Vulcan Value Partners Small Cap Fund
The Fund seeks to achieve long-term capital appreciation by investing primarily in small-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.
|Total Expense Ratio:||1.26%*|
|Minimum Initial Investment:||$5,000|
|Minimum Initial Coverdell Education Savings Account or a retirement Fund account:||$500|
|Minimum Subsequent Investment:||$500|
|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 2016. Click here to view the prospectus.|
Top 10 Holdings
as of March 31, 2017
|Select Comfort Corp.||6.19%|
|ACI Worldwide Inc.||5.84%|
|Ituran Location & Control||4.96%|
|Aspen Insurance Holdings||4.92%|
|Jones Lang LaSalle Inc.||4.90%|
|Axis Capital Holdings||4.34%|
|Navigators Group Inc.||4.23%|
|Everest Re Group Ltd.||3.80%|
|Virtus Investment Partners||3.47%|
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% of the Fund’s average daily net assets. This agreement is in effect through August 31, 2017. If the Adviser foregoes any fees and/or reimburses the Fund pursuant to this letter agreement with respect to a particular fiscal year, then the Adviser shall be entitled to recover from the Fund the amount foregone or reimbursed to the extent Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Adviser may not discontinue this waiver 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.