Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 10/09/2024 $10.81 +$0.09 (+0.84%) Morningstar | Style Box V B G L M S Morningstar Medalist Rating as of 03/19/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 06/28/2007 to 09/30/2024 = $32,551.54 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective Seeks to provide high current income and, secondarily, long-term capital appreciation by investing primarily in a diversified, all cap portfolio of income producing equity securities. Why Consider May be appropriate for investors looking to gain exposure to diversified U.S. companies of all sizes Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting companies above $700 million with high and growing dividends selling at a discount to absolute value Documents Fact Sheet Commentary Summary Prospectus Prospectus Shareholder Letter - Fee Reduction June 23, 2022 2023 Distributions View All Documents Investment Style River Road Dividend All Cap Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road Dividend All Cap Value Fund is categorized as Mid-Value. It invests in medium-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 1,085) 3 Years (of 1,085) 5 Years (of 1,031) 10 Years (of 804) Category Large Value Read Important Investment Disclosures Thomas S. Forsha, CFA CO-CHIEF INVESTMENT OFFICER, SENIOR PORTFOLIO MANAGER As Co-Chief Investment Officer, Thom monitors and coordinates the investment processes of the firm’s portfolios and is a non-voting member of the Executive Committee. At the same time, he serves as Senior Portfolio Manager for River Road’s Dividend All-Cap Value portfolio. His previous experience includes acting as Supervising Portfolio Manager for the firm’s Focused Absolute Value® portfolios and Portfolio Manager at ABN AMRO Asset Management. Thom earned his MBA at the University of Chicago and his BS in Finance at Ohio State University’s Fisher College of Business. He is a CFA® charterholder and member of the CFA Institute. He joined River Road in 2005 and holds equity in the firm. Andrew R. McIntosh, CFA PORTFOLIO MANAGER Andrew is Portfolio Manager for River Road’s Dividend All-Cap Value portfolio, building on his previous role as a Senior Equity Analyst for the firm. Before joining River Road, he held various positions focused on mortgage securities at AEGON USA. Andrew holds a BBA in Finance from the University of Iowa and is a CFA® charterholder and a member of the CFA Institute. He joined River Road in 2011 and holds equity in the firm. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.77% Net Expense Ratio: 0.72% Expense Cap Expiration Date: 03/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Sep 26, 2024 $0.108700 $0.108700 — — Jun 26, 2024 $0.081000 $0.081000 — — Mar 26, 2024 $0.068200 $0.068200 — — Dec 14, 2023 $0.273000 $0.038500 — $0.234500 Sep 27, 2023 $0.040800 $0.040800 — — Jun 28, 2023 $0.069700 $0.069700 — — Mar 29, 2023 $0.054100 $0.054100 — — Dec 15, 2022 $1.245700 $0.086600 — $1.159100 Sep 28, 2022 $0.054200 $0.054200 — — Jun 28, 2022 $0.048100 $0.048100 — — Mar 29, 2022 $0.058000 $0.058000 — — Dec 15, 2021 $2.338700 $0.143600 $0.029900 $2.165200 Sep 28, 2021 $0.076000 $0.076000 — — Jun 28, 2021 $0.028400 $0.028400 — — Mar 29, 2021 $0.061400 $0.061400 — — Dec 16, 2020 $0.067300 $0.067300 — — Sep 28, 2020 $0.075700 $0.075700 — — Jun 26, 2020 $0.045300 $0.045300 — — Mar 27, 2020 $0.082300 $0.082300 — — Dec 16, 2019 $0.905800 $0.170100 — $0.735700 Sep 26, 2019 $0.038300 $0.038300 — — Jun 26, 2019 $0.073500 $0.073500 — — Mar 27, 2019 $0.058800 $0.058800 — — Dec 27, 2018 $0.881300 $0.156400 — $0.724900 Sep 26, 2018 $0.062900 $0.062900 — — Jun 27, 2018 $0.015700 $0.015700 — — May 29, 2018 $0.014300 $0.014300 — — Apr 26, 2018 $0.003300 $0.003300 — — Mar 27, 2018 $0.008300 $0.008300 — — Feb 26, 2018 $0.009300 $0.009300 — — Dec 27, 2017 $0.754500 $0.178600 $0.043000 $0.532900 Nov 27, 2017 $0.016800 $0.016800 — — Oct 26, 2017 $0.014300 $0.014300 — — Sep 26, 2017 $0.014400 $0.014400 — — Aug 28, 2017 $0.014400 $0.014400 — — Jul 26, 2017 $0.014400 $0.014400 — — Jun 27, 2017 $0.010400 $0.010400 — — May 25, 2017 $0.009400 $0.009400 — — Apr 25, 2017 $0.013400 $0.013400 — — Mar 28, 2017 $0.014400 $0.014400 — — Feb 23, 2017 $0.009400 $0.009400 — — Dec 27, 2016 $0.959900 $0.103500 — $0.856400 Nov 25, 2016 $0.022400 $0.022400 — — Oct 26, 2016 $0.008700 $0.008700 — — Sep 30, 2016 $0.028300 $0.028300 — — Aug 31, 2016 $0.048200 $0.048200 — — Jul 29, 2016 $0.011700 $0.011700 — — Jun 30, 2016 $0.028000 $0.028000 — — May 31, 2016 $0.033300 $0.033300 — — Apr 29, 2016 $0.009200 $0.009200 — — Mar 31, 2016 $0.024600 $0.024600 — — Dec 30, 2015 $1.215100 $0.059700 — $1.155400 Oct 30, 2015 $0.010500 $0.010500 — — Sep 30, 2015 $0.031600 $0.031600 — — Aug 31, 2015 $0.028000 $0.028000 — — Jul 31, 2015 $0.010200 $0.010200 — — Jun 30, 2015 $0.032400 $0.032400 — — May 29, 2015 $0.026000 $0.026000 — — Apr 30, 2015 $0.010600 $0.010600 — — Mar 31, 2015 $0.030100 $0.030100 — — Dec 30, 2014 $1.216400 $0.050000 — $1.166400 Nov 28, 2014 $0.028900 $0.028900 — — Oct 31, 2014 $0.049600 $0.049600 — — Sep 30, 2014 $0.069000 $0.069000 — — Aug 29, 2014 $0.027100 $0.027100 — — Jul 31, 2014 $0.039400 $0.039400 — — Jun 30, 2014 $0.030400 $0.030400 — — May 30, 2014 $0.052200 $0.052200 — — Apr 30, 2014 $0.010100 $0.010100 — — Mar 31, 2014 $0.037600 $0.037600 — — Feb 28, 2014 $0.061500 $0.061500 — — Dec 30, 2013 $0.852600 $0.038000 $0.077400 $0.737200 Nov 29, 2013 $0.055100 $0.055100 — — Oct 31, 2013 $0.016600 $0.016600 — — Sep 30, 2013 $0.020700 $0.020700 — — Aug 30, 2013 $0.043000 $0.043000 — — Jun 28, 2013 $0.028500 $0.028500 — — May 31, 2013 $0.043000 $0.043000 — — Mar 28, 2013 $0.007000 $0.007000 — — Feb 28, 2013 $0.038000 $0.038000 — — Jan 31, 2013 $0.002600 $0.002600 — — Dec 28, 2012 $0.502200 $0.058700 $0.100600 $0.342900 Nov 30, 2012 $0.039700 $0.039700 — — Oct 31, 2012 $0.029200 $0.029200 — — Sep 28, 2012 $0.021400 $0.021400 — — Aug 31, 2012 $0.041600 $0.041600 — — Jul 31, 2012 $0.014100 $0.014100 — — Jun 29, 2012 $0.030900 $0.030900 — — May 31, 2012 $0.041200 $0.041200 — — Apr 30, 2012 $0.016400 $0.016400 — — Mar 30, 2012 $0.022300 $0.022300 — — Feb 29, 2012 $0.035400 $0.035400 — — Jan 31, 2012 $0.007600 $0.007600 — — Dec 29, 2011 $0.100300 $0.029800 — $0.070500 Nov 30, 2011 $0.040500 $0.040500 — — Oct 31, 2011 $0.011300 $0.011300 — — Sep 30, 2011 $0.020800 $0.020800 — — Aug 31, 2011 $0.031400 $0.031400 — — Jul 29, 2011 $0.007200 $0.007200 — — Jun 30, 2011 $0.039800 $0.039800 — — May 31, 2011 $0.030800 $0.030800 — — Apr 29, 2011 $0.019400 $0.019400 — — Mar 31, 2011 $0.030200 $0.030200 — — Feb 28, 2011 $0.030600 $0.030600 — — Jan 31, 2011 $0.008700 $0.008700 — — Dec 29, 2010 $0.028900 $0.028900 — — Nov 30, 2010 $0.027100 $0.027100 — — Oct 29, 2010 $0.013000 $0.013000 — — Sep 30, 2010 $0.023600 $0.023600 — — Aug 31, 2010 $0.035000 $0.035000 — — Jul 30, 2010 $0.016100 $0.016100 — — Jun 30, 2010 $0.018900 $0.018900 — — May 28, 2010 $0.027900 $0.027900 — — Apr 30, 2010 $0.014000 $0.014000 — — Mar 31, 2010 $0.022600 $0.022600 — — Feb 26, 2010 $0.021300 $0.021300 — — Jan 29, 2010 $0.014700 $0.014700 — — Dec 29, 2009 $0.032300 $0.032300 — — Nov 30, 2009 $0.016200 $0.016200 — — Oct 30, 2009 $0.014000 $0.014000 — — Sep 30, 2009 $0.021200 $0.021200 — — Aug 31, 2009 $0.016700 $0.016700 — — Jul 31, 2009 $0.014300 $0.014300 — — Jun 30, 2009 $0.012700 $0.012700 — — May 29, 2009 $0.026300 $0.026300 — — Apr 30, 2009 $0.014400 $0.014400 — — Mar 31, 2009 $0.013400 $0.013400 — — Feb 27, 2009 $0.014400 $0.014400 — — Jan 30, 2009 $0.016100 $0.016100 — — Dec 29, 2008 $0.030300 $0.030300 — — Nov 26, 2008 $0.015800 $0.015800 — — Oct 31, 2008 $0.019600 $0.019600 — — Sep 30, 2008 $0.035100 $0.035100 — — Aug 29, 2008 $0.026000 $0.026000 — — Jul 31, 2008 $0.017500 $0.017500 — — Jun 30, 2008 $0.029300 $0.029300 — — May 30, 2008 $0.038200 $0.038200 — — Apr 30, 2008 $0.011400 $0.011400 — — Mar 31, 2008 $0.044600 $0.044600 — — Feb 29, 2008 $0.031800 $0.031800 — — Jan 31, 2008 $0.015200 $0.015200 — — Dec 14, 2007 $0.710800 $0.046700 $0.469000 $0.195100 Nov 30, 2007 $0.037600 $0.037600 — — Oct 31, 2007 $0.022000 $0.022000 — — Sep 28, 2007 $0.041300 $0.041300 — — Aug 31, 2007 $0.039900 $0.039900 — — Jul 31, 2007 $0.017200 $0.017200 — — Jun 29, 2007 $0.043800 $0.043800 — — From: To: Risk & Return Statistics As of: 09/30/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.55 -1.58 -0.70 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 15.17 17.75 14.93 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.30 0.32 0.41 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.74 80.67 78.22 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 90.54 97.13 97.75 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.87 0.93 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.87 94.51 94.29 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.81 4.36 3.74 View All Characteristics & Statistics All Characteristics & Statistics River Road Dividend All Cap Value Fund (ARIDX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 3000® Value Index Fund Assets (Mil.$) $96 Number of Holdings 57 2,247 Weighted Avg. Market Cap (Mil.$) $106,766 $151,054 Median Market Cap (Mil.$) $46,533 $2,125 Weighted Avg. P/E (1-yr Forward EPS) 15.13 16.12 Weighted Avg. P/E (Trailing EPS) 15.71 18.64 PEG Ratio 1.53 1.48 Weighted Avg. P/B 2.93 2.27 EPS Growth (Trailing 3-yr %) 7.91% 7.15% EPS Growth (Trailing 5-yr %) 5.73% 8.08% Forward EPS Growth (1-yr %) 7.35% 5.36% Forward EPS Growth (Long Term %) 9.71% 9.47% Revenue Growth (Trailing 5-yr %) 6.78% 7.58% Return on Equity 18.80% 14.54% Weighted Avg. Dividend Yield 3.27% 2.18% Debt to Equity 122.90 98.24 SEC 30-Day Yield (%) 2.63% SEC 30-Day Yield (%) w/o fee 2.42% Trailing 12-Months Portfolio Turnover 31.54% As of: 06/30/2024 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.55 -1.58 -0.70 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 15.17 17.75 14.93 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.30 0.32 0.41 