Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 10/09/2024 $22.14 +$0.05 (+0.23%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 375 Mid-Cap Value funds as of 09/30/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 09/19/1994 to 09/30/2024 = $245,126.80 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 The Fund seeks to provide long-term capital appreciation. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to further diversify a portfolio with exposure to mid cap companies River Road seeks to identify and invest in a portfolio of high-quality, low volatility companies River Road employs a balanced approach to diversification and a structured sell discipline that seeks to reduce portfolio volatility and the risk of permanent loss of capital Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style River Road Mid 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 Mid Cap Value Fund is categorized as Mid-Blend. It invests in medium-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 375) 3 Years (of 375) 5 Years (of 362) 10 Years (of 282) Category Mid-Cap Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Andrew is a co-founder of River Road and is responsible for formulating and driving the firm’s overall business strategy as Chief Executive Officer. He is also directly engaged with several key strategies, serving as Senior Portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value strategies, a portfolio manager for the Mid Cap Value Portfolio, and a supervising portfolio manager for the Focused Absolute Value® portfolios. Andrew earned his BS in Finance at the University of Louisville and MBA at Babson College, and served as Senior Research Analyst, Senior Vice President, and Portfolio Manager and SMC Capital Inc. He has been with River Road since its inception in 2005 and holds equity in the firm. Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER Matt serves as portfolio manager for River Road’s Mid Cap Value and Large Cap Value portfolios, drawing on deep past experience as an equity analyst within the firm as well as related positions at Morningstar, Citigroup and Goldman Sachs. Matt earned his MBA at the University of Chicago/Booth School of Business and BS in Finance from Bradley University. He is a CFA® charter holder and a member of the CFA Institute. Matt joined River Road in 2007 and holds equity in the firm. Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER Daniel serves as Portfolio Manager for River Road’s Mid Cap Value and Large Cap Value portfolios and is a non-voting member of the Executive Committee. He previously served as Senior Equity Analyst for the firm and as an Associate Auditor for PriceWaterhouseCoopers and continues to hold a CPA designation. Daniel earned both an MS and BS in Accounting at the University of Kentucky. He a CFA® charterholder and member of the CFA Institute. Daniel joined River Road in 2006 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: 1.14% Net Expense Ratio: 1.11% 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 Dec 14, 2023 $0.080500 $0.028000 $0.052500 — Dec 15, 2022 $1.547600 $0.163000 $0.975000 $0.409600 Dec 15, 2021 $0.635000 $0.037000 $0.598000 — Mar 24, 2021 $20.119300 — $2.038900 $18.080400 Dec 16, 2020 $1.910800 $0.024900 — $1.885900 Dec 16, 2019 $2.503600 $0.325500 — $2.178100 Dec 27, 2018 $2.807100 $0.150100 — $2.657000 Dec 27, 2017 $2.811500 — — $2.811500 Dec 27, 2016 $1.839800 $0.132400 — $1.707400 Dec 30, 2015 $2.162700 $0.114900 — $2.047800 Dec 30, 2014 $7.621400 $0.044700 $1.243700 $6.333000 Dec 30, 2013 $4.265200 — — $4.265200 Dec 28, 2012 $1.047000 $0.304800 $0.017200 $0.725000 Dec 29, 2011 $0.260500 $0.053400 — $0.207100 Dec 29, 2010 $0.155800 $0.080300 — $0.075500 Dec 29, 2009 $0.050500 $0.050500 — — Dec 29, 2008 $0.432900 $0.139000 — $0.293900 Dec 14, 2007 $2.186900 — $0.281900 $1.905000 Dec 15, 2006 $1.831077 — — $1.831077 Dec 16, 2005 $0.912600 — $0.113300 $0.799300 Dec 17, 2004 $0.744600 — — $0.744600 Dec 19, 2003 $0.072900 — — $0.072900 Dec 21, 2001 $0.245900 — — $0.245900 Dec 15, 2000 $3.305000 — $0.495100 $2.809900 Dec 10, 1999 $0.153800 — $0.011900 $0.141900 Dec 11, 1998 $0.004900 $0.004900 — — Sep 11, 1998 $0.004800 $0.004800 — — Jun 12, 1998 $0.025800 $0.025800 — — Mar 13, 1998 $0.016400 $0.016400 — — Dec 12, 1997 $2.875400 $0.042400 $1.155000 $1.678000 Sep 12, 1997 $0.046100 $0.046100 — — Jun 13, 1997 $0.023600 $0.023600 — — Mar 14, 1997 $0.008400 $0.008400 — — Dec 13, 1996 $1.201200 $0.013600 $0.395200 $0.792400 Sep 13, 1996 $0.015100 $0.015100 — — Jun 14, 1996 $0.009400 $0.009400 — — Dec 15, 1995 $0.708100 $0.008100 $0.700000 — Sep 15, 1995 $0.017000 $0.017000 — — Jun 16, 1995 $0.016000 $0.016000 — — Mar 10, 1995 $0.022000 $0.022000 — — Dec 16, 1994 $0.050000 $0.050000 — — 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. 3.73 2.28 -1.41 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. 19.60 21.03 19.53 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. 0.39 0.48 0.30 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. 101.34 93.36 102.71 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. 91.26 93.40 102.61 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. 0.99 0.96 1.05 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. 96.47 95.98 89.03 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. 3.69 4.31 6.52 View All Characteristics & Statistics All Characteristics & Statistics River Road Mid Cap Value Fund (CHTTX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell Midcap® Value Index Fund Assets (Mil.$) $341 Number of Holdings 50 699 Weighted Avg. Market Cap (Mil.$) $16,119 $25,883 Median Market Cap (Mil.$) $12,198 $10,357 Weighted Avg. P/E (1-yr Forward EPS) 14.60 16.23 Weighted Avg. P/E (Trailing EPS) 15.40 18.64 PEG Ratio 1.17 1.47 Weighted Avg. P/B 2.52 2.23 EPS Growth (Trailing 3-yr %) 11.78% 10.65% EPS Growth (Trailing 5-yr %) 19.89% 9.88% Forward EPS Growth (1-yr %) -1.44% 5.16% Forward EPS Growth (Long Term %) 10.59% 9.19% Revenue Growth (Trailing 5-yr %) 9.68% 7.99% Return on Equity 22.96% 13.59% Weighted Avg. Dividend Yield 1.46% 1.91% Debt to Equity 106.70 96.81 Trailing 12-Months Portfolio Turnover 66.64% 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. 3.73 2.28 -1.41 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. 19.60 21.03 19.53 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. 0.39 0.48 0.30 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. 101.34 93.36 102.71 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. 91.26 93.40 102.61 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. 0.99 0.96 1.05 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. 96.47 95.98 89.03 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. 3.69 4.31 6.52 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. 1.05 0.48 -0.21 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. 7.69 10.46 5.61 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. -19.49 -30.42 -37.99 As of: 09/30/2024 Market Cap Fund Russell Midcap® Value Index Market Cap ($mm) 0 - 1,000 0.00% 0.05% Market Cap ($mm) 1,000 - 1,500 0.00% 0.05% Market Cap ($mm) 1,500 - 2,500 3.15% 0.55% Market Cap ($mm) 2,500 - 5,000 12.90% 3.49% Market Cap ($mm) 5,000 - 10,000 21.10% 16.02% Market Cap ($mm) 10,000 - 25,000 42.20% 38.05% Market Cap ($mm) 25,000 - 50,000 19.02% 30.88% Market Cap ($mm) 50,000 - 100,000 1.63% 10.91% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell Midcap® Value Index P/E 0-10 19.86% 9.22% P/E 10-15 10.74% 16.37% P/E 15-20 15.99% 16.06% P/E 20-25 12.96% 11.79% P/E 25-Above 34.32% 39.99% P/E – NA 6.13% 6.57% As of: 06/30/2024 Growth Characteristics Fund Russell Midcap® Value Index EPS Growth (Trailing 3-yr %) - Negative 24.93% 27.46% EPS Growth (Trailing 3-yr %) 0 - 5 3.00% 6.51% EPS Growth (Trailing 3-yr %) 5 - 10 15.44% 10.69% EPS Growth (Trailing 3-yr %) 10 - 15 7.18% 5.54% EPS