01

Mutual Fund

Vulcan Value Partners
Small Cap Fund

02

Summary

Summary

  • 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. This portfolio strategy invests in companies with smaller market capitalizations. While the Fund does not have any defined cutoffs, the Fund generally uses the Russell 2000® as a guide to define the universe of small capitalization companies, and, subject to price, any small 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.

  • Product Characteristics

    Number of Holdings
    21
    Inception Date
    12/30/2009
    Primary Benchmark
    Russell 2000 Value Index
    Active Share*
    99.1%
    Upside Capture*
    94.7
    Downside Capture*
    95.6

    as of 06/30/2022

    *Statistics computed since fund inception against the Russell 2000 Value Index.

Portfolio Managers

C.T. Fitzpatrick, CFA

Founder, Chief Executive Officer, Chief Investment Officer

McGavock Dunbar, CFA

Principal, Director of Research

Fund Performance

Daily Prices as of 08/10/2022

Vulcan Value Partners Small Cap Fund
Share Class Investor Institutional
Ticker VVPSX VVISX
Price $13.91 $14.01
Change From
Previous Day
$0.45 $0.44
Year-To-Date
Performance
-34.17% -34.10%
  Share Class Ticker Price Change from
Previous Day
Year-To-Date
Performance
Vulcan Value Partners Small Cap Fund Investor VVPSX $13.91 $0.45 -34.17%
Institutional VVISX $14.01 $0.44 -34.10%

as of 08/10/2022

Standardized Returns - Investor Share Class - Latest Quarter End Inception Date: 12/30/2009

 
YTD
1YR
3YR
5YR
10YR
Since
Inception
Vulcan Value Partners Small Cap Fund - Investor Class (VVPSX)
-41.41%
-35.69%
-2.62%
-0.13%
6.63%
8.51%
Russell 2000 Value Index
-17.31%
-16.28%
6.18%
4.89%
9.05%
9.14%
Russell 2000 Index
-23.43%
-25.20%
4.21%
5.16%
9.35%
9.70%
Investment Strategy
Vulcan Value Partners Small Cap Fund - Investor Class (VVPSX)
Year to Date
-41.41%
Annualized: 1 Year
-35.69%
Annualized: 3 Year
-2.62%
Annualized: 5 Year
-0.13%
Annualized: 10 Year
6.63%
Since Inception
8.51%
Investment Strategy
Russell 2000 Value Index
Year to Date
-17.31%
Annualized: 1 Year
-16.28%
Annualized: 3 Year
6.18%
Annualized: 5 Year
4.89%
Annualized: 10 Year
9.05%
Since Inception
9.14%
Investment Strategy
Russell 2000 Index
Year to Date
-23.43%
Annualized: 1 Year
-25.20%
Annualized: 3 Year
4.21%
Annualized: 5 Year
5.16%
Annualized: 10 Year
9.35%
Since Inception
9.70%

Standardized Returns - Institutional Share Class - Latest Quarter End Inception Date: 5/1/2019

 
YTD
1YR
3YR
5YR
10YR
Since
Inception
Vulcan Value Partners Small Cap Fund - Institutional Class (VVISX)
-41.35%
-35.54%
-2.40%
-2.13%
Russell 2000 Value Index
-17.31%
-16.28%
6.18%
5.33%
Russell 2000 Index
-23.43%
-25.20%
4.21%
3.87%
Investment Strategy
Vulcan Value Partners Small Cap Fund - Institutional Class (VVISX)
Year to Date
-41.35%
Annualized: 1 Year
-35.54%
Annualized: 3 Year
-2.40%
Annualized: 5 Year
Annualized: 10 Year
Since Inception
-2.13%
Investment Strategy
Russell 2000 Value Index
Year to Date
-17.31%
Annualized: 1 Year
-16.28%
Annualized: 3 Year
6.18%
Annualized: 5 Year
Annualized: 10 Year
Since Inception
5.33%
Investment Strategy
Russell 2000 Index
Year to Date
-23.43%
Annualized: 1 Year
-25.20%
Annualized: 3 Year
4.21%
Annualized: 5 Year
Annualized: 10 Year
Since Inception
3.87%

* 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

Cushman & Wakefield Plc
6.9%
Littelfuse Inc.
6.8%
SmartRent Inc.
6.1%
Ituran Location & Control Ltd.
5.9%
Ibstock plc
5.3%
Virtus Investment Partners Inc.
5.0%
Premium Brands Holdings Corp.
4.8%
Medpace Holdings Inc.
4.7%
Enersys
4.7%
ISS A/S
4.7%

as of 06/30/2022

Portfolio Characteristics

Average Market Cap
$2.3B
Median Market Cap
$1.7B
Turnover
64.2%
Name Turnover
24.6%
Free Cash Flow Yield
5.6%
Dividend Yield
1.2%
ROE
6.1%
P/E Ratio
14.9x
30-Day SEC Yield (Subsidized)
1.1%
30-Day SEC Yield (Unsubsidized)
0.8%

as of 06/30/2022

* All information is provided on a trailing 12 month basis unless otherwise indicated. Characteristics run in FactSet on July 7, 2022 as of June 30, 2022.

Important Documents

Prospectus
Fact Sheet
Statement of Additional information
Annual Report
Semi-Annual Report
Quarterly Holdings Information (1/31/2021)
Quarterly Holdings Information (7/31/2021)
Capital Gains Information
03

Investment Philosophy

One team. One philosophy. One process.

Evaluating 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 will take care of itself. We also analyze a company’s competitive strengths to ensure it meets our long-term horizon of five years. Finally, we assess the human element, understanding that we’re investing in real businesses run by real people facing real issues. We’re not traders or speculators. We’re long-term owners in a collection of superior business enterprises.

Learn more about our Investment Philosophy

04

Disclosures

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, 2021.The Adviser may not discontinue or modify this waiver prior to August 31, 2022 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 receive this fact sheet. 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 Russell 2000® Index includes the 2000 firms from the Russell 3000® Index with the smallest market capitalizations. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted 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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