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 $16.19 +$0.02 (+0.12%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 446 Small Value funds as of 09/30/2024 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 09/30/2024 = $34,511.08 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 09/30/2024 Overall Rating (of 446) 3 Years (of 446) 5 Years (of 420) 10 Years (of 326) 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: 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. 4.19 1.74 3.28 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. 16.73 20.06 16.76 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. 0.22 0.35 0.49 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. 68.03 61.61 53.49 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. 74.68 85.67 88.71 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. 0.70 0.77 0.76 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. 88.62 91.48 89.96 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. 8.81 8.12 7.27 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.$) $1,029 Number of Holdings 58 1,401 Weighted Avg. Market Cap (Mil.$) $3,650 $3,088 Median Market Cap (Mil.$) $2,487 $777 Weighted Avg. P/E (1-yr Forward EPS) 13.56 12.71 Weighted Avg. P/E (Trailing EPS) 15.14 13.51 PEG Ratio 1.16 1.12 Weighted Avg. P/B 1.44 1.29 EPS Growth (Trailing 3-yr %) 2.60% 4.60% EPS Growth (Trailing 5-yr %) 11.59% 9.01% Forward EPS Growth (1-yr %) 2.38% -3.71% Forward EPS Growth (Long Term %) 9.57% 8.57% Revenue Growth (Trailing 5-yr %) 8.13% 8.87% Return on Equity 16.62% 5.90% Weighted Avg. Dividend Yield 1.13% 2.19% Debt to Equity 90.17 73.00 Trailing 12-Months Portfolio Turnover 32.66% 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. 4.19 1.74 3.28 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. 16.73 20.06 16.76 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. 0.22 0.35 0.49 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. 68.03 61.61 53.49 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. 74.68 85.67 88.71 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. 0.70 0.77 0.76 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. 88.62 91.48 89.96 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. 8.81 8.12 7.27 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. 0.40 0.01 0.24 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. 5.25 9.04 10.88 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: 09/30/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 13.02% 17.87% Market Cap ($mm) 1,000 - 1,500 8.65% 10.41% Market Cap ($mm) 1,500 - 2,500 18.35% 21.22% Market Cap ($mm) 2,500 - 5,000 39.21% 35.91% Market Cap ($mm) 5,000 - 10,000 16.53% 12.85% Market Cap ($mm) 10,000 - 25,000 4.24% 1.74% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 20.61% 21.14% P/E 10-15 12.00% 20.23% P/E 15-20 11.55% 10.57% P/E 20-25 20.42% 6.48% P/E 25-Above 25.75% 22.38% P/E – NA 9.67% 19.21% As of: 06/30/2024 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 40.19% 27.69% EPS Growth (Trailing 3-yr %) 0 - 5 1.48% 4.75% EPS Growth (Trailing 3-yr %) 5 - 10 17.33% 7.34% EPS Growth (Trailing 3-yr %) 10 - 15 5.43% 4.23% EPS Growth (Trailing 3-yr %) 15 - 20 5.24% 6.25% EPS Growth (Trailing 3-yr %) Above 20 16.01% 22.54% EPS Growth (Trailing 3-yr %) - NA 14.31% 27.20% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 White Mountains Insurance Group Ltd 4.35% BJ's Wholesale Club Holdings Inc 3.81% Murphy USA Inc 3.06% McGrath RentCorp 3.05% UniFirst Corp 2.90% Atkore Inc 2.77% Talen Energy Corp 2.67% GEO Group Inc 2.59% Axis Capital Holdings Ltd 