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Value Opportunities Fund

Summary

Summary

What is the Value Opportunities Fund?

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

Fund Basicsas of 02/28/2020

Total Net Assets
$1.58 B
Inception Date
12/30/2005
Dividend Frequency
Annually
Fund Expense Ratio
1.93%
Number of Holdings
73
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge -25.53% -18.72% -4.92% -1.42% 5.28% 6.50%
Lipper Category Avg. Mid-Cap Core Funds -28.90% -20.84% -4.24% -0.82% 6.36% -
Russell 2500™ Index -29.72% -22.47% -3.10% 0.49% 7.73% 6.02%
w/ sales charge -26.28% -18.72% -4.92% -1.42% 5.28% 6.50%

Fund Expense Ratio :

1.93%

Fund Expense Ratio :

1.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge -25.53% -18.72% -4.92% -1.42% 5.28% 6.50%
Lipper Category Avg. Mid-Cap Core Funds -28.90% -20.84% -4.24% -0.82% 6.36% -
Russell 2500™ Index -29.72% -22.47% -3.10% 0.49% 7.73% 6.02%
w/ sales charge -26.28% -18.72% -4.92% -1.42% 5.28% 6.50%

Fund Expense Ratio :

1.93%

TEN LARGEST HOLDINGS as of 02/28/2020View Portfolio

Holding Assets
Entegris, Inc. 2.4%
STERIS PLC 2.2%
Booz Allen Hamilton Holding Corp. 2.1%
Charles River Laboratories International, Inc. 2.0%
Burlington Stores, Inc. 1.9%
FLIR Systems, Inc. 1.9%
Simpson Manufacturing Co., Inc. 1.8%
First Republic Bank/San Francisco CA 1.8%
Carlisle Cos., Inc. 1.8%
Drew Industries, Inc. 1.8%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

16 Years of Industry Experience

A. Edward Allinson
John C. Hardy

Portfolio Manager

17 Years of Industry Experience

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

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

1.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge -25.53% -18.72% -4.92% -1.42% 5.28% 6.50%
Lipper Category Avg. Mid-Cap Core Funds -28.90% -20.84% -4.24% -0.82% 6.36% -
Russell 2500™ Index -29.72% -22.47% -3.10% 0.49% 7.73% 6.02%
w/ sales charge -26.28% -18.72% -4.92% -1.42% 5.28% 6.50%

Fund Expense Ratio :

1.93%

Fund Expense Ratio :

1.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge -25.53% -18.72% -4.92% -1.42% 5.28% 6.50%
Lipper Category Avg. Mid-Cap Core Funds -28.90% -20.84% -4.24% -0.82% 6.36% -
Russell 2500™ Index -29.72% -22.47% -3.10% 0.49% 7.73% 6.02%
w/ sales charge -26.28% -18.72% -4.92% -1.42% 5.28% 6.50%

Fund Expense Ratio :

1.93%

Year Fund Returns Russell 2500™ Index
2019 21.94% 27.77%
2018 -12.53% -10.00%
2017 9.31% 16.81%
2016 15.55% 17.59%
2015 -3.59% -2.90%
2014 8.39% 7.07%
2013 35.16% 36.80%
2012 9.07% 17.88%
2011 -4.83% -2.51%
2010 23.73% 26.71%
2009 32.91% -
2008 -28.21% -
2007 10.18% -
2006 28.27% -
2005 0.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -25.53% - - - -23.74%
2019 11.72% 1.40% 1.13% 6.44% 21.94%
2018 -2.78% 2.69% 6.41% -17.67% -12.53%
2017 1.02% 1.80% 2.21% 3.99% 9.31%
2016 2.77% 2.34% 4.04% 5.59% 15.55%
2015 3.89% -0.37% -8.21% 1.48% -3.59%
2014 4.31% 2.61% -5.89% 7.61% 8.39%
2013 13.73% 1.88% 6.47% 9.56% 35.16%
2012 8.86% -7.32% 4.49% 3.45% 9.07%
2011 6.25% -0.61% -21.15% 14.30% -4.83%
2010 8.81% -9.65% 10.35% 14.04% 23.73%
2009 -6.60% 14.82% 19.07% 4.09% 32.91%
2008 -8.72% 0.42% -2.67% -19.54% -28.21%
2007 4.05% 9.11% 0.29% -3.23% 10.18%
2006 15.62% 2.18% 1.96% 6.48% 28.27%
2005 - - - - 0.00%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as 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 Axalta, Inc., which operates a coatings business exposed to the auto and industrial markets. We believe the company has been under earning due to inventory destocking in the auto refurbish market, where they have significant market share, which we believe is poised to rebound over the medium term presenting an attractive opportunity.   
  • We initiated a position in shares of Apergy Corp., an oilfield services company with the majority of its exposure to the production of oil gas. Valuation has become attractive given the decline in industry capital expenditure over the last several years, which we see as an opportunity. In addition, the company has recently announced a transformative deal to combine with Ecolab’s upstream energy business which we view favorably.
  • We also sold the portfolio’s position in Amphenol Corp., an interconnect products manufacturer, and IDEX Corp., an engineering solutions provider, which were consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 02/28/2020

Total Net Assets
$1.58 B
Number of Holdings
73
Weighted Average Market Cap.
8.5 B
P/B Ratio
2.7x
P/E Ratio
20.3x

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Reliance Steel & Aluminum Co. 0.4%
First Republic Bank/San Francisco CA 0.3%
Allegion plc 0.3%
Teradyne, Inc. 0.3%
Burlington Stores, Inc. 0.3%

Detractors

Holding Contribution
Axis Capital Holdings Ltd. -0.2%
Foot Locker, Inc. -0.1%
Selective Insurance Group, Inc. -0.1%
Advance Auto Parts, Inc. -0.1%
Dorman Products, Inc. -0.1%

Attribution Analysis 

Value Opportunities Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
11/23/2020 11/24/2020 11/24/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/20/2019 11/21/2019 $2.0092 - $2.0092 $14.50

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/23/2020 11/24/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 03/31/2020

1.93%

Fund Documents

Fund Documents

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Summary Prospectus
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Annual Report
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Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
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Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

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