Growth (Trailing 3-yr %) 15 - 20 4.90% 9.62% EPS Growth (Trailing 3-yr %) Above 20 32.75% 28.24% EPS Growth (Trailing 3-yr %) - NA 11.80% 11.94% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Fairfax Financial Holdings Ltd 5.08% LKQ Corp 3.63% Kroger Co 3.04% BJ's Wholesale Club Holdings Inc 2.99% Talen Energy Corp 2.89% Labcorp Holdings Inc 2.78% Mid-America Apartment Communities Inc 2.69% SS&C Technologies Holdings Inc 2.41% Willis Towers Watson PLC 2.41% Lithia Motors Inc, Class A 2.38% % in Top 10 Holdings 30.32% View Holding Details Holding Details River Road Mid Cap Value Fund (CHTTX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Fairfax Financial Holdings Ltd 5.08% LKQ Corp 3.63% Kroger Co 3.04% BJ's Wholesale Club Holdings Inc 2.99% Talen Energy Corp 2.89% Labcorp Holdings Inc 2.78% Mid-America Apartment Communities Inc 2.69% SS&C Technologies Holdings Inc 2.41% Willis Towers Watson PLC 2.41% Lithia Motors Inc, Class A 2.38% % in Top 10 Holdings 30.32% As of: 06/30/2024 Download All Holdings (PDF) As of: 08/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 14,236 1,205.00 $17,154,380 5.09% TLN Talen Energy Corp Utilities S US USD 97,280 149.61 $14,554,061 4.31% WTW Willis Towers Watson PLC Financials S GB USD 39,545 292.11 $11,551,490 3.42% LKQ LKQ Corp Consumer Discretionary S US USD 277,604 41.59 $11,545,550 3.42% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 139,988 79.96 $11,193,440 3.32% KR Kroger Co Consumer Staples S US USD 193,769 53.21 $10,310,448 3.06% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 34,008 301.08 $10,239,129 3.04% LH Labcorp Holdings Inc Health Care S US USD 43,499 229.89 $9,999,985 2.96% RTO Rentokil Initial PLC ADR Industrials S GB USD 290,258 32.23 $9,355,015 2.77% SSNC SS&C Technologies Holdings Inc Industrials S US USD 122,589 75.09 $9,205,208 2.73% WEX WEX Inc Financials S US USD 45,872 191.02 $8,762,469 2.60% APG API Group Corp 144A Industrials S US USD 242,805 35.55 $8,631,718 2.56% CNC Centene Corp Health Care S US USD 105,980 78.83 $8,354,403 2.48% EXPE Expedia Group Inc Consumer Discretionary S US USD 57,735 139.09 $8,030,361 2.38% GPN Global Payments Inc Financials S US USD 66,435 111.01 $7,374,949 2.19% NVR NVR Inc Consumer Discretionary S US USD 791 9,172.46 $7,255,416 2.15% APO Apollo Global Management Inc Financials S US USD 61,690 115.73 $7,139,384 2.12% LULU Lululemon Athletica Inc Consumer Discretionary S CA USD 26,890 259.47 $6,977,148 2.07% HHH Howard Hughes Holdings Inc Real Estate S US USD 92,535 75.22 $6,960,483 2.06% EXPD Expeditors International of Washington Inc Industrials S US USD 55,363 123.41 $6,832,348 2.03% MAA Mid-America Apartment Communities Inc Real Estate S US USD 41,917 162.37 $6,806,063 2.02% ARE Alexandria Real Estate Equities Inc Real Estate S US USD 56,153 119.57 $6,714,214 1.99% CNH CNH Industrial NV Industrials S GB USD 631,134 10.34 $6,525,926 1.93% MSGS Madison Square Garden Sports Co, Class A Communication Services S US USD 30,845 209.05 $6,448,147 1.91% MTN Vail Resorts Inc Consumer Discretionary S US USD 34,799 181.70 $6,322,978 1.87% JOE St Joe Co Real Estate S US USD 105,980 59.37 $6,292,033 1.87% SUM Summit Materials Inc, Class A Materials S US USD 154,224 40.50 $6,246,072 1.85% VAL Valaris Ltd Energy S US USD 96,489 61.06 $5,891,618 1.75% ULTA Ulta Beauty Inc Consumer Discretionary S US USD 16,609 352.84 $5,860,320 1.74% PII Polaris Inc Consumer Discretionary S US USD 68,808 84.65 $5,824,597 1.73% MGM MGM Resorts International Consumer Discretionary S US USD 149,479 37.59 $5,618,916 1.67% BAM Brookfield Asset Management Ltd Financials S CA USD 137,616 40.76 $5,609,228 1.66% DAL Delta Air Lines Inc Industrials S US USD 129,707 42.49 $5,511,250 1.63% CASY Casey's General Stores Inc Consumer Staples S US USD 15,027 362.31 $5,444,432 1.61% GEHC GE HealthCare Technologies Inc Health Care S US USD 63,272 84.82 $5,366,731 1.59% ACI Albertsons Cos Inc, Class A Consumer Staples S