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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 (%) 1.641.39
Net Exp Ratio (%) 1.421.17
NAV10.6410.66
NAV Change 0.37 0.47
Dividend Frequency Annual
Benchmark Russell 2000 Value Index
Morningstar Category Mid-Cap Value

Fund Resources

Portfolio Manager

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 is closed to new investors. Please see current prospectus for exceptions.

The ASTON/River Road Independent Value Fund seeks to provide attractive returns using a bottom-up fundamental approach to undervalued small capitalization stocks.

Idea Generation

  • Market capitalization of between $100 million and $5 billion
  • Screen for profitability over a market cycle

Fundamental Research

  • High quality – Long operating history, established market share, strong balance sheet and cashflow
  • Attractive valuations – Discount to net asset value and obtainable growth rates
  • High confidence – Sustainable free cash flow, conservative valuation assumptions 

Risk Controls

  • Broad industry and sector diversification
  • Strict sell discipline based on price targets

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 3/31/12) N SharesI Shares
Total Net Assets (5/18/12)$342,444,064.18$250,254,697.68
Sector Breakdown (as of 4/30/12)
Cash Equivalents & Other		52.35%
Health Care		10.26%
Consumer Discretionary		9.86%
Information Technology		7.48%
Energy		5.32%
Consumer Staples		3.55%
Financials		3.32%
Materials		2.92%
Industrials		2.67%
Utilities		2.26%
Top Ten Holdings (as of 4/30/12)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
OWENS & MINOR INC OMI 690732102 649,984 $19,005,532.16 3.14%
CORE-MARK HOLDING CO INC CORE 218681104 461,992 $17,832,891.20 2.95%
PAN AMERICAN SILVER CORP PAAS 697900108 904,425 $17,645,331.75 2.92%
BILL BARRETT CORP BBG 06846N104 681,759 $16,348,580.82 2.70%
POTLATCH CORP PCH 737630103 519,574 $16,262,666.20 2.69%
ICU MEDICAL INC ICUI 44930G107 301,267 $15,813,504.83 2.61%
COVANCE INC CVD 222816100 323,691 $15,135,791.16 2.50%
VALASSIS COMMUNICATIONS INC VCI 918866104 729,203 $14,584,060.00 2.41%
EPIQ SYSTEMS INC EPIQ 26882D109 1,217,046 $13,825,642.56 2.28%
CSG SYSTEMS INTL INC CSGS 126349109 959,465 $13,816,296.00 2.28%
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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