Fund Facts
# of Holdings
Net AUM
Primary Benchmark
Oldest Share Class Inception
Mid-Caps - “Sweet Spot” of the Market
We believe mid-caps offer an attractive opportunity to capitalize on pricing inefficiencies. Compared to larger-cap companies, many mid-caps are underfollowed by Wall Street analysts. Yet, mid-caps generally possess stronger balance sheets to withstand economic weakness and have deeper, more experienced management teams than their smaller-cap counterparts.
Focus on Well-Capitalized Businesses
As bottom-up, fundamental managers, the Portfolio Managers seek well-capitalized mid-sized businesses that fit the following criteria:
- Own strong, market-leading franchises with high barriers to entry.
- Generate significant free cash flow.
- Possess robust balance sheets.
- Run by strong management teams with track records of deploying free cash flow in shareholder-friendly ways.
We believe these companies have the potential to provide attractive risk-adjusted returns over a full market cycle.
Investment Management
Reasons to Invest
-
1
Capitalize on Market Inefficiencies
We believe mid-cap stocks are the “sweet spot” of the market. Compared to larger peers, many mid-caps are underfollowed by Wall Street, providing an opportunity to capitalize on pricing inefficiencies. -
2
Focus on Well-Capitalized Businesses
Companies with robust balance sheets and significant free cash flow have the potential to provide less downside risk than their peers. -
3
Invest with Experience
Founded in 1973, Sub-Advisor Corbyn Investment Management provides investment management services through separately managed accounts and mutual funds.
Fund Performance (%)
As of 11/30/24
| Class | MTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception |
|---|---|---|---|---|---|---|---|
| Institutional Class | 7.61 | 23.36 | 32.92 | 9.48 | 10.94 | 8.18 | 9.29 |
| Russell Midcap Index | 8.82 | 24.07 | 33.66 | 7.77 | 12.05 | 10.45 | - |
| Blended Benchmark | -0.65 | 11.16 | 21.92 | 18.08 | 45.63 | 95.36 | - |
As of 9/30/24
| Class | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception |
|---|---|---|---|---|---|---|---|
| Institutional Class | 5.78 | 13.86 | 25.09 | 7.80 | 9.84 | 7.19 | 9.12 |
| Russell Midcap Index | 9.21 | 14.63 | 29.33 | 5.75 | 11.30 | 10.19 | - |
| Blended Benchmark | 6.68 | 11.89 | 20.02 | 6.99 | 8.16 | 7.19 | - |
Expense Ratio: 1.16%
Prior to the close of business on 8/11/23, the Fund was managed as a mixed-asset fund investing in both equities and fixed income securities and had income as a secondary investment objective of obtaining income.
Prior to the reorganization, the Fund’s benchmark consisted of a weighted average comprised of 60% Russell 3000 Value Index, 30% ICE BAML 1-3yr BB Cash Pay High Yield Index, and 10% ICE BAML 3-month T-Bill Index (rebalanced monthly).
Hypothetical Growth of $10,000 As of 9/30/24
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Effective at the close of business on 8/11/23, the Greenspring Fund (the Predecessor Fund), reorganized into the Fund. Following the reorganization, the Fund made certain changes to its principal investment strategies. Accordingly, performance information shown prior to the close of business on 8/11/23, is based on the Predecessor Fund’s principal investment strategies, and may not be representative of the Fund’s performance under its current principal investment strategies. The returns for Institutional Class shares reflect the returns of the Predecessor Fund. The Fund has adopted the Financial Statements of the Predecessor Fund.
Portfolio As of 9/30/24
Sector Weightings
| Sector | Exposure | |
|---|---|---|
| Industrials | 38.4% | |
| Information Technology | 15.2% | |
| Financials | 11.0% | |
| Consumer Staples | 8.1% | |
| Communication Services | 6.7% | |
| Materials | 5.8% | |
| Health Care | 4.6% | |
| Consumer Discretionary | 4.6% | |
| Energy | 2.8% | |
| Real Estate | 1.3% | |
| Utilities | 1.1% |
Excludes cash.
Top 10 Holdings
| Holding | Percent |
|---|---|
| Republic Services, Inc. | 9.1% |
| EMCOR Group, Inc. | 8.9% |
| KBR, Inc. | 8.7% |
| Johnson Controls International PLC | 4.3% |
| Primo Water Corp. | 3.8% |
| MYR Group, Inc. | 4.9% |
| DuPont de Nemours, Inc. | 3.3% |
| W.R. Berkley Corp. | 3.2% |
| EOG Resources, Inc. | 2.5% |
| Primis Financial Corp. | 2.4% |
| Total | 51.1% |
Literature
| Document | Download |
|---|---|
| Fact Sheet | |
| Commentary | |
| Holdings |
| Document | Download |
|---|---|
| Summary Prospectus | |
| Prospectus | |
| Annual Report |