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.74 80.67 78.22 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 90.54 97.13 97.75 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.87 0.93 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.87 94.51 94.29 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.81 4.36 3.74 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.10 -0.57 -0.38 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 5.24 6.17 6.54 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -13.88 -29.95 -29.95 As of: 09/30/2024 Market Cap Fund Russell 3000® Value Index Market Cap ($mm) 0 - 1,000 0.00% 1.01% Market Cap ($mm) 1,000 - 1,500 0.56% 0.60% Market Cap ($mm) 1,500 - 2,500 0.95% 1.37% Market Cap ($mm) 2,500 - 5,000 10.63% 3.20% Market Cap ($mm) 5,000 - 10,000 3.28% 6.27% Market Cap ($mm) 10,000 - 25,000 10.21% 13.38% Market Cap ($mm) 25,000 - 50,000 15.68% 15.24% Market Cap ($mm) 50,000 - 100,000 24.42% 15.27% Market Cap ($mm) 100,000 - 200,000 23.07% 22.42% Market Cap ($mm) 200,000 - 11.22% 21.24% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell 3000® Value Index P/E 0-10 5.16% 5.84% P/E 10-15 20.94% 23.92% P/E 15-20 29.97% 15.51% P/E 20-25 11.65% 12.44% P/E 25-Above 28.76% 37.32% P/E – NA 3.51% 4.97% As of: 06/30/2024 Growth Characteristics Fund Russell 3000® Value Index EPS Growth (Trailing 3-yr %) - Negative 38.62% 32.46% EPS Growth (Trailing 3-yr %) 0 - 5 14.40% 9.60% EPS Growth (Trailing 3-yr %) 5 - 10 5.59% 11.90% EPS Growth (Trailing 3-yr %) 10 - 15 2.25% 6.69% EPS Growth (Trailing 3-yr %) 15 - 20 10.39% 7.68% EPS Growth (Trailing 3-yr %) Above 20 28.05% 23.92% EPS Growth (Trailing 3-yr %) - NA 0.71% 7.76% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Oracle Corp 4.89% Williams Cos Inc 3.95% Progressive Corp 3.78% Kinder Morgan Inc, Class P 3.45% Corning Inc 3.35% Unilever PLC ADR 3.21% PNC Financial Services Group Inc 3.04% Comcast Corp, Class A 3.03% Micron Technology Inc 2.85% AES Corp 2.74% % in Top 10 Holdings 34.30% View Holding Details Holding Details River Road Dividend All Cap Value Fund (ARIDX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Oracle Corp 4.89% Williams Cos Inc 3.95% Progressive Corp 3.78% Kinder Morgan Inc, Class P 3.45% Corning Inc 3.35% Unilever PLC ADR 3.21% PNC Financial Services Group Inc 3.04% Comcast Corp, Class A 3.03% Micron Technology Inc 2.85% AES Corp 2.74% % in Top 10 Holdings 34.30% As of: 06/30/2024 Download All Holdings (PDF) As of: 08/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ORCL Oracle Corp Information Technology S US USD 31,372 141.29 $4,432,550 4.43% PGR Progressive Corp Financials S US USD 16,899 252.20 $4,261,928 4.26% WMB Williams Cos Inc Energy S US USD 86,445 45.77 $3,956,588 3.96% UL Unilever PLC ADR Consumer Staples S GB USD 54,297 64.79 $3,517,903 3.52% KMI Kinder Morgan Inc, Class P Energy S US USD 161,507 21.57 $3,483,706 3.48% PNC PNC Financial Services Group Inc Financials S US USD 18,173 185.09 $3,363,641 3.36% GLW Corning Inc Information Technology S US USD 73,824 41.85 $3,089,534 3.09% CMCSA Comcast Corp, Class A Communication Services S US USD 75,072 39.57 $2,970,599 2.97% AMT American Tower Corp, Class A Real Estate S US USD 13,039 224.06 $2,921,518 2.92% CCOI Cogent Communications Holdings Inc Communication Services S US USD 40,197 69.98 $2,812,986 2.81% EPD