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ASTON/River Road Independent Value Fund

 NI
CUSIP 00080Y61100080Y579
Ticker ARIVXARVIX
Share Class Inception 12/31/20106/1/2011
Gross Exp Ratio (%) 1.481.23
Net Exp Ratio (%) 1.421.17
NAV10.9311.02
NAV Change (%) 0.73 0.81
Dividend Frequency Annual
Benchmark Russell 2000 Value Index
Morningstar Category Small Value

Overall Morningstar Rating

ASTON/River Road Independent Value  Shares received a Morningstar rating.

Among 334 Small 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 Manager

Eric Cinnamond, CFA
Eric Cinnamond, CFA

Eric Cinnamond, CFA

Eric Cinnamond, CFA, is a Vice President and Portfolio Manager of River Road’s independent value investment strategy. Mr. Cinnamond has 17 years of investment industry experience. Prior to joining River Road, Mr. Cinnamond served as Portfolio Manager at Intrepid Capital Management from 1998 to 2010. Prior to Intrepid Capital Management, Mr. Cinnamond was a Co-Portfolio Manager and Analyst at Evergreen Asset Management from 1996-1998. Mr. Cinnamond received his BBA in Finance from Stetson University, his MBA from the University of Florida and he holds the Chartered Financial Analyst designation.

Investment Strategy

The Fund employs bottom-up fundamental research in seeking strong businesses trading for less than their intrinsic value. The portfolio manager generally emphasizes a high quality portfolio and seeks absolute returns while minimizing downside portfolio risk. As a result, the Fund’s returns may vary significantly from its benchmark index.

Objective

The Fund seeks to provide long-term total return.

Risk Considerations

Small- and Mid-cap stocks are considered riskier than large-cap stocks due to greater potential volatility and less liquidity.  Value investing often involves buying the stocks of companies that are currently out of favor 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 (10/30/14)$287,646,524.84$383,763,884.98
Turnover 77%77%
Minimum Investment N/AN/A
Alpha (3 yr.) 4.925.17
Beta (3 yr.) 0.890.89
R-Squared (3 yr.) 87.8887.79
Standard Dev (3 yr.) 15.2915.32
Sharpe Ratio (3 yr.) 1.551.56
Current Wtd Average P/E (trailing) 19.6819.68
Current Wtd Average P/B (trailing) 0.950.95
Median Mkt Cap ($Mil) 1,0211,021
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 9/30/14)
Cash Equivalents & Other
74.36%
Materials
11.00%
Information Technology
8.77%
Energy
2.91%
Financials
0.75%
Industrials
0.74%
Health Care
0.61%
Consumer Staples
0.52%
Utilities
0.35%
Top 10 Holdings (as of 9/30/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
SYKES ENTERPRISES INC SYKE 871237103 1,141,182 $22,800,816.36 3.29%
PAN AMERICAN SILVER CORP PAAS 697900108 2,022,891 $22,211,343.18 3.21%
AURICO GOLD INC AUQ 05155C105 6,078,206 $21,212,938.94 3.06%
NEW GOLD INC NGD 644535106 3,997,942 $20,189,607.10 2.92%
CONVERGYS CORP CVG 212485106 702,554 $12,519,512.28 1.81%
CSG SYSTEMS INTERNATIONAL INC CSGS 126349109 455,494 $11,970,382.32 1.73%
SILVER STANDARD RESOURCES INC SSRI 82823L106 1,423,898 $8,685,777.80 1.25%
BENCHMARK ELECTRONICS INC BHE 08160H101 343,535 $7,629,912.35 1.10%
QEP RESOURCES INC QEP 74733V100 224,731 $6,917,220.18 1.00%
CONTANGO OIL & GAS CO MCF 21075N204 206,830 $6,875,029.20 0.99%
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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