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ASTON/River Road Small Cap Value Fund

 NI
CUSIP 00078H12500080Y504
Ticker ARSVXARSIX
Share Class Inception 6/28/200512/13/2006
Gross Exp Ratio (%) 1.371.12
Net Exp Ratio (%) 1.341.09
NAV13.3113.38
NAV Change (%) 0.45 0.45
Dividend Frequency Annual
Benchmark Russell 2000 Value Index
Morningstar Category Small Blend

Overall Morningstar Rating

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

Among 616 Small Blend 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

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.

R. Andrew Beck
R. Andrew Beck

R. Andrew Beck

R. Andrew Beck

R. Andrew Beck is President, CEO and Senior Portfolio Manager of River Road Asset Management. Mr. Beck has 14 years of investment experience. He received his BS in Finance from the University of Louisville and his MBA from the F.W. Olin School at Babson College.

J. Justin  Akin
J. Justin Akin

J. Justin Akin

J. Justin  Akin

Mr. Akin serves as Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios. Prior to joining River Road, Mr. Akin worked with the firm’s founders at Commonwealth SMC as Equity Research Analyst for the Small Cap Value and Dividend All-Cap Value Portfolios.

Mr. Akin graduated from Centre College with a B.S. in Economics. Mr. Akin is a member of the CFA Institute and the CFA Society of Louisville.

Investment Strategy

The ASTON/River Road Small Cap Value Fund employs a bottom-up, absolute-value driven fundamental approach in selecting small-cap stocks.

Objective

The Fund seeks to provide 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 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)$48,335,122.04$247,324,270.86
Turnover 58%58%
Minimum Investment 2,5001,000,000
Alpha (3 yr.) -0.060.26
Beta (3 yr.) 0.820.82
R-Squared (3 yr.) 92.392.3
Standard Dev (3 yr.) 12.5112.46
Sharpe Ratio (3 yr.) 1.31.32
Current Wtd Average P/E (trailing) 19.1519.15
Current Wtd Average P/B (trailing) 1.531.53
Median Mkt Cap ($Mil) 887887
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 9/30/14)
Industrials
17.98%
Information Technology
16.39%
Financials
15.92%
Consumer Discretionary
15.22%
Cash Equivalents & Other
9.47%
Energy
8.36%
Health Care
5.40%
Materials
4.50%
Telecommunication Services
3.81%
Consumer Staples
2.94%
Top 10 Holdings (as of 9/30/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
WHITE MOUNTAINS INSURANCE GROUP LTD WTM 2339252 16,268 $10,249,978.76 3.75%
MYRIAD GENETICS INC MYGN 62855J104 180,352 $6,956,176.64 2.54%
CSG SYSTEMS INTERNATIONAL INC CSGS 126349109 253,120 $6,651,993.60 2.43%
UNIFIRST CORP/MA UNF 904708104 63,583 $6,141,481.97 2.25%
BLACKHAWK NETWORK HOLDINGS INC HAWK 09238E104 171,967 $5,571,730.80 2.04%
BRINK'S CO/THE BCO 109696104 227,064 $5,458,618.56 2.00%
EVOLUTION PETROLEUM CORP EPM 30049A107 573,483 $5,264,573.94 1.92%
FNFV GROUP FNFV 31620R402 376,140 $5,175,686.40 1.89%
TELEPHONE & DATA SYSTEMS INC TDS 879433829 215,050 $5,152,598.00 1.88%
ASCENA RETAIL GROUP INC ASNA 04351G101 386,428 $5,139,492.40 1.88%
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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