Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

The aggregate market value of the registrant’s common shares (the only common equity of the registrant) held by non-affiliates on the NASDAQThe Nasdaq Global Select Market was $353,257,260,$483,389,072, based on the closing price of $113.67$171.30 on June 30, 2020.2023. For these purposes only, calculation of holdings by non-affiliates is based upon the assumption that the registrant’s executive officers and directors are affiliates.

The number of shares outstanding of the issuer’s common stock, asAs of February 25, 2021, is 3,160,41928, 2024, the registrant had 2,843,585 outstanding common shares.

Portions of the registrant’s definitive Proxy Statement for the 2021its 2024 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, are incorporated by reference into Part III of this Annual Report on Form 10-K.

Factors that couldmay cause such actual results or experiences to differ materially from results discussed in the forward-looking statements include, but are not limited to: (i) any reduction in ourthe Company's assets under management (“AUM”) or assets under advisement (“AUA”); (ii) withdrawal, renegotiation, or termination of investment advisory agreements; (iii) damage to ourthe Company's reputation; (iv) failure to comply with investment guidelines or other contractual requirements; (v) challenges from the competition we facethe Company faces in ourits business; (vi) challenges from industry trends towards lower fee strategies and model portfolio arrangements; (vii) adverse regulatory and legal developments; (vii)(viii) unfavorable changes in tax laws or limitations; (viii)(ix) interruptions in or failure to provide critical technological service by usthe Company or third parties; (ix)(x) adverse civil litigation and government investigations or proceedings; (x)(xi) failure to adapt to or successfully incorporate technological changes, such as artificial intelligence, into the Company’s business; (xii) risk of loss on ourthe Company's investments; (xi)(xiii) lack of sufficient capital on satisfactory terms; (xii)(xiv) losses or costs not covered by insurance; (xiii) impairment of goodwill or intangible assets; (xiv)(xv) a decline in the performance of ourthe Company's products; (xv)(xvi) changes in interest rates; (xvi)rates and inflation; (xvii) changes in national and local economic and political conditions; (xvii)(xix) the continuing economic uncertainty in various parts of the world; (xviii) the effectsafter-effects of the COVID-19 pandemic and the actions taken in connection therewith; (xix)(xx) political uncertainty caused by, among other things, political parties, economic nationalist sentiments, tensions surrounding the current socioeconomic landscape,landscape; and (xix), other risks identified from time-to-time in otherour public documents on file with the U. S.U.S. Securities and Exchange Commission (“SEC”), including those discussed below in Item 1A.1A of this Form 10-K.

We do not undertakeForward-looking statements attributable to the Company or planany person acting on its behalf are expressly qualified in their entirety by the cautionary statements above, in Item 1A of this Form 10-K, and in our other public documents on file with the SEC. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect it. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date they are made, whether as a result of this Annual Reportnew information, future events or developments, except as required by federal securities laws, although it may do so from time to time. Readers are advised to consult any further disclosures the Company makes on Form 10-K, even if such results, changes, or circumstances make it clearrelated subjects in its public announcements and SEC filings. The Company does not endorse any projections regarding future performance that any forward-looking information will notmay be realized. If there are any future public statements or disclosuresmade by us which modify or impact anythird parties.

Diamond Hill, an Ohio corporation organized in April 1990,DHIL derives its consolidated revenue and net income from investment advisory and fund administration services provided by its wholly owned subsidiary, Diamond Hill Capital Management, Inc., andan Ohio corporation (“DHCM”). DHCM is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and is the investment adviser and administrator for the Diamond Hill Funds, a series of open-end mutual funds (each a “Fund,” and collectively, the “Funds”). DHCM sponsors, distributes, andalso provides investment advisory and related services to clients through the Diamond Hill Funds (eachMicro Cap Fund, LP (“DHMF”), a “Fund”, and collectively, the “Funds”private fund, as well as, separately managed accounts, collective investment trusts (“CITs”), other pooled vehicles including sub-advised mutual funds, and separately managed accounts.model delivery programs.

DHCM isThe Company believes focusing on generating excellent, long-term investment outcomes and building enduring client partnerships will enable it to grow its intrinsic value to achieve a client-centric organization committed to a set ofcompelling, long-term return for its shareholders.

