Fund Overview

Share Class

N

NAV | as of 12/06/2024

$15.85
+$0.03 (+0.19%)

Morningstar | Style Box

V B G L M S

Growth of $10,000 (Hypothetical)

Since Inception 11/03/2015 to 11/30/2024 = $22,421.71

  • 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.

Objective

Seeks to provide long-term capital appreciation by investing in a concentrated all cap portfolio of securities.

Why Consider

  • May be appropriate for investors looking to gain exposure to a portfolio of U.S. and non-U.S. companies that may invest in securities of all market capitalizations
  • Enlightened risk management—portfolio managers will not average down on losing positions
  • Employs a fundamentals-driven Absolute Value® investment philosophy, targeting a concentrated, all-cap Fund portfolio of securities representing River Road’s “best ideas” across their core strategies

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing 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: 1.22%
  • Net Expense Ratio: 1.06%
  • Expense Cap Expiration Date: 03/01/2025

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 14, 2023 $0.323400 $0.131500 $0.064300 $0.127600
Dec 15, 2022 $0.087400 $0.017100 $0.070300
Dec 15, 2021 $0.953300 $0.953300
Dec 16, 2019 $0.243400 $0.015200 $0.077200 $0.151000
Dec 27, 2018 $0.758900 $0.054700 $0.529400 $0.174800
Dec 27, 2017 $0.938500 $0.067600 $0.442700 $0.428200
Dec 27, 2016 $0.818600 $0.086300 $0.693600 $0.038700

Risk & Return Statistics

As of: 11/30/2024

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.
-2.73 -4.06 -
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.
17.91 19.60 -
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.
0.20 0.20 -
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.
99.64 90.85 -
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.
108.05 106.42 -
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.
1.05 1.02 -
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.
95.55 94.88 -
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.
3.88 4.45 -
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 09/30/2024

Fairfax Financial Holdings Ltd 6.52%
Berkshire Hathaway Inc, Class B 5.93%
Kroger Co 4.85%
BJ's Wholesale Club Holdings Inc 4.71%
CRH Plc 4.24%
Talen Energy Corp 4.15%
WEX Inc 4.12%
Elevance Health Inc 4.02%
Mid-America Apartment Communities Inc 3.78%
Papa John's International Inc 3.75%
% in Top 10 Holdings 46.07%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Equity)

As of: 09/30/2024

View Allocation Details

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

R. Andrew Beck

CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER

Read full bio
Ashley Abney, CPA

ASSOCIATE PORTFOLIO MANAGER, DERIVED STRATEGIES

Read full bio

Investment Approach

Investment Approach

River Road Focused Absolute Value Fund

A relatively concentrated portfolio of River Road’s best core ideas, the Fund is comprised of equity securities of U.S. and non-U.S. companies of all market capitalizations. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to target companies exhibiting:

  • Financial strength at attractive prices
  • Shareholder-oriented management teams
  • Undiscovered, under-followed, misunderstood companies with attractive business models

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