Fund Evaluator:
Diamond Hill Securitized Total Ret Inv (DHWAX)
Follow This Fund
Best Performing in Securitized Bond - Diversified Over the Last Year
| 8.3% | Putnam Mortgage Securities Y (PUSYX) |
| 7.8% | Putnam Mortgage Opportunities Y (PMOYX) |
| 6.0% | Diamond Hill Securitized Total Return I (DHWIX) |
| 5.7% | Diamond Hill Securitized Total Ret Inv (DHWAX) |
| 5.5% | Medlst MBS Ttl Rtn Inv (SEMPX) |
Fund Details
Diamond Hill Securitized Total Ret Inv Overview
Diamond Hill Securitized Total Ret Inv (DHWAX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Diamond Hill Funds launched the fund in 2025.
The investment seeks to maximize total return consistent with the preservation of capital. Under normal market conditions, the fund invests at least 80% of its net assets at the time of purchase (plus any amount borrowed for investment purposes) in securitized bond investments. Securitized bond investments are also referred to as “structured product securities” or “structured products.”
About Diamond Hill Securitized Total Ret Inv (DHWAX)
There are 1 members of the management team with an average tenure of 1.00 years: Henry Song (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Sec MBS ABS CMBS TR USD index with a weighting of 100%. Diamond Hill Securitized Total Ret Inv has 126 securities in its portfolio. The top 10 holdings constitute 33.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Diamond Hill Securitized Total Ret Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Diamond Hill Securitized Total Ret Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.0% (95.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Diamond Hill Securitized Total Ret Inv has 5.0% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DHWAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Diamond Hill Securitized Total Ret Inv expense ratio is high compared to funds in the Securitized Bond - Diversified category. Diamond Hill Securitized Total Ret Inv has an expense ratio of 1.17%, which is 18% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Diamond Hill Securitized Total Ret Inv has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 387% for the Securitized Bond - Diversified category.
Recently, in the month of June 2026, Diamond Hill Securitized Total Ret Inv returned 0.3%, which earned it a grade of C, as the Securitized Bond - Diversified category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Diamond Hill Securitized Total Ret Inv has a trailing yield of 4.06%, which is below the 5.06% category average. The fund normally distributes its income monthly and its capital gains monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Diamond Hill Securitized Total Ret Inv Grades
Year to date, the fund has returned 0.8%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.7% over the past year (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Diamond Hill Securitized Total Ret Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
DHWAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DHWAX Return (NAV) | 0.3% | 0.6% | 5.7% | na | na | na |
| DHWAX Grade | C | D | B | na | na | na |
| +/- Category | -0.0% | -0.4% | 0.4% | na | na | na |
| Securitized Bond - Diversified Avg | 0.4% | 1.0% | 5.3% | 6.6% | 2.3% | 2.7% |
| DHWAX Tax Cost Ratio | na | na | 1.6% | na | na | na |
DHWAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DHWAX Return (NAV) | 0.8% | na | na | na | na | na | na | na | na | na | na |
| DHWAX Grade | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.0% | na | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.8% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Monthly |
| Total Assets: | $31 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.0 years | |||
| Average Tenure: 1.0 years | |||
| Managers (Year): Song Henry (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 126 |
| % in Top 10 Holdings: | 33.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.0% |
Purchase Information
| Fund Family: | Diamond Hill Funds |
| Phone Number: | 888-226-5595 |
| Website: | www.diamond-hill.com |
| Status: | Open |
| Inception Date: | June 30, 2025 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.17% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Diamond Hill Securitized Total Return Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
