UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                       Diamond Hill Investment Group, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                           Common Stock, no par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    25264R207
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2008
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [ ]  Rule 13d-1(b)

          [X]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)

----------
*    The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter the disclosures provided in a prior cover page.

     The  information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 ("Act") or otherwise  subject to the  liabilities of that section of
the Act but  shall be  subject  to all other  provisions  of the Act  (however,
see the Notes).



CUSIP No.    25264R207
            ---------------------

1.   NAME OF REPORTING PERSONS

     Arrow Capital Management, LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                 (CUSIP Number)

3.   SEC USE ONLY

4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     140,498

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     140,498

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     140,498

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                             [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.75%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     OO



 CUSIP No.    25264R207
            ---------------------

1.   NAME OF REPORTING PERSONS

     Alexandre von Furstenberg

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY

4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     140,498

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     140,498

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     140,498

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.75%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN



CUSIP No.    25264R207
            ---------------------

1.   NAME OF REPORTING PERSONS

     Mal Serure

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY

4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     137,948

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     137,948

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     137,948

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.64%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN



CUSIP No.    25264R207
            ---------------------

Item 1(a).  Name of Issuer:

            Diamond Hill Investment Group, Inc.

            --------------------------------------------------------------------

      (b).  Address of Issuer's Principal Executive Offices:

            325 John H. McConnell Blvd.
            Suite 200
            Columbus, Ohio 43215
            United States of America

            --------------------------------------------------------------------

Item 2(a).  Name of Persons Filing:

            Arrow Capital Management, LLC
            Alexandre von Furstenberg
            Mal Serure

            --------------------------------------------------------------------

      (b).  Address of Principal Business Office, or if None, Residence:

            Arrow Capital Management, LLC
            499 Park Avenue
            New York, NY 10022
            United States of America

            Alexandre von Furstenberg
            c/o Arrow Capital Management, LLC
            499 Park Avenue
            New York, NY 10022
            United States of America

            Mal Serure
            c/o Arrow Capital Management, LLC
            499 Park Avenue
            New York, NY 10022
            United States of America

            --------------------------------------------------------------------

      (c).  Citizenship:

            Arrow Capital Management, LLC - Delaware
            Alexandre von Furstenberg - United States of America
            Mal Serure - United States of America

            --------------------------------------------------------------------

      (d).  Title of Class of Securities:

            Common Stock, no par value

            --------------------------------------------------------------------

      (e).  CUSIP Number:

            25264R207

            --------------------------------------------------------------------

Item 3.     If This Statement  is filed  pursuant to ss.240.13d-1(b) or
            240.13d-2(b), or (c), check whether the person filing is a:

     (a)  [_] Broker or dealer registered under Section 15 of the Exchange Act
              (15 U.S.C. 78c).

     (b)  [_] Bank as defined in Section 3(a)(6) of the Exchange Act (15
              U.S.C. 78c).

     (c)  [_] Insurance  company as defined in Section 3(a)(19) of the Exchange
              Act (15 U.S.C. 78c).

     (d)  [_] Investment  company  registered under Section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).

     (e)  [ ] An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E);

     (f)  [_] An employee  benefit plan or endowment  fund in  accordance  with
              s.240.13d-1(b)(1)(ii)(F);

     (g)  [_] A parent  holding  company or control  person in accordance  with
              Rule 13d-1(b)(1)(ii)(G);

     (h)  [_] A savings  association  as defined in Section 3(b) of the Federal
              Deposit Insurance Act (12 U.S.C.1813);

     (i)  [_] A  church  plan  that  is  excluded  from  the  definition  of an
              investment  company  under  Section  3(c)(14)  of the  Investment
              Company Act of 1940 (15 U.S.C. 80a-3);

     (j)  [_] Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

Item 4.  Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amount beneficially owned:

          Arrow Capital Management, LLC - 140,498
          Alexandre von Furstenberg -  140,498
          Mal Serure - 137,948

          ----------------------------------------------------------------------

(b)       Percent of class:

          Arrow Capital Management, LLC - 5.75%
          Alexandre von Furstenberg - 5.75%
          Mal Serure - 5.64%

          ----------------------------------------------------------------------

     (c)  Number of shares as to which the person has:

Arrow Capital Management, LLC
-----------------------------

          (i)   Sole power to vote or to direct the vote                    0
                                                                 --------------,

          (ii)  Shared power to vote or to direct the vote            140,498
                                                                 --------------,

          (iii) Sole power to dispose or to direct the                      0
                disposition of                                   --------------,

          (iv)  Shared power to dispose or to direct the              140,498
                disposition of                                   --------------.

