Diamond Hill Investment Group, Inc. (Nasdaq: DHIL) recently reported unaudited results for the quarter ended September 30, 2009. The operating results for the third quarter and first nine months of 2009 are summarized in the following paragraphs. However, we urge investors to read our 10-Q. The limited information that follows in this press release is not adequate for making an informed investment judgment. For this reason, whenever possible, we will post our report on a Friday afternoon so that investors have a maximum amount of time to digest the information contained therein.
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Assets under management ended the quarter at $5.49 billion, a decrease of 1% compared to the third quarter of 2008 and an increase of 22% compared to the year ended December 31, 2008. Revenue decreased 15% to $11.4 million for the third quarter of 2009 compared to the third quarter of 2008. Net income for the quarter was $3.20 million, or $1.23 per diluted share, compared to net income of $1.22 million or $0.50 per diluted share, in the third quarter of 2008. The primary contributor to the increase in net income was a positive investment return of $2.06 million, or $0.79 per diluted share, in the quarter. Ric Dillon, president and chief investment officer, stated, "Our primary business objective is to fulfill our fiduciary responsibility to our clients by achieving excellent long term investment returns. I am pleased that our strategies have generally outperformed their benchmarks over the past five years." Jim Laird, chief financial officer, stated, "New client investments for the first nine months of 2009 were $148 million, down significantly from the $1.954 billion for the same period in 2008. In the third quarter, net flows into separate accounts were $80 million and, year to date, we have had $423 million in net flows in separate accounts. After experiencing outflows of over $130 million in each of the first two quarters, the mutual funds had net inflows of $40 million in the third quarter. Over the past year we have seen strong growth in our long only strategies and a decline in our long short strategies. The result of this shift in asset mix is that our overall effective investment advisory fee is reduced."
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