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Focused Small Cap Value Fund

Summary

Summary

What is the Focused Small Cap Value Fund?

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

Fund Basicsas of 05/29/2020

Total Net Assets
$92.25 M
Inception Date
06/28/2019
Dividend Frequency
Annually
Fund Gross Expense Ratio
0.97%
Fund Net Expense Ratio
0.95%
Number of Holdings
47

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -22.34% -17.34% -3.18% 3.50% 8.54% -
Lipper Category Avg. Small-Cap Core Funds - - - - - -
Russell 2000® Value Index -23.50% -17.48% -4.35% 1.26% 7.82% -

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -22.34% -17.34% -3.18% 3.50% 8.54% -
Lipper Category Avg. Small-Cap Core Funds - - - - - -
Russell 2000® Value Index -23.50% -17.48% -4.35% 1.26% 7.82% -

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

16 Years of Industry Experience

John C. Hardy
John C. Hardy

Portfolio Manager

17 Years of Industry Experience

Supported By 35 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -22.34% -17.34% -3.18% 3.50% 8.54% -
Lipper Category Avg. Small-Cap Core Funds - - - - - -
Russell 2000® Value Index -23.50% -17.48% -4.35% 1.26% 7.82% -

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -22.34% -17.34% -3.18% 3.50% 8.54% -
Lipper Category Avg. Small-Cap Core Funds - - - - - -
Russell 2000® Value Index -23.50% -17.48% -4.35% 1.26% 7.82% -

Fund Expense Ratio :

Gross 0.97%

Net 0.95%

Year Fund Returns Russell 2000® Value Index
2019 20.81% 22.39%
2018 -9.24% -12.86%
2017 7.60% 7.84%
2016 30.79% 31.74%
2015 2.14% -7.47%
2014 -0.14% 4.22%
2013 38.27% 34.52%
2012 18.81% 18.05%
2011 -9.62% -5.50%
2010 27.98% 24.50%
2009 33.76% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -42.22% 34.40% - - -23.83%
2019 11.58% 1.73% -3.29% 10.05% 20.81%
2018 0.44% 8.58% 1.80% -18.25% -9.24%
2017 -0.74% 1.69% 4.34% 2.15% 7.60%
2016 1.05% 7.61% 6.89% 12.52% 30.79%
2015 3.84% -0.75% -4.25% 3.51% 2.14%
2014 0.77% 2.75% -7.55% 4.31% -0.14%
2013 10.59% 3.36% 7.42% 12.62% 38.27%
2012 13.43% -5.36% 6.44% 3.97% 18.81%
2011 5.38% -2.38% -24.86% 16.92% -9.62%
2010 9.04% -6.13% 7.19% 16.65% 27.98%
2009 - 29.11% 14.63% 0.90% 33.76%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 03/31/2020

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses largely on companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of Ally Financial, Inc., a financial services company. We believe Ally Financial is well positioned to take advantage of pricing dislocations through various automotive lending cycles over time because of the company’s vertically integrated auto finance platform. The platform focuses on high quality borrows and is funded by a high quality source of digital bank deposits.
  • We purchased shares of Axalta Coating Systems Ltd., a coating systems manufacturer. We believe that the company’s valuation was being unduly punished by the near term concerns surrounding auto original equipment manufacturers and industrial production declines. We believe the company has strong market positions and customer value propositions along with a balance sheet that can withstand near term headwinds. We anticipate that the market will reward those strengths once the headwinds subside.
  • We sold the portfolio’s position in Legg Mason, Inc., a securities brokerage, trading, and investment services company, after it was announced that the company was being acquired by Franklin Templeton.
  • We sold the portfolio’s position in Urban Outfitters, Inc., a fashion apparel retailer. We continue to view the women’s fashion apparel market as increasingly competitive due to the entrance of new digitally native brands. Management has increased spending in hopes of offsetting this dynamic, which we believe is less likely to succeed versus our original expectations.

PORTFOLIO DETAILS as of 05/29/2020

Total Net Assets
$92.25 M
Number of Holdings
47
Weighted Average Market Cap.
2.2 B
P/B Ratio
1.4x
P/E Ratio
12.6x

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 05/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.97% 0.95%

Portfolio Positioningas of 09/30/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses largely on companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of Spectrum Brands, Inc., a global consumer products company. The company recently finished pruning its portfolio of products into a cohesive set of offerings. We believe the share price is inexpensive and the company’s value will soon begin to be recognized.
  • We purchased shares of Comfort Systems USA, Inc., a high quality engineering and construction firm with a focus on HVAC and plumbing systems for the non-residential construction market. We believe the company has produced very strong results through multiple business cycles and given its largely labor-based model, free cash flow generation has been extremely robust and consistent.
  • We sold the portfolio’s position in Milacron Holdings Corp., a plastic manufacturer, after it was announced that the company was being acquired by Hillenbrand, Inc. We sold the portfolio’s position in Beacon Roofing Supply, Inc., a roofing materials distributor, consistent with our sell discipline given more attractive opportunities.

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
Semi-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 F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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