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Aston/Herndon Large Cap Value Fund

 N
CUSIP00080Y660
TickerAALIX
Share Class Inception3/31/2010
Gross Exp Ratio (%)14.93
Net Exp Ratio (%)1.3
NAV9.53
% Change 1.71
Benchmark Russell 1000 Value Index
Morningstar Category Large Value
Regarding Net Expense Ratio: The Adviser is contractually obligated to waive management fees and/or reimburse expenses through April 1, 2011 at the rate shown.

Fund Resources

Portfolio Managers

Randell Cain, CFA
Randell Cain, CFA

Randell Cain, CFA

Randell Cain, CFA

Randell Cain, CFA Principal and Portfolio Manager Randell Cain has been the lead portfolio manager of the Fund since the Fund’s inception. Mr. Cain joined Herndon in 2002 and is a Principal and Portfolio Manager for Herndon. Prior to joining Herndon, he worked as a portfolio manager at NCM Capital for five years. Mr. Cain received a BS from Morehouse College, a Bachelor of Industrial Engineering degree from Georgia Institute of Technology, an MBA from Harvard Business School and holds the Chartered Financial Analyst Designation.

Kenneth Holley, CFA
Kenneth Holley, CFA

Kenneth Holley, CFA

Kenneth Holley, CFA

Kenneth Holley, CFA Principal, Chief Investment Officer and Portfolio Manager Kenneth Holley has been the co-portfolio manager of the Fund since the Fund’s inception. Mr. Holley joined Herndon in 2002 and is a Principal and the Chief Investment Officer of Herndon. Prior to joining Herndon, he worked at Morgan Stanley Asset Management as a portfolio manager. Mr. Holley received a BS from University of Pennsylvania, a MBA from the Wharton School of Business and holds the Chartered Financial Analyst Designation.

Investment Style

The Aston/Herndon Large Cap Value Fund seeks to provide long-term capital appreciation.

Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its assets in securities of large-cap companies that the portfolio managers believe are undervalued compared to their perceived worth. Value companies tend to have stock prices that are low relative to their earnings, dividends, assets or other financial measures. The subadviser defines large-cap companies as companies with a market capitalization, at the time of acquisition, within the range of market capitalizations of companies constituting the Russell 1000 Index. As of February 28, 2010, the market capitalization range of the Russell 1000 Index was approximately $238 million to $317 billion.

The portfolio managers combine a value-oriented approach with fundamental analysis to seek to identify companies primarily from the Russell 1000 Index that they believe have strong fundamentals and are undervalued relative to other companies comprising the Russell 1000 Index. Companies that meet minimum capitalization and quality screens are evaluated and ranked based on a number of fundamental metrics. The portfolio managers seek to construct a portfolio that has the following characteristics relative to the Russell 1000 Index:

  • higher quality
  • higher dividend growth rates
  • lower valuation
  • stronger earnings growth
  • lower volatility

To manage risk, the portfolio managers seek to limit sector and security exposure, maintain sector diversification, maintain a bias towards liquidity and adhere to a disciplined sell process.

Note: Value investing involves buying the stocks of companies that are out of favor or are undervalued. This may adversely affect the Fund's value and return.

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Fund Stats (as of 6/30/10) N
Origin Of InformationBaseline
Sales LoadNone
Total Fund Assets902,536.75
Turnover16
Minimum Investment2,500
Current Wtd Average P/E (trailing)10.4
Current Wtd Average P/B (trailing)1.9
Median Mkt Cap ($Mil)6,387
Sector Breakdown (as of 7/31/10)
Financials
19.61%
Consumer Staples
18.17%
Energy
17.43%
Health Care
14.60%
Consumer Discretionary
7.35%
Industrials
6.47%
Information Technology
5.99%
Materials
4.96%
Utilities
4.19%
Telecommunication Services
1.76%
Cash Equivalents & Other
-0.52%
Top Ten Holdings (as of 7/31/10)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
TJX COMPANIES INC TJX 872540109 791 $32,842.32 3.43%
EXXON MOBIL CORP XOM 30231G102 543 $32,406.25 3.38%
COPA HOLDINGS SA-CLASS A CPA P31076105 617 $31,868.05 3.33%
WATERS CORP WAT 941848103 396 $25,407.36 2.65%
WADDELL & REED FINANCIAL-A WDR 930059100 998 $23,782.34 2.48%
ALTRIA GROUP INC MO 02209S103 1,073 $23,777.68 2.48%
SUNOCO INC SUN 86764P109 665 $23,720.55 2.48%
KINETIC CONCEPTS INC KCI 49460W208 665 $23,614.15 2.47%
EATON VANCE CORP EV 278265103 769 $23,039.24 2.41%
TORCHMARK CORP TMK 891027104 420 $22,289.40 2.33%
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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