Aston Asset Management, LP (“Aston”) is pleased to announce that it will partner with Pictet Asset Management Limited (“Pictet”) and Guardian Capital LP (“Guardian”) to offer two new mutual funds. The ASTON/Pictet International Fund will invest primarily in companies headquartered in the developed markets of Europe, Australasia, and Far East (EAFE), while the ASTON/Guardian Capital Global Dividend Fund will invest in a diversified portfolio of both U.S. and non-U.S. dividend-paying securities across all market capitalizations.
Pictet Asset Management is the institutional investment arm of The Pictet Group, a 200-year old Geneva-based private bank. It maintains a worldwide presence with more than 600 professionals in seven investment management centers across the globe. Pictet believes in disciplined active management through bottom-up stocks selection and seeks to identify stocks trading at a discount to its calculation of intrinsic value.
Toronto-based Guardian has been managing institutional assets since 1962. It believes that quality dividend growth is a worthy proxy for corporate growth and a critical element in picking stocks. The firm prefers to analyze stocks globally to focus on its best ideas within sectors, regardless of geography.
“For a long time we have been searching for exceptional investment managers with distinct international and global strategies that would complement our existing mutual funds,” said Stuart D. Bilton, Chairman and Chief Executive Officer of Aston. “We are delighted that Pictet Asset Management, and Guardian Capital, will be subadvising these two new funds for Aston.”
Both Funds are expected to launch in mid-April 2014.
View Preliminary Prospectus (598 KB, PDF)
ASTON/Pictet International Fund
The Fund seeks to provide capital appreciation.
Principal Investment Strategies
Under normal circumstances, the Fund invests primarily in equity securities, principally common stocks, of non-U.S. companies. The Fund emphasizes companies whose principal activities are located in countries represented by the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index. Companies generally may be considered to have principal activities in a country if they are organized or headquartered in such country or their stock principally trades in markets located in such country. The Fund may invest in securities of companies that are listed, or whose principal business activities are located in emerging market countries. The Fund may invest to a more limited extent in other developed countries such as the United States or Canada.
The portfolio manager seeks to build a portfolio of companies that trade below their underlying ("intrinsic") value at the time of purchase. To identify such stocks, the investment process utilizes bottom-up fundamental analysis that focuses on future growth in cash generation and cash returns on the capital employed in the business. Because the portfolio is focused on both growth and valuation, the portfolio has Growth at a Reasonable Price ("GARP") characteristics. The portfolio manager calculates an intrinsic value for candidate companies using complimentary long-term forecasting techniques, and to establish an investment thesis with clearly identified investment drivers. The portfolio manager builds and maintains a portfolio that seeks to combine high conviction ideas, while diversifying their underlying investment drivers. The Fund’s regional and country allocations, industry sector allocations and market capitalization ranges are a result of the bottom-up selection process. The Fund does not expect to purchase or sell foreign currencies to hedge against declines in the U.S. dollar or to lock in the value of foreign securities that it purchases. The portfolio manager adheres to a sell discipline by monitoring performance, target price levels, risk and the overall investment case of the stocks in the portfolio.
The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
The Fund is newly formed and does not have an operating history. You could lose money by investing in the Fund. Foreign and emerging market securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a company’s earnings growth rate. Growth stocks are generally more sensitive to investor perceptions and market moves and thus may be more volatile than other stocks.
ASTON/Guardian Capital Global Dividend Fund
The Fund seeks to provide long-term capital appreciation and current income.
Principal Investment Strategies
Under normal circumstances, the Fund invests primarily in a diversified portfolio of dividend-paying equity securities of both U.S. and non-U.S. companies. In selecting securities for the Fund, the portfolio manager primarily relies on bottom-up analysis and seeks to identify companies that it believes have the potential for growth of income and capital appreciation over time, with a particular emphasis on companies that the portfolio manager believes have the ability to grow earnings and a willingness to increase dividends. The portfolio manager believes that focusing on dividend-paying equity securities may tend to stabilize the volatility inherent in equity securities. The Fund may invest in companies of all sizes, but the investment process is expected to result in a bias towards larger capitalization companies. The Fund will invest in at least 5 countries other than the United States.
The Fund’s portfolio will be diversified across the ten global sectors of the Morgan Stanley Capital International (MSCI) World Index.
The Fund does not expect to purchase or sell foreign currencies to hedge against declines in the U.S. dollar or to lock in the value of foreign securities that it purchases. The Fund may invest in real estate investment trusts (“REITs”) and royalty income trusts.
The Fund is newly formed and does not have an operating history. You could lose money by investing in the Fund. Foreign and emerging market securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls. The Fund may be subject to investment style risk in that returns from dividend-paying, larger-capitalization stocks can trail returns from the overall stock market for extended periods. Securities of REITs are subject to risks inherent in the real estate market and may be adversely affected during periods of rising interest rates.
THE ASTON/PICTET INTERNATIONAL FUND AND THE ASTON/GUARDIAN CAPITAL GLOBAL DIVIDEND FUND ARE NOT AVAILABLE FOR INVESTMENT AT THIS TIME.
REGISTRATION STATEMENTS RELATING TO THE FUND HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, BUT HAVE NOT YET BECOME EFFECTIVE AND ARE SUBJECT TO CHANGE.
SHARES OF THE FUND MAY NOT BE SOLD, NOR MAY OFFERS TO BUY BE ACCEPTED, PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE.
THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALES OF THE FUNDS’ SHARES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
AS NOTED IN THE FILINGS, THE FUNDS ARE TENTATIVELY SCHEDULED TO LAUNCH MID APRIL 2014. PLEASE VISIT THIS WEBSITE FOR FUTURE UPDATES ON THE FUND.
NO OFFER TO BUY THE SECURITIES OF THE ASTON/PICTET INTERNATIONAL FUND AND THE ASTON/GUARDIAN CAPITAL GLOBAL DIVIDEND FUND CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE REGISTRATION STATEMENT HAS BECOME EFFECTIVE, AND ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME PRIOR TO NOTICE OF THIS ACCEPTANCE GIVEN AFTER THE EFFECTIVE DATE.
You should consider the investment objective, risks, charges and expenses of the funds carefully before investing. A preliminary prospectus with this and other information about the fund can be obtained at the top of the page or by calling 800-992-8151. The preliminary prospectus is incomplete and subject to change. Please read the final prospectus or summary prospectus carefully before investing. Aston Funds are distributed by Foreside Funds Distributors LLC.