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ASTON/River Road Long-Short Fund

 NI
CUSIP 00080Y62900080Y462
Ticker ARLSXALSIX
Share Class Inception 5/4/20113/4/2013
Gross Exp Ratio (%) 2.592.34
Net Exp Ratio Excluding Div. & Int. Exp on Short Sales and Acq. Fund Fees 1 1.701.45
NAV11.3511.40
NAV Change (%) 0.00 0.00
Dividend Frequency Annual
Benchmark Russell 3000 Index
Morningstar Category Long/Short Equity

1 The Advisor is contractually obligated to waive management fee and/or reimburse ordinary expenses through February 28, 2015. The total operating expenses are 2.43% for Class-N and 2.18% for Class-I. Total operating expenses includes dividend and interest expense on short sales of 0.68% and acquired fund fees of 0.05%,which are not included in the net expense ratio.

Overall Morningstar Rating

ASTON/River Road Long-Short  Shares received a Morningstar rating.

Among 149 Long/Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 10/31/14.

Portfolio Managers

Matthew Moran, CFA
Matthew Moran, CFA

Matthew Moran, CFA

Matthew Moran, CFA

Mr. Matthew W. Moran, CFA has been the lead portfolio manager since the Fund’s inception and is a Portfolio Manager at River Road. Mr. Moran has 10 years of investment industry experience. Prior to joining River Road Mr. Moran was employed by Morningstar from 2005 to 2006, as an equity analyst. Mr. Moran was employed by Citigroup as an associate from 2001 to 2005. He received his BS in Finance from Bradley University, his MBA from the University of Chicago Booth School of Business, and he holds the Chartered Financial Analyst designation.

Daniel  Johnson, CFA
Daniel Johnson, CFA

Daniel Johnson, CFA

Daniel  Johnson, CFA

Mr. Johnson serves as a Portfolio Manager. Prior to joining River Road, Mr. Johnson served as a public accountant with PricewaterhouseCoopers. He received his B.S. in Accounting and Masters of Accountancy from the University of Kentucky. Mr. Johnson holds the Certified Public Accountant and Chartered Financial Analyst designations.

Investment Strategy

The ASTON/River Road Long-Short Fund seeks to provide equity-like returns with reduced volatility and emphasis on capital preservation by taking long and short equity positions using a value-driven, bottom-up approach.

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Objective

The Fund seeks to provide absolute return while minimizing volatility over a full market cycle.

Risk Considerations

Short sales may involve the risk that the fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. A loss incurred on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. Value investing often involves buying the stocks of companies that are currently out of favor that may decline further. Investing in exchange traded and closed end funds are subject to additional risk that shares of the underlying fund may trade at a premium or discount to their net asset value per share. Convertible preferred securities are subject to the risks of equity securities and fixed income securities. Derivatives can be highly volatile and involve risk in addition to the risk of the underlying reference security. Investing in the securities of foreign issuers involves special risks and considerations not typically associated with investing in U.S. companies.

Note: Please see profile sheet for Sector Breakdown and Top Ten Holdings.

Long Holdings

 

Fund Stats (as of 9/30/14) N SharesI Shares
Origin Of Information BNY Mellon/ FactSetBNY Mellon/ FactSet
Sales Load NoneNone
Total Net Assets (11/25/14)$101,481,131.56$103,474,759.94
Turnover 263%263%
Minimum Investment N/AN/A
Alpha (3 yr.) -0.8N/A
Beta (3 yr.) 0.47N/A
R-Squared (3 yr.) 65.21N/A
Standard Dev (3 yr.) 6.46N/A
Sharpe Ratio (3 yr.) 1.45N/A
Current Wtd Average P/E (trailing) 18.0418.04
Current Wtd Average P/B (trailing) 2.672.67
Median Mkt Cap ($Mil) 3,1053,105
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 9/30/2014)
Cash Equivalents & Other
42.78%
Consumer Discretionary
20.02%
Information Technology
15.31%
Industrials
5.82%
Consumer Staples
5.40%
Financials
4.13%
Diversified
3.01%
Energy
1.92%
Health Care
1.53%
Utilities
1.18%
Materials
-1.10%
Top 10 Holdings (as of 9/30/2014)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
EBAY INC EBAY 278642103 185,313 $10,494,275.19 3.96%
NESTLE SA NSRGY 641069406 138,966 $10,232,066.58 3.87%
OAKTREE CAPITAL GROUP LLC OAK 674001201 185,349 $9,471,333.90 3.58%
COMCAST CORP CMCSA 20030N101 165,436 $8,897,148.08 3.36%
TWENTY-FIRST CENTURY FOX INC FOXA 90130A101 249,556 $8,557,275.24 3.23%
QUALCOMM INC QCOM 747525103 111,299 $8,321,826.23 3.14%
LIBERTY MEDIA CORP LMCK 531229300 174,593 $8,204,125.07 3.10%
INTERNATIONAL SPEEDWAY CORP ISCA 460335201 258,024 $8,163,879.36 3.08%
WEYERHAEUSER CO WY 962166104 250,175 $7,970,575.50 3.01%
WW GRAINGER INC GWW 384802104 30,923 $7,781,772.95 2.94%
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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