Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 12/13/2024 $18.05 -$0.11 (-0.61%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 466 Small Value funds as of 11/30/2024 View Morningstar Details Morningstar Medalist Rating as of 03/13/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 12/13/2006 to 11/30/2024 = $39,429.18 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 long-term capital appreciation by investing in a portfolio of primarily small- but also can invest in mid-capitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small cap, value-oriented, stocks Enlightened risk management—portfolio managers will not average down on losing positions Employs a proprietary, fundamentals-driven Absolute Value® investment philosophy, targeting well-managed, financially strong companies that generate predictable and sustainable cash flows and trade at attractive discounts Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style River Road Small 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 Small Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 11/30/2024 Overall Rating (of 466) 3 Years (of 466) 5 Years (of 443) 10 Years (of 348) Category Small 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. J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER As Senior Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios, Justin focuses on long-term value opportunities, building on his experience as senior equity analyst for the firm and as an equity analyst for SMC Capital. He earned a BS in Economics at Centre College and is a member of the CFA Institute. Justin joined River Road in 2005 and holds equity in the firm. Todd Mayberry, CFA ASSOCIATE PORTFOLIO MANAGER Todd serves as Associate Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios while also providing analytic support for other strategies at the firm. Todd previously served as a Senior Equity Research Analyst for River Road and as a Senior Associate in Corporate Banking at PNC Bank. He holds a BBA in Finance from the University of Cincinnati, and is a CFA® charter holder as well as a member of the CFA Institute. He joined River Road in 2014 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: 1.10% Net Expense Ratio: 1.10% Expense Cap Expiration Date: N/A 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 $0.709100 $0.006800 $0.040700 $0.661600 Dec 15, 2022 $0.520100 — — $0.520100 Dec 15, 2021 $1.155200 — $0.464500 $0.690700 Dec 16, 2020 $0.000700 $0.000700 — — Dec 16, 2019 $0.796600 $0.007200 $0.345100 $0.444300 Dec 27, 2018 $1.398800 $0.009700 $0.277800 $1.111300 Dec 27, 2017 $1.948900 $0.006000 $0.390400 $1.552500 Dec 27, 2016 $0.670600 — $0.403800 $0.266800 Dec 30, 2015 $0.718700 — $0.072400 $0.646300 Dec 30, 2014 $1.986500 — $0.447600 $1.538900 Dec 30, 2013 $3.658500 $0.078200 $0.500000 $3.080300 Dec 28, 2012 $0.693700 $0.260400 — $0.433300 Dec 29, 2010 $0.064900 $0.064900 — — Dec 29, 2009 $0.031000 $0.031000 — — Dec 29, 2008 $0.033200 $0.033200 — — Dec 14, 2007 $0.544300 $0.008200 $0.474500 $0.061600 Sep 14, 2007 $0.016100 $0.016100 — — Jun 15, 2007 $0.028900 $0.028900 — — Mar 16, 2007 $0.012500 $0.012500 — — Dec 15, 2006 $0.157600 $0.031500 $0.123400 $0.002700 From: To: 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. 6.63 2.52 4.20 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. 18.00 20.71 17.17 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. 0.44 0.40 0.55 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. 73.28 62.54 57.49 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. 72.55 84.80 88.28 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. 0.73 0.78 0.77 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. 86.53 90.70 89.56 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. 