Tariffs, Fed shifts and a newly normalized yield curve — Doug Gimple breaks down what fixed income investors need to know heading into the second half of 2025.

Dive into the recent events impacting fixed income markets with Douglas Gimple. Explore topics including the Fed, tariffs and inflation. (24 min podcast)

Explore insights from portfolio manager Arthur Cheng, CFA, on high-yield markets and their role in the Core Plus strategy. He also discusses what risks investors should be watching for and where opportunities might arise in today’s dynamic environment.

DISCLOSURES

The performance data quoted represents past performance and is not indicative of future results.

The discussion of specific portfolio holding(s) performance is provided gross of fees and should be viewed in conjunction with the net of fee returns provided for the entire strategy.

Performance for the strategies are available here: Core Bond and Core Plus. Securities referenced may not be representative of all portfolio holdings. Listeners should not assume that an investment in the securities was or will be profitable.

Credit ratings are an estimate of the level of risk involved in lending money to a business or other entity. Bonds receive credit ratings before they are issued. While each rating agency uses a slightly different scale, they assign ratings as letter grades. In general, a rating of AAA is the highest possible credit rating, while a C or D rating is the lowest.

Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB. 

As of 31 March 2025, Diamond Hill owned shares of Bank OZK.

As of 28 February 2025, Diamond Hill owned debt of Bank OZK, Brundage-Bone Concrete Pumping, Adient Global Holdings, Bread Financial Holdings.

As of 31 January 2025, Diamond Hill owned shares of Concrete Pumping Holdings Inc.

Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded.

The views expressed are those of the speakers as of April 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results. 

Explore how tariffs and inflation are shaping 2025's market volatility. Hear from Douglas Gimple as he discusses fixed income strategies to manage risks and seize opportunities in an evolving market landscape. (23 min podcast)

The views expressed are those of the speakers as of March 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results. 

The Federal Reserve is navigating inflation, political pressures and shifting market expectations. Dive into how they are making data-driven decisions and what this means for fixed income investors.

Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Bloomberg US Corporate Index measures the performance of the US investment grade fixed-rate taxable corporate bond market. Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high-yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. The indexes are unmanaged, include net reinvested dividends, do not reflect fees or expenses (which would lower the return) and are not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. 

S&P 500 Index measures the performance of 500 large companies in the US. Nasdaq Composite Index measures the performance of more than 3,000 securities and is heavily weighted in technology stocks.

Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB

The views expressed are those of the speakers as of February 2025 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Micah Martin, CFA, recaps his trip to Australia, diving into the country, its economy and the investible opportunity set.

As of 31 January 2025, Diamond Hill’s International Strategy owned shares of Whitehaven Coal Limited.

MSCI ACWI ex USA Index measures the performance of large- and mid-cap stocks in developed (excluding the US) and emerging markets. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: MSCI, Inc. See diamond-hill.com/disclosures for a full copy of the disclaimer. 

The views expressed are those of the speaker as of December 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Henry Song, CFA, joined Bloomberg’s FICC Focus podcast to discuss his team’s approach to credit investing, the current market landscape, why a focus on securitized assets can be beneficial, and more. (60 min podcast)

Click here for Diamond Hill’s most recent fixed income fund holdings.

Acronyms referenced: Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Collateralized Loan Obligations (CLO), Great Financial Crisis (GFC), Investment Grade (IG), RMBS (Residential Mortgage-backed Securities).

Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB.

Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. 

Risk disclosure: In general, when interest rates rise, fixed income values fall. Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties and become more volatile and/or illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or repay loans sooner than expected, creating an early return of principal to loan holders.

The views expressed are those of Diamond Hill as of 27 December 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal.

Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance quoted. For current to most recent month-end performance, visit diamond-hill.com.

Carefully consider the Fund’s investment objectives, risks and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at diamond-hill.com or calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value

From golden handcuffs to home equity innovations: Discover how today's unique housing market is reshaping fixed income opportunities. Join us for an insightful discussion on rate dynamics, securitization trends, and what's ahead for fixed income investors.

Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return) and is not available for direct investment. Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. 

The views expressed are those of the speakers as of November 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

The Fed has made its first rate cut. What does it mean for fixed income markets? Listen to our latest podcast with Douglas Gimple as he breaks down the implications for mortgages, ABS, and investment opportunities.

CMBS or commercial mortgage-backed securities are fixed-income investment products that are backed by mortgages on commercial properties rather than residential real estate.

OAS or option-adjusted spread is the measurement of the spread of a fixed income security rate and the risk-free rate of return, which is then adjusted to take into account embedded options.

The views expressed are those of the speakers as of September 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.

Fed signals rate cuts ahead: What does it mean for fixed income? Explore Jackson Hole takeaways, market volatility, and investment opportunities in our latest podcast with fixed income expert Douglas Gimple. (24 min podcast)

The views expressed are those of the speakers as of August 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.