Alexandre von Furstenberg
-------------------------

     (c)  Number of shares as to which the person has:

          (i)   Sole power to vote or to direct the vote                    0
                                                                 --------------,

          (ii)  Shared power to vote or to direct the vote            140,498
                                                                 --------------,

          (iii) Sole power to dispose or to direct the                      0
                disposition of                                   --------------,

          (iv)  Shared power to dispose or to direct the              140,498
                disposition of                                   --------------.

Mal Serure
----------

     (c)  Number of shares as to which the person has:

          (i)   Sole power to vote or to direct the vote                    0
                                                                 --------------,

          (ii)  Shared power to vote or to direct the vote            137,948
                                                                 --------------,

          (iii) Sole power to dispose or to direct the                      0
                disposition of                                   --------------,

          (iv)  Shared power to dispose or to direct the              137,948
                disposition of                                   --------------.

          ----------------------------------------------------------------------

Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].

            N/A

          ----------------------------------------------------------------------

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

     If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified.  A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.

            N/A

         ----------------------------------------------------------------------

Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.

     If a parent holding company or Control person has filed this schedule,
pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an
exhibit stating the identity and the Item 3 classification of the relevant
subsidiary.  If a parent holding company or control person has filed this
schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating
the identification of the relevant subsidiary.

            N/A

          ----------------------------------------------------------------------

Item 8.  Identification  and  Classification  of Members of the Group.

     If a group has filed this schedule pursuant to s.240.13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group.  If a group has filed this schedule
pursuant to s.240.13d-1(c) or s.240.13d-1(d), attach an exhibit stating the
identity of each member of the group.

            N/A

          ----------------------------------------------------------------------

Item 9.  Notice of Dissolution of Group.

     Notice of dissolution of a group may be furnished as an exhibit stating the
date of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by members
of the group, in their individual capacity.  See Item 5.

            N/A

          ----------------------------------------------------------------------

Item 10.  Certification.

          By signing  below we certify  that,  to the best of our knowledge  and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.



                                    SIGNATURE

     After  reasonable  inquiry and to the best of our knowledge  and belief, we
certify that the information  set forth in this statement is true,  complete and
correct.

                                         February 12, 2009
                                         ---------------------------------------
                                                        (Date)

                                         Arrow Capital Management, LLC*

                                         By: /s/ Mal Serure
                                            ------------------------------
                                         Name: Mal Serure
                                         Title: Managing Member

                                            /s/ Alexandre von Furstenberg*
                                         ---------------------------------
                                                Alexandre von Furstenberg

                                            /s/ Mal Serure*
                                         ---------------------------------
                                                Mal Serure

* The Reporting Persons disclaim beneficial ownership of the securities reported
herein except to the extent of their pecuniary interest therein.

Attention.  Intentional  misstatements  or omissions of fact constitute  federal
criminal violations (see 18 U.S.C. 1001).



Exhibit A
---------

                                    AGREEMENT

          The undersigned agree that this amendment to Schedule 13G dated
February 12, 2009, relating to the Common Stock, no par value, of Diamond Hill
Investment Group, Inc. shall be filed on behalf of the undersigned.

                                         Arrow Capital Management, LLC

                                         By: /s/ Mal Serure
                                            ------------------------------
                                         Name: Mal Serure
                                         Title: Managing Member

                                            /s/ Alexandre von Furstenberg
                                         ---------------------------------
                                                Alexandre von Furstenberg

                                            /s/ Mal Serure
                                         ---------------------------------
                                                Mal Serure

SK 21739 0002 963471