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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 (%) 2.622.37
Net Exp Ratio Excluding Div. & Int. Exp on Short Sales and Acq. Fund Fees 1 1.701.45
NAV11.4611.53
NAV Change (%) 0.26 0.26
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 175 Long/Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 6/30/15.

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

 

Fund Stats (as of 6/30/15) N SharesI Shares
Origin Of Information BNY Mellon/ FactSetBNY Mellon/ FactSet
Sales Load NoneNone
Total Net Assets (7/31/15)$41,835,315.13$62,577,555.62
Turnover 303%303%
Minimum Investment N/AN/A
Alpha (3 yr.) -3.16-2.92
Beta (3 yr.) 0.570.57
R-Squared (3 yr.) 52.6552.84
Standard Dev (3 yr.) 6.88-
Sharpe Ratio (3 yr.) 0.94-
Current Wtd Average P/E (trailing) 15.6615.66
Current Wtd Average P/B (trailing) 2.562.56
Median Mkt Cap ($Mil) 5,7105,710
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 6/30/2015)
Consumer Discretionary
34.70%
Cash Equivalents & Other
34.62%
Information Technology
18.91%
Financials
10.62%
Consumer Staples
2.88%
Health Care
2.14%
Industrials
1.92%
Telecommunication Services
0.43%
Utilities
-1.64%
Energy
-1.68%
Materials
-2.90%
Top 10 Holdings (as of 6/30/2015)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
COMCAST CORP CMCSA 20030N101 87,359 $5,253,770.26 4.88%
TWENTY-FIRST CENTURY FOX INC FOXA 90130A101 143,781 $4,679,352.65 4.35%
OAKTREE CAPITAL GROUP LLC OAK 674001201 82,139 $4,368,152.02 4.06%
MOTOROLA SOLUTIONS INC MSI 620076307 72,149 $4,137,023.66 3.84%
MICROSOFT CORP MSFT 594918104 89,493 $3,951,115.95 3.67%
BLACKHAWK NETWORK HOLDINGS INC HAWK 09238E104 90,596 $3,732,555.20 3.47%
WW GRAINGER INC GWW 384802104 15,510 $3,670,441.50 3.41%
WEYERHAEUSER CO WY 962166104 115,784 $3,647,196.00 3.39%
UNIFIRST CORP/MA UNF 904708104 32,489 $3,633,894.65 3.38%
AMERICAN EXPRESS CO AXP 025816109 45,170 $3,510,612.40 3.26%
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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