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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000909108-07-000035.txt : 20070509
<SEC-HEADER>0000909108-07-000035.hdr.sgml : 20070509
<ACCEPTANCE-DATETIME>20070509161608
ACCESSION NUMBER:		0000909108-07-000035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070331
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070509
DATE AS OF CHANGE:		20070509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAMOND HILL INVESTMENT GROUP INC
		CENTRAL INDEX KEY:			0000909108
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				650190407
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24498
		FILM NUMBER:		07832709

	BUSINESS ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		6142553333

	MAIL ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANC STOCK GROUP INC
		DATE OF NAME CHANGE:	19971016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND GROUP OF COMPANIES INC
		DATE OF NAME CHANGE:	19940301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>x8k-0507.txt
<DESCRIPTION>DIAMOND HILL INVESTMENT GROUP, INC. 8-K
<TEXT>
                                 UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                             _______________________

                                    FORM 8-K

                                 CURRENT REPORT

                             _______________________

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):

                                 May 9, 2007

                       Diamond Hill Investment Group, Inc.
- ------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

                                      Ohio
- ------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

             000-24498                              65-0190407
- ------------------------------------------------------------------------------
      (Commission File Number)         (I.R.S. Employer Identification No.)

      325 John H. McConnell Blvd, Suite 200, Columbus, Ohio              43215
- ------------------------------------------------------------------------------
      (Address of Principal Executive Offices)                    (Zip Code)

Registrant's Telephone Number, Including Area Code:   (614) 255-3333


- ------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)



<PAGE>

Item 2.02   Results of Operations and Financial Condition
- ---------   ---------------------------------------------

Registrant has reported its results of operations for the Fiscal Quarter
ended March 31, 2007, as described in Registrant's press release dated
May 9, 2007, a copy of which is filed herewith as Exhibit 99.1 and
incorporated herein by reference.

Exhibit No.   Document
- -----------   --------

99.1          Press release issued by the Registrant dated May 9, 2007.



                                    SIGNATURE
                                    ---------

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the registrant  has duly  caused  this  report  to be  signed  on its  behalf
by the undersigned hereunto duly authorized.

                                        DIAMOND HILL INVESTMENT GROUP, INC.


Date: May 9, 2007                           By: /s/ James F. Laird
                                            -------------------------------
                                            James F. Laird, Chief Financial
                                             Officer and Secretary
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex991-0507.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>

					^
                                  Diamond Hill
                                  ------------
                                  Investments


FOR IMMEDIATE RELEASE:
				Investor Contact:
				James F. Laird-Chief Financial Officer
				614-255-3353 (jlaird@diamond-hill.com)

DIAMOND HILL INVESTMENT GROUP, INC.
REPORTS RESULTS FOR FIRST QUARTER 2007

	Columbus, Ohio - May 9, 2007 - Diamond Hill Investment Group,
Inc.  (NASDAQ:DHIL) today reported unaudited results for the quarter ended
March 31, 2007.  Assets under management increased by 91% to $4.17 billion
compared to $2.18 billion at the end of the first quarter of 2006 while revenue
of $9.4 million for the quarter increased by 68% compared to 2006.  Revenue in
2006 included $1.6 million in performance incentive fees compared to $4 thousand
 in incentive fees earned in the first quarter of 2007.  Excluding incentive
fees, which are volatile from period to period, revenue increased by 136%.  Net
income for the quarter was $1.99 million or $0.91 per diluted share compared to
net income of $1.25 million or $0.58 per diluted share in 2006.

Ric Dillon, president and chief investment officer stated, "Our primary business
objective is to produce excellent long-term investment returns for our clients.
Over the past year the investment returns in our equity strategies were below
benchmarks, while our strategic income strategy was above its benchmark.
However, we remain focused on long-term results and are pleased that all
strategies with at least four years of investment results have outperformed
their benchmarks since inception."  Jim Laird, chief financial officer, stated,
"New client investments in the first quarter of 2007 were $472 million which was
down 19% from the first quarter of 2006.  We have expanded our efforts to grow
our business specifically by increasing resources to market into the wirehouse
and regional broker dealer markets and our ongoing efforts to market our private
funds to institutional clients in the U.S. and abroad."

					     Three months ended March 31,
					2007		2006		Change
Revenue					$9,354,743	$5,580,116	  68%
Performance incentive fees		     4,297	 1,613,227	(100%)
    Net operating income		$3,087,066	$1,494,255	 107%
    Net operating margin		    33%		    27%
Investment return		           (30,460) 	   425,118	(107%)
    Pre-tax income 		  	 3,056,606	 1,919,373	  59%
Net income 				$1,994,413	$1,252,612	  59%
Earnings per share - diluted		   $0.91	   $0.58	  57%
    Assets under management		$4.17 billion	$2.18 billion	  91%

Income taxes - In the first quarter of 2007 non-qualified stock options and
warrants were exercised which will result in a $20.9 million tax deduction but,
in accordance with generally accepted accounting principles (GAAP), no
compensation expense.  Further, under GAAP, the company accrued a $1.062 million
tax expense in the quarter despite the fact that the company will not pay income
tax related to first quarter income as a result of the aforementioned tax
deduction.  Similarly in future periods the company will not pay income tax
until cumulative pre-tax income exceeds the $20.9 million tax deduction
described above.

About Diamond Hill:
Diamond Hill provides investment management services to institutions and
financial intermediaries seeking to preserve and build capital. The firm
currently manages mutual funds, separate accounts and private investment funds.
For more information on Diamond Hill, visit www.diamond-hill.com

					###

            325 John H. McConnell Blvd, Suite 200, Columbus, Ohio 43215
                         614-255-3333  fax 614-255-3363
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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