The Company accomplishes this through its shared investment principles, and core values intended to enable excellent investment outcomes for clients. By committing to valuation disciplinedincluding: (i) valuation-disciplined active portfolio management, (ii) fundamental bottom-up research, and(iii) a long-term, business ownerbusiness-owner mindset, DHCM has createdand (iv) a suite of investment strategies designed for long-term strategic allocations from institutionally-oriented investors. DHCM’s core values of curiosity, ownership, trust, and respect create an environment where investment professionals can focus on results and all teammates focus on the overall client experience. The combination of these investment principles and core values create an aligned boutique model ensuring associates succeed when clients succeed. This alignment with clientsphilosophy that ensures clients’ interests come first. Client alignment is emphasized through: (i) a strategic capacity discipline that protects portfolio managers’ abilities to generate excess returns, (ii) personal investment by Diamond Hill employeesportfolio managers in the strategies managed, (ii)they manage, (iii) portfolio manager compensation being driven by long-term investment results in client portfolios, and (iv) a fee philosophy focused on a fair sharing of the economics among clients, employees, and shareholders, (iii)shareholders. The Company’s core cultural values of curiosity, ownership, trust, and respect create an environment where investment professionals focus on investment results and all teammates focus on the overall client experience.

The Company offers a strict adherence to capacity discipline ensuring the ability to add valuevariety of investment strategies designed for existing clients, and (iv) compensation driven by the value created.long-term strategic allocations from institutionally oriented investors in key asset classes, aligning its investment team’s competitive advantages with its clients’ needs.

As a deliberately capacity constrained organization,The Company’s growth is intentional and centers first and foremost on delivering an investment and client experience that enables investors to haveexperience better outcomes over the long term. Our core values and aligned boutique model encourage development oflong-term. The Company’s client alignment philosophy guides it to develop strategies and offer vehicles that are designed to meet clients’ objectives, capitalize on its investment team’s research capabilities, and embody our sharedalign with its investment principles.

We provideDHCM provides fund administration services to the Funds. Fund administration services are broadly defined in our administration agreements withto include the Funds asfollowing services: portfolio and regulatory compliance,compliance; treasury and financial oversight,oversight; oversight of back-office service providers, such as the custodian, fund accountant, and transfer agent,agent; and general business management and governance of the mutual fund complex.Funds.

Competition in the investment management industry is intense, and DHCM’s competitors include investment management firms, broker-dealers, banks, and insurance companies, some of whom offer various investment alternatives, including passive index strategies. Many of DHCM’s competitors are better known, offer a broader range of investment products, and have more dedicated resources for business development and marketing.

Our firm and business areThe Company is subject to various federal, state, and non-U.S. laws and regulations. As a matter of public policy, regulatory bodies are charged with safeguarding the integrity of the securities and other financial markets, and with protecting the interests of participants in those markets, including investment advisory clients and shareholders of investment funds. If an adviser fails to comply with these laws and regulations, agencies that regulate investment advisersthese regulatory bodies have broad administrative powers, including the power to limit, restrict, or prohibit an investment adviser from carrying on its business. Possible sanctions that regulatory bodies may impose include civil and criminal liability, the suspension of individual employees, limitations on engaging in certain lines of business for specified periods of time, revocation of investment adviser, broker-dealer, and other registrations, censures, and fines.

DHCM is a “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with respect to benefit plan clients, and therefore, is subject to ERISA regulations. ERISA and applicable provisions of the Internal Revenue Code of 1986, as amended, impose certain duties on persons who are fiduciaries, prohibit certain transactions involving ERISA plan clients, and provide monetary penalties for violations of these prohibitions. The U.S. Department of Labor, which administers ERISA, has been increasingly active in proposing and adopting regulations affecting the asset management industry.

The preceding descriptions of the regulatory and statutory provisions applicable to usDHCM are not exhaustive or complete and are qualified in their entirety by reference to theirthe respective statutory or regulatory provisions. Failure to comply with these requirements could have a material adverse effect on ourDHCM’s business.

