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Aston/Fasciano Small Cap Fund

 N
CUSIP00080Y710
TickerAFASX
Share Class Inception12/23/2009
Gross Exp Ratio (%)15.17
Net Exp Ratio (%)1.4
NAV10.26
% Change 1.28
Benchmark Russell 2000 Index
Morningstar Category Small Blend
Regarding Net Expense Ratio: The Adviser contractually waived management fees and/or reimbursed expenses through February 28, 2011.

Fund Resources

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Portfolio Manager

Michael F. Fasciano, CFA

Michael F. Fasciano, CFA

Mr. Fasciano is the President of Fasciano Associates and has more than 30 years experience in the investment industry. He is also responsible for developing the firm's investment process. Prior to Fasciano Associates, Mr. Fasciano was a Managing Director and portfolio manager at Neuberger Berman from March 2001 to April 2008. Mr. Fasciano received a BS from University of Wisconsin – Parkside and an MBA from the University of Wisconsin – Milwaukee.

  1. Overview
  2. Holdings
  3. Performance
  4. Quarterly Commentary

Investment Strategy

Under normal circumstances, the Aston/Fasciano Small Cap Fund invests at least 80% of its assets in small-cap companies.  The Fund defines a small-cap company as one having a market capitalization of less than $2.5 billion at the time of acquisition.  The Fund seeks to invest in small-cap companies that trade at substantial discounts to their intrinsic values, resulting in what is generally considered a small-cap value portfolio.  The intrinsic value of a company is the price the portfolio manager estimates a rational buyer would pay for the entire company.  A small-cap company may trade at a substantial discount to its intrinsic value because it is temporarily out of favor or the company’s earnings prospects are not widely recognized.

The Fund invests primarily in a diversified portfolio of small-cap stocks.  The portfolio manager selects stocks for the portfolio using a bottom-up investment process that focuses on company fundamentals.  The portfolio manager considers a company’s ability to use capital efficiently, generate free cash flow, and grow long-term earnings per share, as well as other company fundamentals in estimating intrinsic value.  The portfolio manager uses his estimate of intrinsic value to establish buy/sell price targets and a time horizon for owning a company’s stock.

The Fund may also invest in convertible securities, foreign stocks (directly and through depositary receipts), real estate investment trusts (“REITs”) and securities outside the small-cap range.

The portfolio manager seeks to manage risk by employing a strategy of disciplined stock selection, diversification and a strict sell discipline.

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Fund Stats (as of 6/30/10) N
Origin Of InformationCapital IQ
Sales LoadNone
Total Fund Assets2,103,952.58
Turnover4
Minimum Investment2,500
Current Wtd Average P/E (trailing)15.16
Current Wtd Average P/B (trailing)2.64
Median Mkt Cap ($Mil)637.21
Sector Breakdown (as of 7/31/10)
Cash Equivalents & Other		34.21%
Consumer Discretionary		14.21%
Industrials		11.74%
Health Care		10.55%
Financials		10.28%
Consumer Staples		6.68%
Information Technology		4.58%
Materials		3.93%
Energy		3.82%
Top Ten Holdings (as of 7/31/10)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
SPECTRUM CONTROL INC SPEC 847615101 5,000 $75,450.00 3.48%
S.Y. BANCORP INC SYBT 785060104 2,500 $62,325.00 2.87%
ESTERLINE TECHNOLOGIES CORP ESL 297425100 1,200 $61,596.00 2.84%
THOMAS & BETTS CORP TNB 884315102 1,300 $51,532.00 2.38%
HEALTH GRADES INC HGRD 42218Q102 6,000 $48,900.00 2.25%
J & J SNACK FOODS CORP JJSF 466032109 1,100 $45,881.00 2.12%
SEABOARD CORP SEB 811543107 30 $45,540.00 2.10%
KMG CHEMICALS INC KMGB 482564101 3,000 $45,510.00 2.10%
LANDAUER INC LDR 51476K103 700 $43,939.00 2.03%
ATRION CORPORATION ATRI 49904105 300 $43,323.00 2.00%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

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