US USD 271,277 19.62 $5,322,455 1.58% TDW Tidewater Inc Energy S US USD 57,735 88.70 $5,121,095 1.52% RGLD Royal Gold Inc Materials S US USD 36,381 140.17 $5,099,525 1.51% BATRK Atlanta Braves Holdings Inc, Class C Communication Services S US USD 115,471 42.88 $4,951,396 1.47% RHI Robert Half Inc Industrials S US USD 78,299 62.67 $4,906,998 1.45% DK Delek US Holdings Inc Energy S US USD 215,123 20.42 $4,392,812 1.30% FERG Ferguson Enterprises Inc Industrials S US USD 20,563 205.71 $4,230,015 1.25% HCC Warrior Met Coal Inc Materials S US USD 56,153 61.31 $3,442,740 1.02% CSL Carlisle Cos Inc Industrials S US USD 7,909 423.80 $3,351,834 0.99% IDA IDACORP Inc Utilities S US USD 32,427 101.91 $3,304,636 0.98% VMI Valmont Industries Inc Industrials S US USD 11,073 285.76 $3,164,220 0.94% TPL Texas Pacific Land Corp Energy S US USD 3,164 868.89 $2,749,168 0.81% ARES Ares Management Corp, Class A Financials S US USD 16,609 146.40 $2,431,558 0.72% Cash & Equivalents Cash C US USD - - $2,960,705 0.88% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BJ's Wholesale Club Holdings Inc 1 4.00% 16.11% Casey's General Stores Inc 2 2.40% 19.93% Texas Pacific Land Corp 3 1.39% 27.10% Valmont Industries Inc 4 1.42% 25.51% Fairfax Financial Holdings Ltd 5 4.91% 5.30% Mid-America Apartment Communities Inc 6 2.50% 9.25% CACI International Inc, Class A 7 1.12% 13.59% Expeditors International of Washington Inc 8 1.77% 3.08% Apollo Global Management Inc 9 1.54% 5.30% Entergy Corp 10 1.77% 2.00% 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 LKQ Corp 20 3.87% -21.76% Global Payments Inc 19 2.28% -27.52% Vestis Corporation 18 0.41% -46.91% Vail Resorts Inc 17 2.15% -18.45% Polaris Inc 16 1.82% -21.34% Kroger Co 15 3.25% -12.28% Delek US Holdings Inc 14 1.85% -18.95% Centene Corp 13 2.30% -15.52% Summit Materials Inc, Class A 12 1.89% -17.86% Ulta Beauty Inc 11 1.71% -26.20% 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 Mid Cap Value Fund (CHTTX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell Midcap® Value Index Consumer Discretionary 19.81% 9.05% Industrials 16.48% 20.11% Financials 15.48% 18.23% Consumer Staples 9.52% 3.47% Utilities 8.06% 7.51% Real Estate 7.64% 10.09% Energy 7.11% 5.59% Health Care 6.54% 6.17% Materials 4.84% 7.23% Communication Services 3.26% 2.87% Cash & Other 1.26% 0.00% Information Technology 0.00% 9.70% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 98.74% Bonds 0.00% Cash and Other 1.26% As of: 06/30/2024 Industry Fund Russell Midcap® Value Index Consumer Staples Distribution & Retail 9.52% 1.42% Hotels, Restaurants & Leisure 8.21% 2.25% Insurance 7.50% 6.54% Electric Utilities 5.17% 3.95% Health Care Providers & Services 4.99% 1.40% Financial Services 4.91% 1.83% Specialty Retail 4.40% 1.35% Energy Equipment & Services 3.80% 1.01% Construction & Engineering 3.79% 0.93% Professional Services 3.64% 1.73% % in Top 10 Industries 55.93% 22.41% 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 R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Read full bio Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER Read full bio Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach River Road Mid Cap Value Fund The Fund invests primarily in mid-cap equity securities that River Road believes are undervalued. River Road’s investment philosophy is based upon its proprietary Absolute Value® approach, which seeks to generate attractive, sustainable, low volatility returns over the long term, with an emphasis on minimizing downside portfolio risk. The Subadviser builds the Fund’s portfolio from the bottom up, making security-specific research central to the Subadviser’s process. Related products Other Products From River Road Asset Management ARDEX River Road Dividend All Cap Value Fund View Fund Details ARRFX River Road Focused Absolute Value Fund View Fund Details FQUAX River Road Large Cap Value Select 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