2.55% ACI Worldwide Inc, Class A 2.43% % in Top 10 Holdings 30.19% View Holding Details Holding Details River Road Small Cap Value Fund (ARSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 White Mountains Insurance Group Ltd 4.35% BJ's Wholesale Club Holdings Inc 3.81% Murphy USA Inc 3.06% McGrath RentCorp 3.05% UniFirst Corp 2.90% Atkore Inc 2.77% Talen Energy Corp 2.67% GEO Group Inc 2.59% Axis Capital Holdings Ltd 2.55% ACI Worldwide Inc, Class A 2.43% % in Top 10 Holdings 30.19% As of: 06/30/2024 Download All Holdings (PDF) As of: 08/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 24,634 1,844.24 $45,431,008 4.11% TLN Talen Energy Corp Utilities S US USD 277,631 149.61 $41,536,374 3.76% MGRC McGrath RentCorp Industrials S US USD 334,785 108.15 $36,206,998 3.28% MUSA Murphy USA Inc Consumer Discretionary S US USD 67,057 519.63 $34,844,829 3.16% UNF UniFirst Corp Industrials S US USD 175,326 189.69 $33,257,589 3.01% AXS Axis Capital Holdings Ltd Financials S BM USD 374,620 79.88 $29,924,646 2.71% SUM Summit Materials Inc, Class A Materials S US USD 651,013 40.50 $26,366,027 2.39% GNW Genworth Financial Inc, Class A Financials S US USD 3,748,018 6.98 $26,161,166 2.37% CXW CoreCivic Inc Industrials S US USD 1,882,400 13.78 $25,939,472 2.35% GEO GEO Group Inc Industrials S US USD 1,859,692 13.87 $25,793,928 2.34% ATSG Air Transport Services Group Inc Industrials S US USD 1,426,480 16.86 $24,050,453 2.18% CNNE Cannae Holdings Inc Financials S US USD 1,134,079 20.02 $22,704,262 2.06% SM SM Energy Co Energy S US USD 494,426 45.63 $22,560,658 2.04% ATKR Atkore Inc Industrials S US USD 225,713 93.33 $21,065,794 1.91% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 284,356 74.00 $21,042,344 1.91% DOLE Dole PLC Consumer Staples S IE USD 1,304,303 16.11 $21,012,321 1.90% PX P10 Inc, Class A Financials S US USD 2,036,591 10.05 $20,467,740 1.85% NWE Northwestern Energy Group Inc Utilities S US USD 375,339 54.39 $20,414,688 1.85% KAR OPENLANE Inc Industrials S US USD 1,161,211 17.33 $20,123,787 1.82% TXNM TXNM Energy Inc Utilities S US USD 445,589 40.98 $18,260,237 1.65% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 354,941 50.36 $17,874,829 1.62% NOMD Nomad Foods Ltd Consumer Staples S GB USD 945,605 18.80 $17,777,374 1.61% PZZA Papa John's International Inc Consumer Discretionary S US USD 374,186 47.37 $17,725,191 1.61% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 221,662 79.96 $17,724,094 1.61% VVI Viad Corp Industrials S US USD 508,499 34.41 $17,497,451 1.58% VNT Vontier Corp Information Technology S US USD 496,499 35.03 $17,392,360 1.58% ENOV Enovis Corp Health Care S US USD 371,186 46.60 $17,297,268 1.57% SWX Southwest Gas Holdings Inc Utilities S US USD 232,845 72.72 $16,932,488 1.53% LGIH LGI Homes Inc Consumer Discretionary S US USD 155,464 107.88 $16,771,456 1.52% EVTC EVERTEC Inc Financials S PR USD 471,535 34.25 $16,150,074 1.46% PLUS ePlus Inc Information Technology S US USD 164,530 95.96 $15,788,299 1.43% EMBC Embecta Corp Health Care S US USD 950,810 16.34 $15,536,235 1.41% ALIT Alight Inc, Class A Industrials S US USD 2,065,970 7.46 $15,412,136 1.40% AGX Argan Inc Industrials S US USD 190,624 79.31 $15,118,389 1.37% DK Delek US Holdings Inc Energy S US USD 732,326 20.42 $14,954,097 1.35% AWI Armstrong World Industries Inc Industrials S US USD 107,855 126.76 $13,671,700 1.24% TRIP TripAdvisor Inc Communication Services S US USD 880,243 14.51 $12,772,326 1.16% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 273,619 45.31 $12,397,677 1.12% TRS Trimas Corp Materials S US USD 471,679 25.51 $12,032,531 1.09% RDN