target Fund") into an exchange-traded fund ("ETF") by reorganizing the Target Fund into the newly created series of the Trust, the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"). The Reorganization is expected to occur on or about September 26, 2025 (the "Closing Date"). The Survivor Fund will not commence operations before completion of the Reorganization and does not have existing shareholders. Shareholders are not required to approve the Reorganization, and shareholders will not be asked to vote. However, shareholders received a Combined Prospectus/Information Statement that contains information about the Survivor Fund and provides details about the terms and conditions of the Reorganization.
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $28 | 0.55%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHFYX) returned 8.01% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Value Index returned 6.00%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Since Inception (02/26/2021) | |
|---|---|---|---|
| Class Y | 8.01% | 14.19% | 10.32% |
| Russell 3000 Index | 5.75 | 15.30 | 11.95 |
| Russell 1000 Value Index | 6.00 | 13.70 | 9.61 |
| Russell 1000 Index | 6.12 | 15.66 | 12.65 |
Key Fund Statistics
| Net Assets | $41,786,984 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $95,472 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| Texas Instruments, Inc. | |
| Berkshire Hathaway, Inc., Class B | |
| Capital One Financial Corp. | |
| Abbott Laboratories | |
| ConocoPhillips | |
| Colgate-Palmolive Co. | |
| Aon plc, Class A | |
| Ferguson Enterprises, Inc. | |
| Sysco Corp. |
Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 26, 2025 at https://diamond-hill.com/documents or upon request at 888-226-5595.
The Board of Trustees after careful consideration and upon the recommendation of the Adviser, approved the conversion (the "Reorganization") of the Large Cap Concentrated Fund (the "Target Fund") into an exchange-traded fund ("ETF") by reorganizing the Target Fund into the newly created series of the Trust, the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"). The Reorganization is expected to occur on or about September 26, 2025 (the "Closing Date"). The Survivor Fund will not commence operations before completion of the Reorganization and does not have existing shareholders. Shareholders are not required to approve the Reorganization, and shareholders will not be asked to vote. However, shareholders received a Combined Prospectus/Information Statement that contains information about the Survivor Fund and provides details about the terms and conditions of the Reorganization.
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $59 | 1.16%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHTAX) returned 3.54% for the 6-month period ended June 30, 2025. Over that same period, the Russell 3000 Index returned 5.75%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | 3.54% | 9.46% | 18.40% | 10.19% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
Key Fund Statistics
| Net Assets | $570,391,044 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $1,934,946 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $44 | 0.87%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHLTX) returned 3.65% for the 6-month period ended June 30, 2025. Over that same period, the Russell 3000 Index returned 5.75%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | 3.65% | 9.73% | 18.75% | 10.51% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
Key Fund Statistics
| Net Assets | $570,391,044 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $1,934,946 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $38 | 0.75%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHTYX) returned 3.76% for the 6-month period ended June 30, 2025. Over that same period, the Russell 3000 Index returned 5.75%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | 3.76% | 9.93% | 18.90% | 10.64% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
Key Fund Statistics
| Net Assets | $570,391,044 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $1,934,946 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Capital One Financial Corp. | |
| Cimpress plc | |
| CarMax, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| Ashland, Inc. | |
| Coherent Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $88 | 1.71%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DIAMX) returned 8.66% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Index returned 6.12% and the 60%/40% Blended Index returned 4.64%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor | 8.66% | 8.55% | 10.75% | 6.46% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
| 60% Russell 1000/40% Bloomberg US T-Bill 1-3 Month Index | 4.64 | 11.38 | 11.08 | 8.99 |
Key Fund Statistics
| Net Assets | $1,940,983,732 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8,247,665 |
| Number of Long/(Short) Holdings in Portfolio | 56/(43) |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
Long Portfolio
Short Portfolio
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $74 | 1.42%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHLSX) returned 8.84% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Index returned 6.12% and the 60%/40% Blended Index returned 4.64%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I | 8.84% | 8.89% | 11.08% | 6.78% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
| 60% Russell 1000/40% Bloomberg US T-Bill 1-3 Month Index | 4.64 | 11.38 | 11.08 | 8.99 |
Key Fund Statistics
| Net Assets | $1,940,983,732 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8,247,665 |
