Investment Strategy

Seeks to provide long-term appreciation through exposure to domestic equities that we believe have better quality, valuation, momentum, and Shareholder Yield — which combines a company's annual dividend and its annual rate of stock buybacks — across market capitalization ranges. Stocks are strategically-weighted and broadly constrained by market capitalization, sector, and industry. O’Shaughnessy All Cap Core is our most diversified domestic strategy by selection factor, investment style, and market capitalization. The strategy is based on a separately managed account launched on January 2003. Please see the prospectus for the performance of that product.

PERFORMANCE

Class A Performance as of 6/30/2019*

Without sales charges
With maximum sales charges
Russell 3000® Index
MTD
7.6%
2.0%
7.0%
1.9%
-3.5%
4.1%
QTD
-2.5%
-7.6%
9.0%
1-Year
3-Year
11.4%
9.4%
14.0%
5-Year
8.0%
6.8%
10.2%
Since
Inception
8/16/2010
12.3%
11.6%
14.2%

Class C Performance as of 6/30/2019*

Without sales charges
With maximum sales charges
Russell 3000® Index
MTD
7.6%
6.6%
7.0%
QTD
1.7%
0.7%
4.1%
-2.7%
-3.5%
9.0%
1-Year
3-Year
10.7%
10.7%
14.0%
5-Year
7.2%
7.2%
10.2%
Since
Inception
8/16/2010
11.4%
11.4%
14.2%

Class I Performance as of 6/30/2019*

Without sales charges
Russell 3000® Index
MTD
7.5%
7.0%
QTD
1.9%
4.1%
-2.3%
9.0%
1-Year
3-Year
11.6%
14.0%
5-Year
8.2%
10.2%
Since
Inception
8/16/2010
12.5%
14.2%

* Expenses: Expenses: Net** (A) 0.85%; (C) 1.60%; (I) 0.60%; Gross (A) 2.96%; (C) 3.75%; (I) 2.72%
* All returns greater than one-year are annualized.
** The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2019.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 291-7827. Performance data shown with maximum sales charge reflects the Class A maximum load of 5.25% or the contingent deferred sales charge of 1.00% for the class C shares. Performance data shown without sales charge does not include the load or CDSC. If reflected, the load or fee would reduce the performance quoted. To discourage mutual fund timers the Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

FUND FACTS

O'Shaughnessy All Cap Core Fund
Inception Date: 8/16/2010
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class A OFAAX 007989130 0.85% 2.96% $2,500
Class C OFACX 007989122 1.60% 3.75% $2,500
Class I OFAIX 007989114 0.60% 2.72% $10,000

* The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2019.

Fund distributions and/or dividend payments are scheduled for December each year.
Please call (877) 291-7827 to obtain estimated payment information.


Past Dividend Payment History:
Declared Date Ex-Date
Reinvestment Date
Payable Date
Class Ticker Income Short-Term Long-Term
12/10/2018 12/11/2018 A OFAAX 0.16660675 2.29826
12/10/2018 12/11/2018 C OFACX 0.12230559 2.29826
12/10/2018 12/11/2018 I OFAIX 0.19449612 2.29826
12/11/2017 12/12/2017 A OFAAX 0.29786699 0.53187 4.88243
12/11/2017 12/12/2017 C OFACX 0.12178337 0.53187 4.88243
12/11/2017 12/12/2017 I OFAIX 0.36493192 0.53187 4.88243
12/15/2016 12/16/2016 A OFAAX 0.31953733 0.95301
12/15/2016 12/16/2016 C OFACX 0.21989687 0.95301
12/15/2016 12/16/2016 I OFAIX 0.36284228 0.95301
12/7/2015 12/8/2015 A OFAAX 0.08088972 1.16228
12/7/2015 12/8/2015 C OFACX 1.16228
12/7/2015 12/8/2015 I OFAIX 0.11157495 1.16228
12/1/2014 12/2/2014 A OFAAX 0.07132588 2.43284
Show all dividend payments
 
CHARACTERISTICS

Characteristics as of 6/30/2019
For definitions of our characteristics, please visit our glossary page.
Holdings Based * O'Shaughnessy
All Cap Core Fund
Russell 3000® Index
Price/Earnings Ratio 14.2x 20.3x
Price/Sales Ratio 1.1x 2x
1-Year Historical Earnings Growth Rate* 77% 31.4%
Weighted Average Market Capitalization $52,424 Mil $205,265 Mil
Median Market Capitalization $13,649 Mil $1,723 Mil
Approximate Number of Holdings 143
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 13.3% 12.5%
Downside Standard Deviation 8% 7.3%
Sharpe Ratio 0.93 1.13
Beta 1.03 1.00
Information Ratio -0.48
Tracking Error 3.5%
Downside Capture 103.4% 100.0%
Upside Capture 95.1% 100.0%

* The Earnings Growth Rate is not a measure of the fund's future performance.

SECTORS

Sector Distribution* as of 6/30/2019 (%)

O'Shaughnessy All Cap Core Fund
Russell 3000® Index
Difference
Communication
Services
6.0%
9.1%
-3.1%
Consumer
Discretionary
12.3%
10.4%
1.9%
Consumer
Staples
5.7%
6.5%
-0.8%
Energy
5.4%
4.7%
0.7%
Financials
14.4%
13.6%
0.8%
Health
Care
15.8%
14.0%
1.8%
Industrials
10.8%
10.2%
0.6%
Information
Technology
22.9%
21.4%
1.5%
Materials
4.3%
3.0%
1.3%
Real
Estate
2.5%
3.9%
-1.4%
Utilities
0.0%
3.2%
-3.2%

* Sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Mutual fund investing involves risk. Principal loss is possible.
Principal Risks of Investing in the Fund:
The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater in emerging markets. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. REITs and foreign real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Risks of derivatives include the possible imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to the transaction; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the instruments may not be liquid. Diversification does not guarantee a profit or protect from loss in a declining market.

The O'Shaughnessy Funds are distributed by Quasar Distributors, LLC.

The statements on this page are qualified in their entirety by the disclaimers and limitations contained here.