Fund Facts (as of 12/31/2016)
||Small/Mid-Cap Core Value
||MSCI AC World All Cap
||Yacktman Asset Management LP
|Fund Net Assets:
Share Class Facts
(Gross / Net)
|1.76% / 1.26%
Initial / Subsequent
|$100,000 / $100
|Minimum IRA Investment:
Initial / Subsequent
|$25,000 / $100
Prior to October 1, 2016, the Fund’s Z shares were known as Institutional shares.
Prior to October 1, 2016, the Fund’s I shares were known as Service shares.
The Fund's investment manager has contractually agreed, through at least May 1 2018, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.
The Fund seeks long-term capital appreciation through an intrinsic value-oriented investment approach. The Fund’s investment process seeks to identify securities with absolute value rather than relative value or versus a benchmark. The Fund’s flexible mandate allows it to access a broad opportunity set to generate new ideas including all market capitalizations. As a result, the Fund will hold a concentration of investments in high conviction ideas with the top 10 holdings typically representing more than 30% of the portfolio. Target securities for this fund often fall into one of three investment categories:
A high quality business exhibits evidence of a durable competitive advantage which may include:
- High market share in principal product and/or service lines
- Above average return on invested capital
- Relatively low capital requirements allowing the business to generate cash while growing
- Short customer repurchase cycles and long product cycles
- Recurring revenue
A Deep Value investment may contain one or more of the following:
- Short-term challenges with identifiable pathways to improvement
- Hidden sources of value creation such as non-core assets or securities
- Low purchase price at a discount to asset value or normalized earnings
Special situations are often value investments with a catalyst uncorrelated to the broader market. Situations may include:
- Corporate actions
- Changes in firm leadership
- Acquisitions or divestitures
Where This Fund May Fit As Part Of Your Asset Allocation
The Fund may be appropriate for your overall investment allocation if you are:
- Looking to gain exposure to domestic and foreign equity securities
- Seeking long-term capital appreciation
- Willing to accept short-term volatility of returns
Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.
A short-term redemption fee of 2% will be charged on redemptions of Fund shares within 60 days of purchase.
Beginning July 1, 2015, the Fund’s investment management fees are subject to a performance adjustment, which could increase or reduce the investment management fees paid by the Fund. The prospect of a positive or negative performance adjustment may create an incentive for the Fund’s portfolio manager to take greater risks with the Fund’s portfolio. In addition, because performance adjustments are based upon past performance, a shareholder may pay a higher or lower management fee for performance that occurred prior to the shareholder’s investment in the Fund. The performance adjustment could increase the Investment Manager’s fee (and, in turn, the Subadvisor’s fee) even if the Fund’s shares lose value during the performance period provided that the Fund outperformed its benchmark index, and could decrease the Investment Manager’s fee (and, in turn, the Subadvsior’s fee) even if the Fund’s shares increase in value during the performance period provided that the Fund underperformed its benchmark index.