Enterprise Products Partners LP Energy S US USD 86,979 29.34 $2,551,964 2.55% USB US Bancorp Financials S US USD 53,652 47.23 $2,533,984 2.53% AES AES Corp Utilities S US USD 144,919 17.13 $2,482,462 2.48% CB Chubb Ltd Financials S CH USD 8,556 284.18 $2,431,444 2.43% UPS United Parcel Service Inc, Class B Industrials S US USD 18,519 128.55 $2,380,617 2.38% AMGN Amgen Inc Health Care S US USD 6,787 333.83 $2,265,704 2.27% KMB Kimberly-Clark Corp Consumer Staples S US USD 15,402 144.66 $2,228,053 2.23% KR Kroger Co Consumer Staples S US USD 39,032 53.21 $2,076,893 2.08% TGT Target Corp Consumer Staples S US USD 13,457 153.62 $2,067,264 2.07% AXS Axis Capital Holdings Ltd Financials S BM USD 24,844 79.88 $1,984,539 1.99% IDA IDACORP Inc Utilities S US USD 19,288 101.91 $1,965,640 1.97% MU Micron Technology Inc Information Technology S US USD 20,344 96.24 $1,957,907 1.96% RPRX Royalty Pharma PLC, Class A Health Care S US USD 65,089 29.03 $1,889,534 1.89% DUK Duke Energy Corp Utilities S US USD 16,240 113.95 $1,850,548 1.85% BMY Bristol-Myers Squibb Co Health Care S US USD 30,428 49.95 $1,519,879 1.52% TXNM TXNM Energy Inc Utilities S US USD 36,301 40.98 $1,487,615 1.49% ABBV AbbVie Inc Health Care S US USD 7,560 196.31 $1,484,104 1.48% PEP PepsiCo Inc Consumer Staples S US USD 8,450 172.88 $1,460,836 1.46% TXN Texas Instruments Inc Information Technology S US USD 6,797 214.34 $1,456,869 1.46% PAYC Paycom Software Inc Industrials S US USD 8,884 162.78 $1,446,138 1.45% PRMW Primo Water Corp Consumer Staples S US USD 60,118 22.10 $1,328,608 1.33% PFE Pfizer Inc Health Care S US USD 45,771 29.01 $1,327,817 1.33% NWE Northwestern Energy Group Inc Utilities S US USD 24,150 54.39 $1,313,519 1.31% AVT Avnet Inc Information Technology S US USD 23,492 55.18 $1,296,289 1.30% CSCO Cisco Systems Inc Information Technology S US USD 25,318 50.54 $1,279,572 1.28% SBUX Starbucks Corp Consumer Discretionary S US USD 13,509 94.57 $1,277,546 1.28% EOG EOG Resources Inc Energy S US USD 9,709 128.82 $1,250,713 1.25% SYY Sysco Corp Consumer Staples S US USD 15,538 77.97 $1,211,498 1.21% IPG Interpublic Group of Cos Inc Communication Services S US USD 36,842 32.61 $1,201,418 1.20% JNJ Johnson & Johnson Health Care S US USD 7,065 165.86 $1,171,801 1.17% GPC Genuine Parts Co Consumer Discretionary S US USD 7,878 143.26 $1,128,602 1.13% FNF Fidelity National Financial Inc Financials S US USD 16,941 58.96 $998,841 1.00% VST Vistra Corp Utilities S US USD 11,023 85.43 $941,695 0.94% CCI Crown Castle Inc Real Estate S US USD 8,380 112.02 $938,728 0.94% WTW Willis Towers Watson PLC Financials S GB USD 3,165 292.11 $924,528 0.92% WSO Watsco Inc Industrials S US USD 1,933 475.42 $918,987 0.92% DNB Dun & Bradstreet Holdings Inc Industrials S US USD 70,541 12.00 $846,492 0.85% CNA CNA Financial Corp Financials S US USD 16,025 51.92 $832,018 0.83% LMT Lockheed Martin Corp Industrials S US USD 1,314 568.10 $746,483 0.75% QCOM QUALCOMM Inc Information Technology S US USD 3,897 175.30 $683,144 0.68% CSGS CSG Systems International Inc Industrials S US USD 12,414 48.52 $602,327 0.60% CRM Salesforce Inc Information Technology S US USD 2,072 252.90 $524,009 0.52% WMG Warner Music Group Corp, Class A Communication Services S US USD 17,239 28.61 $493,208 0.49% DK Delek US Holdings Inc Energy S US USD 23,431 20.42 $478,461 0.48% GOOGL