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Investment Portfolio
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Portfolio
Investment Portfolio
As of September 30, 2015, the Company held investments (excluding money market funds, which are included with cash and cash equivalents) worth $52.7 million with an estimated cost basis of $48.0 million. The following table summarizes the fair value of these investments as of September 30, 2015 and December 31, 2014:
 
As of
 
September 30,
2015
 
December 31,
2014
Seed Capital Investments:
 
 
 
Diamond Hill Research Opportunities Fund
$
11,196,494

 
$
13,143,281

Diamond Hill Mid Cap Fund
10,619,840

 
10,729,930

Diamond Hill Financial Long-Short Fund
951,064

 
1,222,892

Diamond Hill Valuation-Weighted 500 ETF(a)
9,033,120

 
—

Diamond Hill Valuation-Weighted 500, L.P.(a)
—

 
3,398,035

Diamond Hill High Yield Fund, L.P.
9,964,462

 
9,764,814

Diamond Hill Global Fund, L.P.
1,414,686

 
1,489,740

Total Seed Capital Investments
43,179,666

 
39,748,692

Deferred Compensation Investments
9,514,687

 
5,678,764

Total Investment Portfolio
$
52,694,353

 
$
45,427,456



(a) During the second quarter of 2015, the Company converted the Diamond Hill Valuation-Weighted 500, L.P. to the Diamond Hill Valuation-Weighted 500 ETF by liquidating its investment in the partnership and purchasing into the Diamond Hill Valuation-Weighted 500 ETF.

The deferred compensation investments above consist of Diamond Hill Funds and relate to deferred compensation liabilities from both deferred compensation plans (refer to Note 4) and other deferred compensation arrangements.