Vulcan Value Partners Fund
The Fund seeks to achieve long-term capital appreciation by investing primarily in mid- and large-capitalization U.S. companies believed to be both undervalued and possessing a sustainable competitive advantage.
The Fund identifies companies that are believed to have sustainable competitive advantages allowing them to produce free cash flow and earn superior cash returns on capital. The Fund seeks to invest in businesses that are run by ethical, capable, stockholder-oriented management teams that also are good operators, and, very importantly, understand the importance of capital allocation. The Fund then focuses its analysis on the difference between price and value; that is, the difference between the price of the company’s securities and the appraised value of the securities. The greater the difference of value over price, the larger the margin of safety and the more attractive the investment. The Fund will generally invest larger amounts of its assets in companies determined to have lower price to value ratios and reduce capital committed to companies determined to have higher price to value ratios.
|Investor Share Class||Institutional Share Class|
|Total Expense Ratio:||1.09%*||0.86%*|
|Minimum Initial Investment:||$5,000||$1,000,000|
|Minimum Initial Coverdell Education Savings Account or a retirement Fund account:||$500|
|Minimum Subsequent Investment:||$500||$5,000|
|Distributions:||The Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Click here to view final capital gains distributions for 2018. Click here to view the prospectus.|
Top 10 Holdings
as of September 30, 2019
|Skyworks Solutions Inc.||6.2%|
|National Oilwell Varco Inc.||5.7%|
|KKR & Co. Inc.||5.2%|
|CVS Health Corp.||4.9%|
|Swiss Re AG||4.0%|
There is no guarantee that the fund will continue to hold any one particular security or stay invested in any one particular company. The composition of the fund’s top holdings is subject to change. Top 10 portfolio holdings information are provided for the most recent quarter and only after a thirty (30) calendar day delay from the end of the quarter being provided.
*Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% and 0.85% of the Fund’s average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. These agreements (the “Expense Agreements”) are in effect through August 31, 2020. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreements to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the Expense Agreements or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fees or expenses were deferred. The Adviser may not discontinue or modify this waiver prior to August 31, 2020 without the approval by the Fund’s Board of Trustees.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Value stocks can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time. Funds that emphasize investments in smaller companies generally experience greater price volatility.
For more complete information, please download the fund’s prospectus or call 877.421.5078 for copies. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus, which you should read carefully before investing.
ALPS Distributors, Inc. is the distributor for the Vulcan Value Partners Funds.