We areDHCM is highly dependent on ourits contractual relationships with the Funds. If any of ourDHCM’s advisory or administration agreements with the Funds were terminated or not renewed, or were amended or modified to reduce fees, weDHCM would be materially and adversely affected. WeDHCM generated approximately 75%68%, 77%71%, and 79%69% of our 2020, 2019,its 2023, 2022, and 20182021 revenues, respectively, from ourits advisory and administrative contractsadministration agreements with the Funds. We believeDHCM believes that we have ait has strong relationshiprelationships with the Funds and their board of trustees, and we haveDHCM has no reason to believe that these advisory or administration contracts will not be renewed in the future. However, there is no assurance that the Funds will choose to continue their relationships with us.DHCM. Please see Item 1A for risk factors regarding this relationship.

OurThe Company believes its people are ourits greatest asset, and each role within ourthe firm contributes to our mission to deliver outstandingits goals of generating excellent, long-term investment outcomes and building enduring client outcomes. As our greatest asset, we diligently care for and invest in our employees. We are a small firm with an important purpose, and we rely on each other and our positive culture to create the environment which allows us to deliver on our vision.partnerships.

Attracting, developing, and retaining talented employees is an integral aspect of ourto the Company’s human capital strategy and critical to ourits success. We dependThe Company depends on highly skilled personnel, both investment professionals and business professionals, many of whom havewith specialized expertise and extensive experience in the investment management industry. As of December 31, 2020, we employed 126 full-time equivalent employees. As of2023 and December 31, 2019,2022, the number ofCompany employed 129 full-time equivalent employees was 129.employees.

OurThe average employee tenure is approximately 6eight years, and more than 20%nearly one-third of ourits employees have been employed by us forwith the Company more than ten10 years. OurThe Company’s five-year average employee turnover rate continues to be well below industry average. We believe these realities reflect employees’ genuine commitment to our clients, our business,is approximately 7%. The Company’s employees are based in 12 states, and each other, as well as our firm’s value proposition.approximately 80% of its employees reside in Ohio.

The Company’s competitive compensation and for certain roles, a long-term equity incentive;benefits are designed to help attract, retain, and motivate employees who embody its values. The Company aligns its employees’ compensation with client outcomes, individual and team results, and company performance.

The Company’s culture emphasizes four key values: curiosity, ownership, trust and respect. The way ourits employees embody ourthese core values creates an exceptional corporatethe Company’s culture. The culture that differentiates ourallows the Company to attract and retain employees who share its commitment to client alignment, are motivated by investment excellence, and are committed to delivering excellent outcomes.

Employees who are curious focus on continuous self-improvement and have a passion for learning. They are open-minded, seek differing perspectives, and go beyond surface-level assumptions. Employees who think and act like business from other firms.owners naturally embrace a long-term mindset. They lead by example and accept accountability for ensuring strong client outcomes. Employees who embrace trust act with integrity, are authentic and honest in interactions with others, and put client interests ahead of all others. Employees who are motivated by giving and receiving respect communicate and provide feedback candidly, transparently, and with positive intent. They are humble in their assumptions and listen to better understand others. They embrace, value, and celebrate diversity, inclusion, and differences in all forms.

OurThe Company’s culture revolves around the fact that Diamond HillDHCM is a fiduciary first and foremost. OurThe primary focus is serving our clients and this mindset permeates our organization. We intentionally staff our team to ensure a high level of service to our clients, and we believe our client-centric approach is difficult for competitors to replicate. Ourits clients. The Company’s long-term, value-disciplinedvaluation-disciplined investment philosophy and processprinciples are foundational to who we are as an organizationits culture and have been consistently implemented since the firm’s inception. All members of the investment team believe in, and adhere to, the same philosophy. As a result, our investment professionals focus their efforts solely on finding attractive investment opportunities for clients.

DEI is inherent in a diverse team.

If we failthe Company fails to deliver acceptable investment results for ourits clients, both in the short and long term, welong-term, the Company could experience diminished investor interest and a decreased level of AUM.

Investment strategies are assessed and rated by independent third parties, including rating agencies, industry analysts, and publications. Investors can be influenced by such ratings. If a strategy receives an adverse report, it could negatively influence ourimpact the Company’s AUM and our revenue.