| Number of Long/(Short) Holdings in Portfolio | 56/(43) |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
Long Portfolio
Short Portfolio
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $67 | 1.30%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DIAYX) returned 8.89% for the 6-month period ended June 30, 2025. Over that same period, the Russell 1000 Index returned 6.12% and the 60%/40% Blended Index returned 4.64%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y | 8.89% | 9.02% | 11.21% | 6.90% |
| Russell 3000 Index | 5.75 | 15.30 | 15.96 | 12.96 |
| Russell 1000 Index | 6.12 | 15.66 | 16.30 | 13.35 |
| 60% Russell 1000/40% Bloomberg US T-Bill 1-3 Month Index | 4.64 | 11.38 | 11.08 | 8.99 |
Key Fund Statistics
| Net Assets | $1,940,983,732 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $8,247,665 |
| Number of Long/(Short) Holdings in Portfolio | 56/(43) |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
Long Portfolio
Short Portfolio
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Microsoft Corp. | |
| Meta Platforms, Inc., Class A | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Alphabet, Inc., Class A | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| WNS Holdings Ltd. - ADR | |
| Parker-Hannifin Corp. | |
| Salesforce, Inc. | |
| Amazon.com, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| Garmin Ltd. | |
| Royal Caribbean Cruises Ltd. | |
| Core & Main, Inc., Class A | |
| Sprouts Farmers Market, Inc. | |
| Alarm.com Holdings, Inc. | |
| Matson, Inc. | |
| Acushnet Holdings Corp. | |
| WD-40 Co. | |
| Federal Signal Corp. |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $62 | 1.15%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHIAX) returned 15.83% for the 6-month period ended June 30, 2025. Over that same period, the MSCI ACWI ex USA Index returned 17.90%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (12/30/2016) | |
|---|---|---|---|---|
| Investor | 15.83% | 13.04% | 11.71% | 9.04% |
| MSCI ACWI ex USA Index | 17.90 | 17.72 | 10.13 | 7.92 |
Key Fund Statistics
| Net Assets | $160,146,910 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $512,867 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $46 | 0.86%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHIIX) returned 16.03% for the 6-month period ended June 30, 2025. Over that same period, the MSCI ACWI ex USA Index returned 17.90%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (12/30/2016) | |
|---|---|---|---|---|
| Class I | 16.03% | 13.45% | 12.05% | 9.36% |
| MSCI ACWI ex USA Index | 17.90 | 17.72 | 10.13 | 7.92 |
Key Fund Statistics
| Net Assets | $160,146,910 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $512,867 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $40 | 0.74%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHIYX) returned 16.12% for the 6-month period ended June 30, 2025. Over that same period, the MSCI ACWI ex USA Index returned 17.90%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (12/30/2016) | |
|---|---|---|---|---|
| Class Y | 16.12% | 13.60% | 12.17% | 9.48% |
| MSCI ACWI ex USA Index | 17.90 | 17.72 | 10.13 | 7.92 |
Key Fund Statistics
| Net Assets | $160,146,910 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $512,867 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Wal-Mart de Mexico SAB de CV | |
| EXOR NV | |
| Safran SA | |
| Tesco plc | |
| Howden Joinery Group plc | |
| Krones AG | |
| AIB Group plc | |
| Compass Group plc |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $41 | 0.81%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHEAX) returned 3.59% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 2.92%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-agency commercial mortgage-backed securities (CMBS) and non-agency mortgage-backed securities (MBS) sectors. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Investor | 3.59% | 8.33% | 5.08% | 3.88% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
| Bloomberg US 1-3 Year Government/Credit Index | 2.92 | 5.94 | 1.58 | 1.87 |
Key Fund Statistics
| Net Assets | $4,160,687,024 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6,581,278 |
| Effective Duration | 1.29 |
| Weighted Average Life | 2.10 |
| Option-Adjusted Spread | 263 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $26 | 0.52%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHEIX) returned 3.83% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 2.92%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-agency commercial mortgage-backed securities (CMBS) and non-agency mortgage-backed securities (MBS) sectors. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Class I | 3.83% | 8.61% | 5.41% | 4.19% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
| Bloomberg US 1-3 Year Government/Credit Index | 2.92 | 5.94 | 1.58 | 1.87 |
Key Fund Statistics
| Net Assets | $4,160,687,024 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6,581,278 |
| Effective Duration | 1.29 |
| Weighted Average Life | 2.10 |
| Option-Adjusted Spread | 263 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $20 | 0.40%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHEYX) returned 3.79% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 2.92%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-agency commercial mortgage-backed securities (CMBS) and non-agency mortgage-backed securities (MBS) sectors. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Class Y | 3.79% | 8.74% | 5.52% | 4.31% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
| Bloomberg US 1-3 Year Government/Credit Index | 2.92 | 5.94 | 1.58 | 1.87 |
Key Fund Statistics