Radian Group Inc Financials S US USD 323,540 36.15 $11,695,971 1.06% HCC Warrior Met Coal Inc Materials S US USD 189,973 61.31 $11,647,245 1.05% MDU MDU Resources Group Inc Industrials S US USD 420,563 25.69 $10,804,263 0.98% RPAY Repay Holdings Corp, Class A Financials S US USD 1,250,779 8.46 $10,581,590 0.96% YELP Yelp Inc, Class A Communication Services S US USD 299,951 34.93 $10,477,288 0.95% PKE Park Aerospace Corp Industrials S US USD 756,768 13.51 $10,223,936 0.93% PDCO Patterson Cos Inc Health Care S US USD 441,567 22.49 $9,930,842 0.90% NAPA Duckhorn Portfolio Inc Consumer Staples S US USD 1,468,911 6.33 $9,298,207 0.84% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 112,819 82.24 $9,278,235 0.84% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 34,904 245.64 $8,573,819 0.78% VYX NCR Voyix Corp Information Technology S US USD 521,638 13.49 $7,036,897 0.64% BRC Brady Corp, Class A Industrials S US USD 95,010 74.04 $7,034,540 0.64% ITRN Ituran Location and Control Ltd Information Technology S IL USD 230,417 28.25 $6,509,280 0.59% NMRK Newmark Group Inc, Class A Real Estate S US USD 457,022 13.83 $6,320,614 0.57% KELYA Kelly Services Inc, Class A Industrials S US USD 253,471 21.11 $5,350,773 0.48% WKC World Kinect Corp Energy S US USD 181,022 28.79 $5,211,623 0.47% DNOW DNOW Inc Industrials S US USD 367,344 13.02 $4,782,819 0.43% NMIH NMI Holdings Inc, Class A Financials S US USD 115,417 41.07 $4,740,176 0.43% EPM Evolution Petroleum Corp Energy S US USD 832,335 5.15 $4,286,525 0.39% NVST Envista Holdings Corp Health Care S US USD 211,557 18.26 $3,863,031 0.35% Cash & Equivalents Cash C US USD - - $108,611,786 9.84% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BJ's Wholesale Club Holdings Inc 1 3.86% 16.11% Argan Inc 2 1.27% 45.25% ACI Worldwide Inc, Class A 3 2.08% 19.21% Talen Energy Corp 4 2.42% 17.67% Murphy USA Inc 5 2.83% 12.07% NCR Atleos Corp 6 0.60% 36.81% Axis Capital Holdings Ltd 7 2.42% 9.34% White Mountains Insurance Group Ltd 8 4.29% 1.29% Brady Corp, Class A 9 0.57% 11.68% NMI Holdings Inc, Class A 10 0.94% 5.26% 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 Atkore Inc 20 3.24% -29.02% TripAdvisor Inc 19 1.32% -35.91% Advance Auto Parts Inc 18 1.72% -25.40% CoreCivic Inc 17 2.56% -16.85% Alight Inc, Class A 16 1.58% -25.08% McGrath RentCorp 15 3.02% -13.38% Cannae Holdings Inc 14 2.08% -18.03% Delek US Holdings Inc 13 1.90% -18.95% Summit Materials Inc, Class A 12 2.06% -17.86% SM Energy Co 11 2.32% -13.05% 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 Small Cap Value Fund (ARSIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 28.35% 14.40% Financials 17.24% 26.23% Cash & Other 10.02% 0.00% Consumer Discretionary 7.90% 10.53% Consumer Staples 7.82% 2.24% Utilities 7.63% 3.87% Information Technology 6.58% 6.40% Energy 4.67% 10.39% Materials 4.27% 5.03% Health Care 2.96% 8.66% Communication Services 2.11% 2.38% Real Estate 0.45% 9.86% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 89.98% Bonds 0.00% Cash and Other 10.02% As of: 06/30/2024 Industry Fund Russell 2000® Value Index Commercial Services & Supplies 11.92% 1.90% Insurance 9.10% 2.26% Financial Services 6.47% 3.71% Specialty Retail 5.60% 3.57% Consumer Staples Distribution & Retail 5.46% 0.49% Oil, Gas & Consumable Fuels 4.67% 8.12% Trading Companies & Distributors 4.58% 1.92% Software 3.27% 1.12% Electrical Equipment 2.77% 0.64% Electronic Equipment, Instruments & Components 2.76% 2.30% % in Top 10 Industries 56.6% 26.03% 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 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