Alphabet Inc, Class A Communication Services S US USD 2,779 163.38 $454,033 0.45% DG Dollar General Corp Consumer Staples S US USD 4,328 82.97 $359,094 0.36% Cash & Equivalents Cash C US USD - - $1,101,698 1.10% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Vistra Corp 1 2.15% 23.66% Corning Inc 2 3.05% 18.49% Oracle Corp 3 4.35% 12.67% Williams Cos Inc 4 3.77% 9.95% Micron Technology Inc 5 3.00% 11.57% Unilever PLC ADR 6 3.10% 10.48% Kinder Morgan Inc, Class P 7 3.35% 9.51% Primo Water Corp 8 1.34% 20.52% Amgen Inc 9 2.17% 10.44% Texas Instruments Inc 10 1.92% 12.22% As of: 06/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Bristol-Myers Squibb Co 20 1.66% -22.79% Target Corp 19 2.31% -16.06% Cogent Communications Holdings Inc 18 2.61% -12.61% Comcast Corp, Class A 17 3.07% -9.20% US Bancorp 16 2.39% -10.42% Kroger Co 15 1.84% -12.28% Royalty Pharma PLC, Class A 14 1.75% -12.52% United Parcel Service Inc, Class B 13 2.89% -7.21% LKQ Corp 12 0.63% -21.76% Paycom Software Inc 11 0.60% -16.36% As of: 06/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 06/30/2024 View Allocation Details Allocation Details River Road Dividend All Cap Value Fund (ARIDX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 3000® Value Index Information Technology 17.08% 9.36% Financials 15.94% 23.06% Consumer Staples 14.20% 7.63% Energy 11.81% 8.14% Utilities 10.17% 4.92% Health Care 9.44% 13.61% Communication Services 7.48% 4.37% Industrials 7.22% 14.26% Real Estate 3.36% 4.90% Consumer Discretionary 2.32% 5.07% Cash & Other 0.99% 0.00% Materials 0.00% 4.68% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 99.01% Bonds 0.00% Cash and Other 0.99% As of: 06/30/2024 Industry Fund Russell 3000® Value Index Oil, Gas & Consumable Fuels 11.81% 7.37% Insurance 10.60% 3.96% Consumer Staples Distribution & Retail 5.79% 1.80% Semiconductors & Semiconductor Equipment 5.68% 4.01% Pharmaceuticals 5.49% 4.07% Software 5.46% 1.68% Banks 5.33% 8.12% Electric Utilities 5.12% 3.14% Electronic Equipment, Instruments & Components 4.64% 0.97% Media 4.50% 1.14% % in Top 10 Industries 64.42% 36.26% As of: 06/30/2024 Read Important Investment Disclosures About the Affiliate About River Road Asset Management River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles. Learn More About River Road Asset Management's Approach FOUNDED 2005 AMG AFFILIATE SINCE 2014 HEADQUARTERS Louisville, KY Portfolio Managers Thomas S. Forsha, CFA CO-CHIEF INVESTMENT OFFICER, SENIOR PORTFOLIO MANAGER Read full bio Andrew R. McIntosh, CFA PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach River Road Dividend All Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in a diversified, all cap portfolio of dividend paying equities. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to target companies exhibiting: Financial strength and high, growing dividend yields at attractive prices Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models Related products Other Products From River Road Asset Management ARRFX River Road Focused Absolute Value Fund View Fund Details FQUAX River Road Large Cap Value Select Fund View Fund Details CHTTX River Road Mid Cap Value Fund View Fund Details ARSVX River Road Small Cap Value Fund View Fund Details ARSMX River Road Small-Mid Cap Value Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS