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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 (%) 2.932.68
Net Exp Ratio Excluding Div. & Int. Exp on Short Sales and Acq. Fund Fees 1 1.701.45
NAV11.0911.20
NAV Change (%) 0.18 0.18
Dividend Frequency Annual
Benchmark Russell 3000 Index
Morningstar Category Long-Short Equity

1

Overall Morningstar Rating

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

Among 170 Long-Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 7/31/16.

Portfolio Managers

Matthew Moran, CFA
Matthew Moran, CFA

Matthew Moran, CFA

Matthew Moran, CFA

Mr. Moran is a portfolio manager at River Road Asset Management, and has been the Lead Portfolio Manager on the Fund since its May 2011 inception. Prior to joining the firm in 2006, he was an equity analyst at Morningstar. 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

  • Long Holdings as of July 31, 2016 (82 KB, PDF)
  • Long Holdings as of May 31, 2016 (81 KB, PDF)
  • Long Holdings as of April 30, 2016 (29 KB, PDF)
  • Long Holdings as of February 29, 2016 (30 KB, PDF)
  • Long Holdings as of January 31, 2016 (26 KB, PDF)
  • Long Holdings as of November 30, 2015 (25 KB, PDF)
  • Long Holdings as of October 31, 2015 (25 KB, PDF)
  • Long Holdings as of August 31, 2015 (25 KB, PDF)
  • Long Holdings as of July 31, 2015 (30 KB, PDF)
  • Long Holdings as of May 31, 2015 (32 KB, PDF)
  • Long Holdings as of April 30, 2015 (31 KB, PDF)
  • Long Holdings as of February 28, 2015 (30 KB, PDF)
  • Long Holdings as of January 31, 2015 (30 KB, PDF)
  • Long Holdings as of November 30, 2014 (29 KB, PDF)
  • Long Holdings as of October 31, 2014 (29 KB, PDF)
  • Long Holdings as of August 31, 2014 (31 KB, PDF)
  • Long Holdings as of July 31, 2014 (30 KB, PDF)
  • Long Holdings as of May 30, 2014 (26 KB, PDF)
  • Fund Stats (as of 6/30/16) N SharesI Shares
    Total Net Assets (8/24/16)$9,633,747.87$36,053,034.25
    Top 10 Holdings (as of 6/30/2016)
    CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
    Oaktree Capital Group LLC OAK 674001201 42,330 $1,894,690.80 3.93%
    Liberty Ventures LVNTA 53071M880 48,863 $1,811,351.41 3.76%
    FNFV Group FNFV 31620R402 155,587 $1,784,582.89 3.70%
    PayPal Holdings Inc PYPL 70450Y103 47,521 $1,734,991.71 3.60%
    Comcast Corp, Class A CMCSA 20030N101 26,573 $1,732,293.87 3.59%
    Berkshire Hathaway Inc, Class B BRK/B 84670702 11,286 $1,634,099.94 3.39%
    Microsoft Corp MSFT 594918104 30,845 $1,578,338.65 3.27%
    Liberty Broadband Corp LBRDK 530307305 25,567 $1,534,020.00 3.18%
    Boston Beer Co Inc, Class A SAM 100557107 8,846 $1,512,931.38 3.14%
    Liberty SiriusXM Group LSXMK 531229607 48,946 $1,510,963.02 3.13%
    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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