ASTON/River Road Small Cap Value Fund
| N | I | |
|---|---|---|
| CUSIP | 00078H125 | 00080Y504 |
| Ticker | ARSVX | ARSIX |
| Share Class Inception | 6/28/2005 | 12/13/2006 |
| Gross Exp Ratio (%) | 1.52 | 1.27 |
| Net Exp Ratio (%) | 1.37 | 1.12 |
| NAV | 12.69 | 12.73 |
| NAV Change |  0.78 | 0.78 |
| Dividend Frequency | Annual |
| Benchmark | Russell 2000 Value Index |
| Morningstar Category | Small Value |
Overall Morningstar Rating™
Among 584 Small Blend funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 4/30/12.
Fund Resources
Portfolio Managers
James C. Shircliff, CFA
James C. Shircliff, CFA
Mr. Shircliff is the CEO and Chief Investment Officer of River Road. Prior to founding River Road, he served as a Portfolio Manager and Director of Research for SMC Capital Inc., an affiliate of Commonwealth Trust Company (Commonwealth SMC) from 1998 to 2005. He has also served as a Special Situations Analyst and Fund Manager for Oppenheimer Management Company and as a Partner and Director of Research for Southeastern Asset Management. Mr. Shircliff has more than 30 years of investment management experience. He received his BS from the University of Louisville.
R. Andrew Beck
R. Andrew Beck
Mr. Beck is President & CEO of River Road. Prior to co-founding River Road, he was a Senior Vice President and Portfolio Manager for SMC Capital, Inc. (Commonwealth SMC) from 1999 to 2005. Mr. Beck received his BS from the University of Louisville and his MBA from Babson College.
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 3/31/12) | N Shares | I Shares |
|---|---|---|
| Origin Of Information | The Bank of New York Mellon Corporation and FactSet Research Systems | The Bank of New York Mellon Corporation and FactSet Research Systems |
| Sales Load | None | None |
| Total Net Assets (5/22/12) | $45,910,587.24 | $236,674,443.51 |
| Turnover | 33% | 33% |
| Minimum Investment | 2,500 | 1,000,000 |
| Alpha (3 yr.) | 0.84 | 1.08 |
| Beta (3 yr.) | 0.71 | 0.71 |
| R-Squared (3 yr.) | 0.94 | 0.94 |
| Standard Dev (3 yr.) | 16.42 | 16.37 |
| Sharpe Ratio (3 yr.) | 0.32 | 0.32 |
| Current Wtd Average P/E (trailing) | 16.80 | 16.80 |
| Current Wtd Average P/B (trailing) | 1.55 | 1.55 |
| Median Mkt Cap ($Mil) | 840 | 840 |
| Average Wtd Coupon | N/A | N/A |
| Effective Maturity | N/A | N/A |
| Sector Breakdown (as of 4/30/12) | |
|---|---|
| Consumer Discretionary | 25.18% |
| Industrials | 16.23% |
| Information Technology | 13.94% |
| Financials | 13.31% |
| Health Care | 8.93% |
| Consumer Staples | 7.87% |
| Energy | 6.37% |
| Cash Equivalents & Other | 3.83% |
| Materials | 2.26% |
| Utilities | 1.32% |
| Telecommunication Services | 0.77% |
| Top Ten Holdings (as of 4/30/12) | |||||
|---|---|---|---|---|---|
| Company | Ticker | CUSIP | Number of Shares | Market Value | % of Net Assets |
| WHITE MOUNTAINS INSURANCE GP | WTM | G9618E107 | 22,640 | $11,840,720.00 | 3.95% |
| HARRIS TEETER SUPERMARKETS I | HTSI | 414585109 | 301,389 | $11,443,740.33 | 3.82% |
| MADISON SQUARE GARDEN CO-A | MSG | 55826P100 | 306,720 | $11,032,718.40 | 3.68% |
| BIG LOTS INC | BIG | 89302103 | 296,520 | $10,864,492.80 | 3.63% |
| GEO GROUP INC/THE | GEO | 36159R103 | 493,960 | $10,229,911.60 | 3.42% |
| NEUSTAR INC-CLASS A | NSR | 64126X201 | 267,070 | $9,707,994.50 | 3.24% |
| DST SYSTEMS INC | DST | 233326107 | 171,210 | $9,584,335.80 | 3.20% |
| ICU MEDICAL INC | ICUI | 44930G107 | 152,280 | $7,993,177.20 | 2.67% |
| RENT-A-CENTER INC | RCII | 76009N100 | 228,865 | $7,829,471.65 | 2.61% |
| UNIFIRST CORP/MA | UNF | 904708104 | 116,503 | $7,078,722.28 | 2.36% |
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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