OurThe Company’s success depends on highly skilled personnel, including portfolio managers, research analysts, and management, many of whom have specialized expertise and extensive experience in the investment management industry. Financial services professionals are in high demand, and we facethe Company faces significant competition for qualified employees. Other than ourthe Company’s Chief Executive Officer, ourits employees do not have employment contracts and generally can terminate their employment at any time. WeThe Company may not be able to retain or replace key personnel. In order toTo retain or replace ourits key personnel, wethe Company may be required to increase compensation, which would decrease its net income. The loss of key personnel could damage ourthe Company’s reputation and make it more difficult to retain and attract new employees and clients. A loss of client assets resulting from the departure of key personnel may materially decrease ourthe Company’s revenues and net income. Specifically, Charles Bath, a co-portfolio manager on our Large Cap strategy, which is our largest strategy by AUM and revenues, announced his retirement from the Company effective December 31, 2024. It is possible his departure could lead to increased redemptions resulting in a material decline in AUM and revenue. The Company has had a well-defined succession plan in place since 2018, when Austin Hawley was named co-portfolio manager on the Large Cap strategy. Mr. Hawley has worked closely with Mr. Bath for over 15 years, including the last six years as a co-portfolio manager.

OurThe Company’s ability to deliver strongexcellent investment results depends in large part on ourits ability to identify appropriate investment opportunities in which to invest client assets. If we arethe Company is unable to identify sufficient investment opportunities for existing and new client assets on a timely basis, ourits investment results could be adversely affected. The risk that appropriate investment opportunities may be unavailable is influenced by a number of factors, including general market conditions, and is likely to increase if ourthe Company’s AUM increases rapidly. The Company’s efforts to establish and develop new strategies may face challenges or ultimately be unsuccessful, which could impact its results of operations, reputation, and/or culture. In addition, if we determinethe Company determines that sufficient investment opportunities are not available for an investment strategy, or we believeit believes that it is necessary in order to continue to produce attractive returns from an investment strategy, wethe Company will consider closing the investment strategy to new investors. As of December 31, 2020, we have one investment strategy closed to new investors. If we misjudgethe Company misjudged the point at which it would be optimal to close an investment strategy, the investment results of the strategy could be negatively impacted. The Company has closed investment strategies in the past and may do so again in the future. As of December 31, 2023, the Company does not have any closed investment strategies.

OurThe Company’s investment products compete against investment products and services from:

OurThe Company’s ability to attract additional AUM is dependent on ourits relationship with third-party financial intermediaries. We compensateThe Company compensates some of these intermediaries for access to investors and for various marketing services provided. These distribution sources and client bases may not continue to be accessible to usthe Company for reasonable terms, or at all. If such access is restricted or eliminated, it could have an adverse effect on ourthe Company’s results of operations. Fees paid to financial intermediaries for investor access and marketing services have generally increased in recent years. If such fee increases continue, refusal to pay them could restrict ourthe Company’s access to those client bases while paying them could adversely affect ourits profitability.

We areDHCM is highly dependent on ourits contractual relationships with the Funds. If ourDHCM’s advisory or administration agreements with the Funds were terminated or not renewed, or were amended or modified to reduce fees, weDHCM would be materially and adversely affected. Generally, these agreements are terminable by either party upon 60 days’ prior written notice without penalty. The Funds’ agreements are subject to annual approval by either: (i) thetheir board of trustees, of the Funds, or (ii) a vote of the majority of the outstanding voting securities of each Fund. These agreements automatically terminate in the event of their assignment by either usDHCM or the Funds. WeDHCM generated approximately 75%68%, 77%71%, and 79%69% of our 2020, 2019,its 2023, 2022, and 20182021 revenues, respectively, from ourits advisory and administrative contractsadministration agreements with the Funds, including 26%30%, 17%12%, and 11%10% from the advisory contracts with the Diamond Hill Large Cap Fund, the Diamond Hill Long-Short Fund, and the Diamond Hill Small-Mid Cap Fund, respectively, during 2020.2023. The loss of any of the Diamond Hill Large Cap Fund, the Diamond Hill Long-Short Fund, or the Diamond Hill Small-Mid Cap Fund contracts would have a material adverse effect on us. We believeDHCM. DHCM believes that we have ait has strong relationshiprelationships with the Funds and their boardsboard of trustees, and we haveit has no reason to believe that these advisory or administration contracts will not be renewed in the future. However, there can be no assurance that the Funds will choose to continue their relationships with us.

