Vulcan Value Partners Fund
The Fund seeks to achieve long-term capital appreciation by investing primarily in publicly traded equities the Fund believes to be both undervalued and possessing a sustainable competitive advantage. Although the fund is able to invest in small-cap and large-cap companies, its portfolio strategy invests in companies with larger market capitalizations. Generally, subject to price, any publicly traded company with reasonable economics would be a potential investment in this portfolio. A core position in the Fund is generally approximately 5% of the Fund’s portfolio, so that theoretically the Fund would seek to hold about 20 companies, spread across various industries. Because it is rare that the Fund would find exactly 20 companies meeting its investment guidelines, allocations will vary with the price to value ratio of specific companies. The Fund may invest in positions as small as 1% when price to value ratios are higher. The Fund generally will not invest in any business that is trading above the Fund’s estimate of its fair value.
- Number of Holdings
- Inception Date
- Primary Benchmark
- Russell 1000 Value
- Active Share*
- Upside Capture*
- Downside Capture*
as of 6/30/2023*Statistics computed since fund inception against the Russell 1000 Value Index.
C.T. Fitzpatrick, CFA
Founder, Chairman, Chief Investment Officer, Portfolio Manager
McGavock Dunbar, CFA
Principal, Director of Research, Portfolio Manager
Daily Prices as of 09/22/2023
|Vulcan Value Partners Fund|
|Share Class||Ticker||Price||Change from
|Vulcan Value Partners Fund||Investor||VVPLX||$20.08||($0.05)||20.82%|
as of 09/22/2023
Standardized Returns - Investor Share Class - Latest Quarter End Inception Date: 12/30/2009
Standardized Returns - Institutional Share Class - Latest Quarter End Inception Date: 5/01/2019
* The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained by calling 1-877-421-5078. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more of less that their original cost. Performance would have been lower without fee waivers in effect.
Top 10 Holdings
- TransDigm Group Incorporated
- Microsoft Corporation
- Amazon.com, Inc.
- Alphabet Inc. Class C
- Jones Lang LaSalle Incorporated
- Carlyle Group Inc
- Mastercard Incorporated Class A
- CoStar Group, Inc.
- Skyworks Solutions, Inc.
- KKR & Co Inc
as of 6/30/2023
- Average Market Cap
- Median Market Cap
- Name Turnover
- Free Cash Flow Yield
- Dividend Yield
- P/E Ratio
- 30-Day SEC Yield (Subsidized)
- 30-Day SEC Yield (Unsubsidized)
as of 6/30/2023
* All information is provided on a trailing 12 month basis unless otherwise indicated. Characteristics run in FactSet on 7/10/2023 as of 6/30/2023.
One team. One philosophy. One process.
Evaluating investment opportunities is a process; one we undertake with discipline and intentionality. The Fund seeks to achieve long-term capital appreciation by minimizing risk. We have always believed that by concentrating on not losing money, making money should take care of itself. We also analyze a company’s competitive strengths to ensure it meets our intended investment horizon of five years. Finally, we assess the human element, understanding that we are investing in real businesses run by real people facing real issues. We are not traders or speculators. We want to be long-term owners in a collection of superior business enterprises.
Mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.
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.
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, for the Vulcan Value Partners Fund. The Adviser has also 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 1.00% of the Fund’s average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively, for the Vulcan Value Partners Small Cap Fund. These agreements (the “Expense Agreements”) are in effect through August 31, 2023. The Adviser may not discontinue or modify this waiver prior to August 31, 2023 without the approval by the Fund’s Board of Trustees.
All performance is calculated in US Dollars. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Returns are presented net of management fees and include the reinvestment of all income.
Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you review this information. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. A list of all securities held in this portfolio in the prior year is available upon request.
The S&P 500 Index is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index.
Active Share – a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Upside Capture Ratio – measures whether a given fund has outperformed—gained more than—a broad market benchmark during periods of market strength, and if so, by how much. Downside Capture Ratio – measures whether a given fund has outperformed– lost less than—a broad market benchmark during periods of market weakness, and if so, by how much. Market Capitalization (market cap) – the total equity market value of a company, it is equal to shares outstanding times the stock price. Median Market Cap – the mid-point of the companies’ market caps included in the portfolio. Average Market Cap – the average of the companies’ market caps included in the portfolio. Turnover – how frequently assets within a portfolio are bought and sold. Name Turnover – the number of companies bought plus the number of companies sold divided by 2 and then divided by the average number of companies in the portfolio. Free Cash Flow Yield – a security’s free cash flow divided by its market price. Dividend Yield – how much a company pays out in dividends each year relative to its share price. Return on Equity (ROE) – measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. P/E Ratio – a calculation that compares the company’s stock price to the company’s earnings per share. 30-Day SEC Yield – represents the average daily dividends for the 30-day period, annualized, and divided by the net asset value per share at the end of the period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
ALPS Distributors, Inc. is the distributor for the Vulcan Value Partners Funds.
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