| Net Assets | $4,160,687,024 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6,581,278 |
| Effective Duration | 1.29 |
| Weighted Average Life | 2.10 |
| Option-Adjusted Spread | 263 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| Firstkey Homes Trust, Series 2020-SFR2, Class A 1.266% 10/19/37 | |
| GNMA, Pool #DH9776 7.000% 03/20/65 | |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A 5.415% 06/27/33 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D 6.903% 03/15/30 | |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 5.652% 01/25/40 | |
| Redwood Funding Trust, Series 2025-RR1, Class A1 6.767% 06/27/28 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $38 | 0.76%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHRAX) returned 4.05% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-back securities (MBS) and corporate credit sectors. The Fund's Treasury holdings were also nicely positive on an absolute basis, but the underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Investor | 4.05% | 6.58% | 0.08% | 1.85% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
Key Fund Statistics
| Net Assets | $2,457,343,198 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $3,362,637 |
| Effective Duration | 5.73 |
| Weighted Average Life | 7.43 |
| Option-Adjusted Spread | 133 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $24 | 0.47%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHRIX) returned 4.16% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-back securities (MBS) and corporate credit sectors. The Fund's Treasury holdings were also nicely positive on an absolute basis, but the underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Class I | 4.16% | 6.88% | 0.35% | 2.13% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
Key Fund Statistics
| Net Assets | $2,457,343,198 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $3,362,637 |
| Effective Duration | 5.73 |
| Weighted Average Life | 7.43 |
| Option-Adjusted Spread | 133 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $18 | 0.35%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHRYX) returned 4.32% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-back securities (MBS) and corporate credit sectors. The Fund's Treasury holdings were also nicely positive on an absolute basis, but the underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | One Year | Five Years | Since Inception (07/05/2016) | |
|---|---|---|---|---|
| Class Y | 4.32% | 6.99% | 0.47% | 2.25% |
| Bloomberg US Aggregate Bond Index | 4.02 | 6.08 | -0.73 | 1.22 |
Key Fund Statistics
| Net Assets | $2,457,343,198 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $3,362,637 |
| Effective Duration | 5.73 |
| Weighted Average Life | 7.43 |
| Option-Adjusted Spread | 133 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| FNMA, Pool #FS9979 6.000% 09/01/54 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $44 | 0.86%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHNAX) returned 4.23% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-backed securities (MBS) sector. The Fund's corporate credit exposure was also nicely positive on an absolute basis. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | Since Inception (10/15/2024) | |
|---|---|---|
| Investor | 4.23% | 3.50% |
| Bloomberg US Aggregate Bond Index | 4.02 | 2.00 |
Key Fund Statistics
| Net Assets | $60,545,885 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $89,622 |
| Effective Duration | 5.68 |
| Weighted Average Life | 7.20 |
| Option-Adjusted Spread | 151 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $29 | 0.57%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHNIX) returned 4.31% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-backed securities (MBS) sector. The Fund's corporate credit exposure was also nicely positive on an absolute basis. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | Since Inception (10/15/2024) | |
|---|---|---|
| Class I | 4.31% | 3.66% |
| Bloomberg US Aggregate Bond Index | 4.02 | 2.00 |
Key Fund Statistics
| Net Assets | $60,545,885 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $89,622 |
| Effective Duration | 5.68 |
| Weighted Average Life | 7.20 |
| Option-Adjusted Spread | 151 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |
What were the Fund's costs for the last six months?
(Based On a Hypothetical $10,000 Investment)
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $23 | 0.45%* |
How did the Fund perform the last six months, and what affected its performance?
The Fund (Ticker: DHNYX) returned 4.47% for the 6-month period ended June 30, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 4.02%. The Fund's performance was driven by strength in the agency mortgage-backed securities (MBS) sector. The Fund's corporate credit exposure was also nicely positive on an absolute basis. The Fund's underweight position to the Treasury market was a relative headwind.
Average Annual Total Returns as of June 30, 2025
| Six Months | Since Inception (10/15/2024) | |
|---|---|---|
| Class Y | 4.47% | 3.83% |
| Bloomberg US Aggregate Bond Index | 4.02 | 2.00 |
Key Fund Statistics
| Net Assets | $60,545,885 |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $89,622 |
| Effective Duration | 5.68 |
| Weighted Average Life | 7.20 |
| Option-Adjusted Spread | 151 |
What Did the Fund Invest In?
Sector Allocation (% of Net Assets)
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | |
| FNMA, Series 2009-50, Class HZ 5.540% 02/25/49 | |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| FNMA, Pool #BM6504 3.500% 01/01/48 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 |