Negative public opinion can result from the Company’s actual or alleged conduct in any number of activities, including trading practices, corporate governance and acquisitions, DEI issues, social media and other marketing activities, and actions taken by authoritiesgovernmental regulators and other entitiescommunity organizations in response to contain the spreadany of the virus, all of which are beyond our control.

As part of ourits business, we collect, process,the Company collects, processes, and transmittransmits sensitive and confidential information about ourits clients and employees, as well as proprietary information about ourits business. We haveThe Company has policies and procedures pursuant to which we takeit takes numerous security measures to prevent cyberattacks of various kinds as well as fraudulent and inadvertent activity by persons who have been granted access to such sensitive or confidential information. Nevertheless, ourthe Company’s systems, like all technology systems, remain vulnerable to unauthorized access, which can result in theft or corruption of information. In addition, we sharethe Company shares information with third partiesparty vendors upon whom we relyit relies for various functions. The systems of such third parties also are vulnerable to cyber threats. AttacksUnauthorized access can come from unrelated third parties through the internet, from access to hardware removed from our premisesthe Company’s or those of third partiesparties’ premises, or from employees acting intentionally or inadvertently.

Cybersecurity incidents can involve, among other things: (i) deliberate attacks designed to corrupt ourthe Company’s information systems and make them unusable by usthe Company to operate ourits business; (ii) theft of information used by the perpetrators for financial and other gain; or (iii) inadvertent releases of information by employees or third parties with whom we dothe Company does business.

Cyberattacks that corrupt ourthe Company’s information systems and make them unusable could impair ourits ability to trade securities in ourits clients’ accounts. Corruption of the systems of ourthe Company’s third-party vendors could impact usthe Company to the same extent as corruption of ourits own systems. If information about ourthe Company’s employees or clients is intentionally stolen or inadvertently made public, that information could be used to commit identity theft, obtain credit in an employee’s or client’s name, or steal from an employee.employee or client. If information about ourthe Company’s business is obtained by unauthorized persons, whether through intentional attacks or inadvertent releases of information, it could be used to harm ourits competitive position.

Any of the above potential impacts of a cybersecurity incident could have a material adverse effect on ourthe Company’s business, financial condition, and results of operations.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customersclients while reducing costs. OurThe Company’s future success depends, in part, upon ourits ability to address customerclient needs by using technology to provide products and services that will satisfy customerclient demands, as well as to create additional efficiencies in ourits operations. WeThe Company may not be able to implement effectively new technology-driven products and services or be successful in marketing these products and services to our customers.its clients. Failure to successfully keep pace with technological changes affecting the financial services industry could negatively affect ourthe Company’s growth, revenue, and profit.

We areThe Company is dependent on the capacity and reliability of the communications, information, and technology systems supporting ourits operations, whether developed, owned, or operated internally by usthe Company or by third parties. Operational risks, such as trading or operational errors, interruption of ourthe Company’s financial, accounting, trading, compliance, and other data processing systems, the loss of data contained in such systems, or compromised systems due to cyberattack, could result in a disruption of ourthe Company’s business, liability to clients, regulatory intervention, or reputational damage, and thus, adversely affect ourits business.

The majority of ourthe Company’s revenue is calculated as a percentage of AUM or is related to the general performance of the equity securities markets. A decline in securities prices or in the sale of investment products, or an increase in fund redemptions, generally will reduce revenue and net income. Financial market declines will generally negatively impact the level of ourthe Company’s AUM, and consequently, ourits revenue and net income. A recession or other economic or political events, whether in the United States or globally could also adversely impact ourthe Company’s revenue, if such events led to a decreased demand for products, a higher redemption rate, or a decline in securities prices. Investor interest in the valuation of the Company’s fixed income strategies are affected by changes in interest rates and the overall credit environment. In addition, the majority of the Company’s existing AUM is managed in primarily long-only, equity investment strategies, which exposes it to greater risk than certain of its competitors who may manage assets in more diverse strategies.

WeThe Company currently havehas a substantial portion of ourits assets invested in investmentsinvestment strategies that we sponsor.it manages. All of these investments are subject to market risk and ourthe Company’s non-operating investment income could be adversely affected by adverse market performance. Fluctuations in investment income are expected to occur in the future.

