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ASTON/River Road Dividend All Cap Value Fund

 NI
CUSIP 00078H13300080Y876
Ticker ARDEXARIDX
Share Class Inception 6/28/20056/28/2007
Gross Exp Ratio (%) 1.100.85
Net Exp Ratio (%) 1.090.84
30 Day Yield (09/30/14) 2.30 2.56
NAV13.9313.92
NAV Change (%) 0.21 0.29
Dividend Frequency Monthly
Benchmark Russell 3000 Value Index
Morningstar Category Large Value

Overall Morningstar Rating

ASTON/River Road Dividend All Cap Value  Shares received a Morningstar rating.

Among 1092 Large Value funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 9/30/14.

Portfolio Managers

Henry W. Sanders, III, CFA
Henry W. Sanders, III, CFA

Henry W. Sanders, III, CFA

Henry W. Sanders, III, CFA

Mr. Henry W. Sanders, III, CFA is Executive Vice President and Founder of River Road Asset Management. Mr. Sanders has 24 years of investment experience. He received his BS from Bellarmine University and his MBA from Boston College.

Thomas S.  Forsha, CFA
Thomas S. Forsha, CFA

Thomas S. Forsha, CFA

Thomas S.  Forsha, CFA

Mr. Forsha serves as Co-Chief Investment Officer for River Road and Co-Portfolio Manager for River Road’s Dividend All-Cap Portfolios. Prior to joining River Road, Mr. Forsha served asEquity Analyst and Portfolio Manager for ABN AMRO Asset Management, USA, where he was responsible for management of the North American equity allocation of the firm’s Global High Income Equity Fund.

Mr. Forsha holds a B.S. in Finance from The Ohio State University’s Fisher College of Business and an M.B.A. from The University of Chicago Booth School of Business. He earned the Chartered Financial Analyst® designation in 2002 and is a member of the CFA Institute and the CFA Society of Louisville.

James C.  Shircliff, CFA
James C. Shircliff, CFA

James C. Shircliff, CFA

James C.  Shircliff, CFA

Mr. Shircliff has 40 years of investment management experience and serves as Chief Investment Officer for River Road. Additionally, Mr. Shircliff is Lead Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios and Co-Portfolio Manager for River Road’s Dividend All-Cap Value Portfolios. Prior to co-founding River Road, Mr. Shircliff served asEVP, Portfolio Manager and Director of Research for SMC Capital, Inc., a registered investment advisor and affiliate of Commonwealth Trust Company (Commonwealth SMC).

Mr. Shircliff began his career in 1973 as Research Analyst for First Kentucky Trust, where he later served as Director of Research. In 1983, he joined Oppenheimer Management Company as Special Situations Analyst and, later, Oppenheimer’s Target Fund as Portfolio Manager. In 1986, Mr. Shircliff joined Southeastern Asset Management (Longleaf Funds) as Partner, Portfolio Manager and Director of Research. In 1997, he joined SMC Capital, Inc., where he launched River Road’s Small Cap Value and Dividend All-Cap Value Portfolios.

Mr. Shircliff graduated from the University of Louisville with a B.S. in Finance. He earned the Chartered Financial Analyst® designation in 1978 and is a member of the CFA Institute and the CFA Society of Louisville.

Investment Strategy

The Fund is closed to new investors. Please see the Fund's prospectus for exceptions.

The ASTON/River Road Dividend All Cap Value Fund invests in a diversified, multi-cap portfolio of income producing equity securities with yields that portfolio managers believe will exceed the Russell 3000 Value Index.

Objective

The Fund seeks to provide high current income and, secondarily, long-term capital appreciation.

Risk Considerations

Small- and mid-cap stocks are considered riskier than large-cap stocks due to greater potential volatility and less liquidity. Value investing involves buying stocks that are out of favor and/or undervalued that may decline further.

Fund Stats (as of 9/30/14) N SharesI Shares
Origin Of Information BNY Mellon/ FactSetBNY Mellon/ FactSet
Sales Load NoneNone
Total Net Assets (10/29/14)$350,809,500.20$790,381,180.38
Turnover 35%35%
Minimum Investment 2,5001,000,000
Alpha (3 yr.) 0.460.73
Beta (3 yr.) 0.780.78
R-Squared (3 yr.) 85.5685.6
Standard Dev (3 yr.) 9.429.42
Sharpe Ratio (3 yr.) 1.871.89
Current Wtd Average P/E (trailing) 18.118.1
Current Wtd Average P/B (trailing) 2.352.35
Median Mkt Cap ($Mil) 12,25812,258
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 9/30/14)
Financials
14.52%
Information Technology
14.12%
Consumer Staples
13.56%
Consumer Discretionary
13.55%
Energy
12.28%
Industrials
11.70%
Telecommunication Services
6.30%
Health Care
5.08%
Utilities
4.45%
Materials
4.04%
Cash Equivalents & Other
0.40%
Top 10 Holdings (as of 9/30/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
MICROSOFT CORP MSFT 594918104 883,128 $40,941,814.08 3.53%
OCCIDENTAL PETROLEUM CORP OXY 674599105 389,746 $37,474,077.90 3.23%
INTEL CORP INTC 458140100 1,048,887 $36,522,245.34 3.15%
NATIONAL FUEL GAS CO NFG 636180101 517,844 $36,243,901.56 3.13%
VERIZON COMMUNICATIONS INC VZ 92343V104 667,622 $33,374,423.78 2.88%
PNC FINANCIAL SERVICES GROUP INC/THE PNC 693475105 357,603 $30,603,664.74 2.64%
QUALCOMM INC QCOM 747525103 386,721 $28,915,129.17 2.49%
IRON MOUNTAIN INC IRM 462846106 871,937 $28,468,743.05 2.45%
ADT CORP/THE ADT 00101J106 799,476 $28,349,418.96 2.44%
QUEST DIAGNOSTICS INC DGX 74834L100 443,517 $26,912,611.56 2.32%
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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