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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 02/28/2020

Total Net Assets
$112.25 M
Inception Date
05/01/2000
Dividend Frequency
Annually
Fund Gross Expense Ratio
1.30%
Fund Net Expense Ratio
1.28%
Number of Holdings
53
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge -42.30% -37.62% -11.91% -2.71% 4.53% 9.33%
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% 6.75%
w/ sales charge -45.61% -41.20% -13.63% -3.86% 3.91% 9.00%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge -42.30% -37.62% -11.91% -2.71% 4.53% 9.33%
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% 6.75%
w/ sales charge -45.61% -41.20% -13.63% -3.86% 3.91% 9.00%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

John C. Hardy
John C. Hardy

Portfolio Manager

16 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 1.30%

Net 1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge -42.30% -37.62% -11.91% -2.71% 4.53% 9.33%
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% 6.75%
w/ sales charge -45.61% -41.20% -13.63% -3.86% 3.91% 9.00%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge -42.30% -37.62% -11.91% -2.71% 4.53% 9.33%
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% 6.75%
w/ sales charge -45.61% -41.20% -13.63% -3.86% 3.91% 9.00%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Year Fund Returns Russell 2000® Value Index
2019 20.56% 22.39%
2018 -9.28% -12.86%
2017 7.49% 7.84%
2016 30.71% 31.74%
2015 2.04% -7.47%
2014 -0.23% 4.22%
2013 38.17% 34.52%
2012 18.42% 18.05%
2011 -9.94% -5.50%
2010 27.58% 24.50%
2009 33.36% -
2008 -39.63% -
2007 8.43% -
2006 20.75% -
2005 17.25% -
2004 24.95% -
2003 46.22% -
2002 -3.76% -
2001 27.44% -
2000 25.68% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -42.30% - - - -41.12%
2019 11.51% 1.74% -3.38% 9.98% 20.56%
2018 0.44% 8.55% 1.75% -18.23% -9.28%
2017 -0.76% 1.69% 4.31% 2.11% 7.49%
2016 1.04% 7.58% 6.86% 12.53% 30.71%
2015 3.80% -0.77% -4.27% 3.49% 2.04%
2014 0.74% 2.74% -7.56% 4.28% -0.23%
2013 10.59% 3.31% 7.43% 12.58% 38.17%
2012 13.35% -5.45% 6.37% 3.88% 18.42%
2011 5.26% -2.46% -24.90% 16.80% -9.94%
2010 8.98% -6.20% 7.05% 16.59% 27.58%
2009 -10.46% 28.95% 14.59% 0.80% 33.36%
2008 -7.82% -5.90% -1.24% -29.53% -39.63%
2007 6.27% 8.20% -2.29% -3.48% 8.43%
2006 12.11% 1.79% -0.61% 6.46% 20.75%
2005 2.04% 0.50% 11.81% 2.26% 17.25%
2004 8.29% 3.54% -1.73% 13.40% 24.95%
2003 -8.04% 26.22% 9.47% 15.07% 46.22%
2002 14.11% 0.99% -18.00% 1.86% -3.76%
2001 3.46% 21.36% -13.59% 17.46% 27.44%
2000 - - 8.42% 1.74% 25.68%

Growth of $10,000 as of 03/31/2020

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 largely on companies with compelling valuation over a long term horizon. 
  • We initiated a position in shares of Hillenbrand, Inc., an engineered industrial equipment manufacturer. We believe Hillenbrand is currently undervalued given available synergies from the acquisition of Milacron Holdings Corp., and our view that the acquired business is currently under earning.
  • We purchased shares of Alamo Group, Inc., an industrial business exposed to local municipal spending. Shares of Alamo Group have underperformed recently due to what we perceive to be transitory issues, and have used the opportunity to build a position at a favorable normalized free cash flow valuation.
  • We sold the portfolio’s position in Anixter International, Inc., an electrical and utility power distributor, after it was announced that the company was being acquired.

PORTFOLIO DETAILS as of 02/28/2020

Total Net Assets
$112.25 M
Number of Holdings
53
Weighted Average Market Cap.
2.2 B
P/B Ratio
1.5x
Portfolio Turnover Ratio as of 10/31/2019
135.0%
P/E Ratio
13.8x

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/08/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $14.36
$50,000 to $99,999 4.75% 4.00% $14.20
$100,000 to $249,999 3.95% 3.25% $14.09
$250,000 to $499,999 2.75% 2.25% $13.91
$500,000 to $999,999 1.95% 1.75% $13.80

EXPENSE RATIOas of 03/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
1.30% 1.28%

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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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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