We areThe Company is subject to federal, state, and local income taxes in the United States. Tax authorities may disagree with certain positions we havethat the Company has taken or may implement changes in tax policy, which may result in the assessment of additional taxes. Wetaxes on the Company. The Company regularly assessassesses the appropriateness of ourits tax positions and reporting. WeThe Company cannot provide assurances, however, that wetax authorities will agree with the positions it has taken, or that the Company will accurately predict the outcomes of audits, and the actual outcomes of these audits could be unfavorable.

OurThe Company’s business is subject to a variety of federal securities laws, including the Advisers Act, the 1940 Act, the 1933Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the U.S. PATRIOT Act of 2001, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.2010, each as amended. In addition, we arethe Company is subject to significant regulation and oversight by the SEC. Changes in legal, regulatory, accounting, tax, and compliance requirements could have a significant effect on ourthe Company’s operations and results, including, but not limited to, increased expenses and reduced investor interest in certain Fundsfunds and other investment products we offer. Wethat the Company offers. The Company continually monitormonitors legislative, tax, regulatory, accounting, and compliance developments that could impact ourits business. WeThe Company and ourits directors, officers, and employees could be subject to lawsuits or regulatory proceedings for violations of such laws and regulations, which could result in the payment of fines or penalties and cause reputational harm to usthe Company, which could negatively affect ourits financial condition and results of operations, as well as divert management’s attention from ourits operations.

OurThe Company’s insurance policies may not cover all losses and costs to which weit may be exposed.

We carryThe Company carries insurance in amounts and under terms that we believeit believes are appropriate. OurThe Company’s insurance may not cover all liabilities and losses to which weit may be exposed. Certain insurance coverage may not be available or may be prohibitively expensive in future periods. As ourthe Company’s insurance policies come up for renewal, weit may need to assume higher deductibles or pay higher premiums, which could have an adverse impact on ourits results of operations and financial condition.

We leaseThe Company leases office space and conduct ourconducts its general operations at one location, the address of which is 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215.

There are currently no matters pending legal proceedings that we believe couldthe Company believes will have a material adverse effect on ourits consolidated financial statements.

Not applicable.

DHIL’s common shares trade on the NASDAQThe Nasdaq Global Select Market under the ticker symbol DHIL. The following table sets forth the high and low daily close prices during each quarter of 20202023 and 2019:2022:

Due to the relatively low trading volume of ourDHIL’s common shares, bid/ask spreads can be wide at times, and therefore, quoted prices may not be indicative of the price a shareholder may receive in an actual transaction. During the years ended December 31, 20202023 and 2019,2022, approximately 4,331,3693,143,990 and 4,384,590,2,472,866, of ourDHIL’s common shares were traded, respectively. The dividends indicated above were special dividends.

On October 27, 2020, our board of directors approved a special cash dividend of $12.00 per share paid on December 4, 2020,Each fiscal quarter, the Board determines whether to shareholders of record as of November 25, 2020. This dividend reduced shareholders' equity by approximately $38.0 million.

The approximate number of record holders of ourDHIL common shares atas of February 25, 202128, 2024 was 82, although we believe that the71. The approximate number of beneficial ownersholders of ourDHIL common shares is substantially greater.held by brokers, banks, and other intermediaries was greater than 8,000 as of February 28, 2024.

In this Item 7, we discussthe Company discusses and analyze ouranalyzes its consolidated results of operations for the past three fiscal years and other factors that may affect ourits future financial performance. This discussion should be read in conjunction with our Consolidated Financial Statements, Notesthe Company’s consolidated financial statements and notes to Consolidated Financial Statements, and Selected Financial Dataconsolidated financial statements contained in this Annual Report on Form 10-K.

It is imperative that the Company generate strong long-term investment results. Strong investment performance is the key driver of long-term success and expanding conversations around DEI continuedmeaningfully influences the Company’s ability to attract and retain clients.

Below is a summary of the performance of the Funds compared to their respective Morningstar categories and the Company’s investment strategy composite returns compared to their respective benchmarks. Note that a number of the Company's strategies do not showyet have a 10-year or 15-year track record. To see more detail, a table is included below these illustrations which provides information on inception date, performance since inception, and the U.S. equity strategies' performance relative to the Core and Value benchmarks.

While the Company’s equity-focused strategies use core benchmarks to evaluate investment performance over full market cycles, many clients choosealso compare results to measure performance against value indices.