9.07 8.31 7.29 View All Characteristics & Statistics All Characteristics & Statistics River Road Small Cap Value Fund (ARSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $1,087 Number of Holdings 60 1,437 Weighted Avg. Market Cap (Mil.$) $3,451 $2,884 Median Market Cap (Mil.$) $2,494 $798 Weighted Avg. P/E (1-yr Forward EPS) 13.34 13.89 Weighted Avg. P/E (Trailing EPS) 15.90 14.20 PEG Ratio 0.93 1.10 Weighted Avg. P/B 1.36 1.31 EPS Growth (Trailing 3-yr %) 0.01% 0.67% EPS Growth (Trailing 5-yr %) 6.10% 7.30% Forward EPS Growth (1-yr %) 3.00% -7.98% Forward EPS Growth (Long Term %) 10.65% 8.93% Revenue Growth (Trailing 5-yr %) 7.86% 8.35% Return on Equity 13.70% 6.08% Weighted Avg. Dividend Yield 1.19% 2.15% Debt to Equity 83.16 79.45 Trailing 12-Months Portfolio Turnover 38.63% As of: 09/30/2024 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. 6.63 2.52 4.20 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. 18.00 20.71 17.17 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. 0.44 0.40 0.55 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. 73.28 62.54 57.49 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. 72.55 84.80 88.28 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. 0.73 0.78 0.77 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. 86.53 90.70 89.56 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. 9.07 8.31 7.29 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. 0.61 0.10 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. 10.87 10.58 12.11 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. -14.37 -32.74 -32.74 As of: 11/30/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 9.85% 18.41% Market Cap ($mm) 1,000 - 1,500 14.43% 10.82% Market Cap ($mm) 1,500 - 2,500 17.48% 20.95% Market Cap ($mm) 2,500 - 5,000 36.41% 36.77% Market Cap ($mm) 5,000 - 10,000 18.49% 12.89% Market Cap ($mm) 10,000 - 25,000 3.34% 0.01% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.15% As of: 09/30/2024 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 17.47% 16.11% P/E 10-15 21.24% 19.68% P/E 15-20 11.16% 13.65% P/E 20-25 8.80% 6.38% P/E 25-Above 34.08% 24.12% P/E – NA 7.25% 20.06% As of: 09/30/2024 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 43.11% 35.14% EPS Growth (Trailing 3-yr %) 0 - 5 1.84% 7.57% EPS Growth (Trailing 3-yr %) 5 - 10 10.68% 6.30% EPS Growth (Trailing 3-yr %) 10 - 15 7.90% 5.76% EPS Growth (Trailing 3-yr %) 15 - 20 3.16% 2.58% EPS Growth (Trailing 3-yr %) Above 20 18.23% 16.62% EPS Growth (Trailing 3-yr %) - NA 15.07% 26.02% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Talen Energy Corp 3.88% White Mountains Insurance Group Ltd 3.87% McGrath RentCorp 3.27% UniFirst Corp 3.20% Murphy USA Inc 3.04% Axis Capital Holdings Ltd 2.74% Genworth Financial Inc, Class A 2.36% Summit Materials Inc, Class A 2.34% GEO Group Inc 2.20% CoreCivic Inc 2.19% % in Top 10 Holdings 29.10% View Holding Details Holding Details River Road Small Cap Value Fund (ARSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Talen Energy Corp 3.88% White Mountains Insurance Group Ltd 3.87% McGrath RentCorp 3.27% UniFirst Corp 3.20% Murphy USA Inc 3.04% Axis Capital Holdings Ltd 2.74% Genworth Financial Inc, Class A 2.36% Summit Materials Inc, Class A 2.34% GEO Group Inc 2.20% CoreCivic Inc 2.19% % in Top 10 Holdings 29.10% As of: 09/30/2024 Download All Holdings (PDF) As of: 11/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 24,814 2,009.99 $49,875,892 4.13% CXW CoreCivic Inc Industrials S US USD 2,035,618 22.33 $45,455,350 3.76% MGRC McGrath RentCorp Industrials S US USD 342,628 121.85 $41,749,222 3.45% MUSA Murphy USA Inc Consumer Discretionary S US USD 67,057 547.80 $36,733,825 3.04% UNF UniFirst Corp