Portfolio Manager Arthur Cheng joins the Understanding Edge podcast to share his career journey, discuss dynamics in the high-yield market and reflect on the first year of Diamond Hill’s Core Plus Strategy. (21 min podcast)   Disclosure S&P 500 Index measures the performance of 500 large companies in the US. 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). Investment Grade is a Bond Quality Rating of AAA, AA, A or BBB. Past performance is not a guarantee of future results. Composite results reflect the reinvestment of dividends, capital gains and other earnings when appropriate. Net returns are calculated by reducing the gross returns by the highest stated fee in the composite fee schedule. Only transaction costs are deducted from gross of fees returns. To view a GIPS Report for all composites, click here. The views expressed are those of the speakers as of September 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.