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ASTON/River Road Independent Value Fund

CUSIP 00080Y61100080Y579
Share Class Inception 12/31/20106/1/2011
Gross Exp Ratio (%) 1.461.21
Net Exp Ratio (%) 1.421.17
NAV Change (%) 0.10 0.20
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 365 Small Value funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 9/30/15.

Portfolio Manager

Eric Cinnamond, CFA
Eric Cinnamond, CFA

Eric Cinnamond, CFA

Mr. Cinnamond is a Vice President of River Road Asset Management, and has been the Portfolio Manager of the Fund since its December 2010 inception. Prior to joining the firm, he served as a portfolio manager at Intrepid Capital Management from 1998 to 2010. He 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.


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 9/30/15) N SharesI Shares
Origin Of Information BNY Mellon/ FactSetBNY Mellon/ FactSet
Sales Load NoneNone
Total Net Assets (11/30/15)$237,689,462.70$107,411,814.18
Turnover 91%91%
Minimum Investment N/AN/A
Alpha (3 yr.) -1.91-1.63
Beta (3 yr.) 0.190.19
R-Squared (3 yr.) 20.2619.36
Standard Dev (3 yr.) 5.495.56
Sharpe Ratio (3 yr.) -0.020.03
Current Wtd Average P/E (trailing) 16.5516.55
Current Wtd Average P/B (trailing) 0.790.79
Median Mkt Cap ($Mil) 986986
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 10/31/15)
Cash Equivalents & Other
Information Technology
Consumer Staples
Top 10 Holdings (as of 10/31/15)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
PAN AMERICAN SILVER CORP PAAS 697900108 1,455,048 $11,014,713.36 3.07%
ALAMOS GOLD INC AGI 11532108 2,844,511 $10,922,922.24 3.04%
EMPIRE DISTRICT ELECTRIC CO/THE EDE 291641108 415,028 $9,358,881.40 2.61%
NEW GOLD INC NGD 644535106 2,730,237 $6,689,080.65 1.86%
QEP RESOURCES INC QEP 74733V100 196,713 $3,041,182.98 0.84%
BENCHMARK ELECTRONICS INC BHE 08160H101 103,367 $2,044,599.26 0.57%
UNIT CORP UNT 909218109 139,292 $1,756,472.12 0.49%
BALDWIN & LYONS INC BWINB 57755209 74,160 $1,722,736.80 0.48%
CSG SYSTEMS INTERNATIONAL INC CSGS 126349109 50,740 $1,700,804.80 0.47%
SYKES ENTERPRISES INC SYKE 871237103 57,398 $1,664,542.00 0.46%
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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