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Focused Large Cap Value Fund

Summary

Summary

What is the Focused Large Cap Value Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of large U.S. companies.

Fund Basicsas of 01/31/2020

Total Net Assets
$41.31 M
Inception Date
08/01/2019
Dividend Frequency
Annually
Fund Gross Expense Ratio
4.15%
Fund Net Expense Ratio
0.71%
Number of Holdings
35

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2019
w/o sales charge -4.72% - - - - 0.23%
Lipper Category Avg. Large-Cap Value Funds -2.91% - - - - -
Russell 1000® Value Index -2.15% - - - - 5.65%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2019
w/o sales charge - - - - - 5.19%
Lipper Category Avg. Large-Cap Value Funds - - - - - -
Russell 1000® Value Index - - - - - 7.97%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

TEN LARGEST HOLDINGS as of 01/31/2020

Holding Assets
Intel Corp. 3.9%
Citigroup, Inc. 3.8%
Spectrum Brands Holdings Inc 3.8%
Wells Fargo & Co. 3.5%
General Dynamics Corp. 3.4%
CVS Caremark Corp. 3.4%
Wabtec Corp. 3.3%
Axis Capital Holdings Ltd. 3.3%
AXA S.A. 3.3%
Verizon Communications, Inc. 3.3%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

32 Years of Industry Experience

Supported By 36 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2019
w/o sales charge -4.72% - - - - 0.23%
Lipper Category Avg. Large-Cap Value Funds -2.91% - - - - -
Russell 1000® Value Index -2.15% - - - - 5.65%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/31/2019
w/o sales charge - - - - - 5.19%
Lipper Category Avg. Large-Cap Value Funds - - - - - -
Russell 1000® Value Index - - - - - 7.97%

Fund Expense Ratio :

Gross 4.15%

Net 0.71%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 12/31/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of Ally Financial, Inc., a U.S. automotive finance company. We believe management can be successful in its effort to improve Ally’s margin structure while making progress towards diversifying its loan portfolio to mitigate cyclicality.
  • We also initiated a position in shares of Delta Air Lines, Inc., a U.S.-based airline. We believe the market underappreciates Delta’s compelling operational acumen, structural cost advantage and the value creation potential of its relationship with American Express for its credit card loyalty program.
  • We sold the portfolio’s position in shares of Tapestry, Inc., a luxury brands provider. We believe the company’s acquisition of Kate Spade has led to disappointing operating and earnings performance relative to our original expectations. We no longer have conviction in our original thesis and have exited the position.
  • We sold the portfolio’s position in shares of HP, Inc., a personal computing provider. HP, Inc. announced a significant change in strategy in an effort to stem continued market share losses in its critical ink and toner aftermarket business. The continuing market share losses run contrary to our original expectation of stable share and modestly growing cash flow from this business.

PORTFOLIO DETAILS as of 01/31/2020

Total Net Assets
$41.31 M
Number of Holdings
35
Weighted Average Market Cap.
60.2 B
P/B Ratio
1.6x
P/E Ratio
13.6x

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Spectrum Brands Hldgs I 0.8%
Citigroup, Inc. 0.6%
CVS Caremark Corp. 0.6%
Dow Inc 0.6%
Intel Corp. 0.5%

Detractors

Holding Contribution
Axis Capital Holdings Ltd. -0.4%
Hewlett-Packard Co. -0.3%
American International Group, Inc. -0.3%
Foot Locker, Inc. -0.2%
Pacific Gas & Electric Co. -0.2%

Attribution Analysis 

Focused Large Cap Value Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
4.15% 0.71%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class R5 - The inception date for Class R5 shares is June 30, 2015. The performance quotations for Class R5 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R5 shares; and (b) for periods after June 30, 2015, actual Class R5 performance is used, which reflects all charges and fees applicable to Class R5 shares.

Class R5 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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