Industrials S US USD 175,326 200.87 $35,217,734 2.91% AXS Axis Capital Holdings Ltd Financials S BM USD 374,620 93.04 $34,854,645 2.88% TLN Talen Energy Corp Utilities S US USD 152,382 214.41 $32,672,225 2.70% GEO GEO Group Inc Industrials S US USD 1,134,181 28.51 $32,335,500 2.67% ATSG Air Transport Services Group Inc Industrials S US USD 1,426,480 21.96 $31,325,501 2.59% SUM Summit Materials Inc, Class A Materials S US USD 578,154 50.94 $29,451,165 2.44% GNW Genworth Financial Inc, Class A Financials S US USD 3,748,018 7.80 $29,234,540 2.42% PX P10 Inc, Class A Financials S US USD 1,812,756 14.10 $25,559,860 2.11% PRKS United Parks & Resorts Inc Consumer Discretionary S US USD 420,257 58.64 $24,643,870 2.04% CNNE Cannae Holdings Inc Financials S US USD 1,110,351 21.70 $24,094,617 1.99% KAR OPENLANE Inc Industrials S US USD 1,161,211 20.20 $23,456,462 1.94% VNT Vontier Corp Information Technology S US USD 589,739 39.26 $23,153,153 1.92% VVI Viad Corp Industrials S US USD 508,499 44.72 $22,740,075 1.88% SM SM Energy Co Energy S US USD 494,426 45.19 $22,343,111 1.85% TXNM TXNM Energy Inc Utilities S US USD 445,589 49.05 $21,856,140 1.81% PZZA Papa John's International Inc Consumer Discretionary S US USD 432,363 49.83 $21,544,648 1.78% ATKR Atkore Inc Industrials S US USD 225,713 94.31 $21,286,993 1.76% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 284,356 73.90 $21,013,908 1.74% LGIH LGI Homes Inc Consumer Discretionary S US USD 190,848 109.49 $20,895,948 1.73% NWE Northwestern Energy Group Inc Utilities S US USD 375,339 55.24 $20,733,726 1.72% DOLE Dole PLC Consumer Staples S IE USD 1,347,484 15.07 $20,306,584 1.68% AGO Assured Guaranty Ltd Financials S BM USD 205,853 93.28 $19,201,968 1.59% ENOV Enovis Corp Health Care S US USD 390,738 48.81 $19,071,922 1.58% SWX Southwest Gas Holdings Inc Utilities S US USD 232,845 78.16 $18,199,165 1.51% EMBC Embecta Corp Health Care S US USD 871,294 20.83 $18,149,054 1.50% NOMD Nomad Foods Ltd Consumer Staples S GB USD 983,791 18.31 $18,013,213 1.49% AWI Armstrong World Industries Inc Industrials S US USD 104,136 159.83 $16,644,057 1.38% AGX Argan Inc Industrials S US USD 106,392 155.94 $16,590,768 1.37% EVTC EVERTEC Inc Financials S PR USD 454,742 36.00 $16,370,712 1.35% ALIT Alight Inc, Class A Industrials S US USD 2,041,046 8.00 $16,328,368 1.35% DK Delek US Holdings Inc Energy S US USD 723,354 19.05 $13,779,894 1.14% HCC Warrior Met Coal Inc Materials S US USD 192,054 70.32 $13,505,237 1.12% HUBG Hub Group Inc, Class A Industrials S US USD 255,754 51.64 $13,207,137 1.09% TRIP TripAdvisor Inc Communication Services S US USD 880,243 14.33 $12,613,882 1.04% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 221,449 56.82 $12,582,732 1.04% PKE Park Aerospace Corp Industrials S US USD 756,768 15.31 $11,586,118 0.96% RDN Radian Group Inc Financials S US USD 323,540 35.79 $11,579,497 0.96% YELP Yelp Inc, Class A Communication Services S US USD 299,951 38.22 $11,464,127 0.95% TRS Trimas Corp Materials S US USD 431,568 26.42 $11,402,027 0.94% PLUS ePlus Inc Information Technology S US USD 138,886 80.86 $11,230,322 0.93% JBI Janus International Group Inc Industrials S US USD 1,418,268 7.48 $10,608,645 0.88% RPAY Repay Holdings Corp, Class A Financials S US USD 1,295,547 8.08 $10,468,020 0.87% HHH Howard Hughes Holdings Inc Real Estate S US USD 112,395 86.74 $9,749,142 0.81% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 36,501 259.83 $9,484,055 0.78% PDCO Patterson Cos Inc Health Care S US USD 427,711 21.49 $9,191,509 0.76% PGNY Progyny Inc Health Care S US USD 578,920 15.57 $9,013,784 0.75% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 194,716 41.35 $8,051,507 0.67% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 93,031 85.88 $7,989,502 0.66% VYX NCR Voyix Corp Information Technology S US USD 505,727 14.51 $7,338,099 0.61% ITRN Ituran Location and Control Ltd Information Technology S IL USD 230,417 30.16 $6,949,377 0.57% INMD Inmode Ltd Health Care S IL USD 326,612 19.53 $6,378,732 0.53% BRC Brady Corp, Class A Industrials S US USD 80,228 74.89 $6,008,275 0.50% DNOW DNOW Inc Industrials S US USD 367,344 15.05 $5,528,527 0.46% BXC BlueLinx Holdings Inc Industrials S US USD 40,343 125.70 $5,071,115 0.42% EPM Evolution Petroleum Corp Energy S US USD 832,335 5.86 $4,877,483 0.40% NAPA Duckhorn Portfolio Inc Consumer Staples S US USD 440,598 11.00 $4,846,578 0.40% KELYA Kelly Services Inc, Class A Industrials S US USD 230,019 14.65 $3,369,778 0.28% WKC World Kinect Corp Energy S US USD 105,342 28.95 $3,049,651 0.25% CLVT Clarivate PLC Industrials S GB USD 383,904 5.73 $2,199,770 0.18% Cash & Equivalents Cash C US USD - - $84,695,117 7.01% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Talen Energy Corp 1 3.37% 60.55% Argan Inc 2 1.39% 39.01% P10 Inc, Class A 3 1.86% 26.61% ACI Worldwide Inc, Class A 4 1.73% 28.57% UniFirst Corp 5 3.01% 15.96% ePlus Inc 6 1.38% 33.47% LGI Homes Inc 7 1.39% 32.44% Axis Capital Holdings Ltd 8 2.61% 13.31% Air Transport Services Group Inc 9 2.00% 16.73% TXNM Energy Inc 10 1.68% 19.21% As of: 09/30/2024 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 Atkore Inc 20 2.27% -37.05% Advance Auto Parts Inc 19 1.29% -38.26% Delek US Holdings Inc 18 1.46% -23.63% White Mountains Insurance Group Ltd 17 4.03% -6.67% TripAdvisor Inc 16 1.17% -18.64% BJ's Wholesale Club Holdings Inc 15 2.38% -11.54% Repay Holdings Corp, Class A 14 0.90% -22.73% GEO Group Inc 13 2.43% -10.52% Duckhorn Portfolio Inc 12 0.89% -18.17% Vontier Corp 11 1.51% -11.63% As of: 09/30/2024 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: 09/30/2024 View Allocation Details Allocation Details River Road Small Cap Value Fund (ARSIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 27.03% 12.20% Financials 18.32% 28.09% Consumer Discretionary 9.88% 10.01% Utilities 9.23% 5.25% Cash & Other 8.85% 0.00% Consumer Staples 6.39% 2.30% Information Technology 5.64% 5.81% Materials 4.56% 5.13% Energy 4.02% 7.16% Health Care 3.94% 9.27% Communication Services 2.14% 3.38% Real Estate 0.00% 11.38% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 91.15% Bonds 0.00% Cash and Other 8.85% As of: 09/30/2024 Industry Fund Russell 2000® Value Index Commercial Services & Supplies 11.68% 1.87% Insurance 10.49% 2.25% Financial Services 5.83% 3.54% Specialty Retail 4.54% 2.88% Trading Companies & Distributors 4.49% 1.30% Oil, Gas & Consumable Fuels 4.02% 5.05% Independent Power and Renewable Electricity Producers 3.88% 0.41% Food Products 3.65% 0.81% Hotels, Restaurants & Leisure 3.62% 1.08% Electronic Equipment, Instruments & Components 3.06% 2.17% % in Top 10 Industries 55.26% 21.36% As of: 09/30/2024 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 J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER Read full bio Todd Mayberry, CFA ASSOCIATE PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach River Road Small Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to its peers. Target companies will typically have market capitalizations below $4B at the time of purchase; however, the Fund may also invest in mid cap stocks based on the opportunity set. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to analyze companies based on the following investment criteria: Financial strength trading at a discount to assessed valuation Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models 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 CHTTX River Road Mid 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