Investment Strategy

Seeks to provide long-term growth by investing in mostly large capitalization domestic equities. The strategy seeks market-leading companies that meet our quality criteria with attractive valuations and high “shareholder yield” — which combines a company's annual dividend and its annual rate of stock buybacks. Stocks are selected and weighted based on conviction and are broadly constrained by sector and industry. The strategy is based on a separately managed account launched in December 2001. Please see the prospectus for the performance of that product.

PERFORMANCE

Performance as of 9/30/2018*

O'Shaughnessy Market Leaders Value Fund (I)
Russell 1000® Value Index
-0.7%
0.2%
MTD
QTD
4.9%
5.7%
1-Year
13.8%
9.5%
Since
Inception
2/26/2016
18.8%
15.3%

* Expenses:
* All returns greater than one-year are annualized.
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 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 Market Leaders Value Fund
Inception Date: 2/26/2016
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class I OFVIX 00770X444 0.65% 0.74% $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 I OFVIX 0.12129832 0.07495 0.69667
12/11/2017 12/12/2017 I OFVIX 0.17810756 0.03790 0.30276
12/15/2016 12/16/2016 I OFVIX 0.12485516
 
CHARACTERISTICS

Characteristics as of 9/30/2018
For definitions of our characteristics, please visit our glossary page.
Holdings Based * O'Shaughnessy
Market Leaders Value Fund
Russell 1000® Value Index
Price/Earnings Ratio 15.3x 19.4x
Price/Sales Ratio 1.1x 1.8x
1-Year Historical Earnings Growth Rate* 20.7% 66.1%
Weighted Average Market Capitalization $47,954 Mil $126,207 Mil
Median Market Capitalization $27,547 Mil $10,004 Mil
Approximate Number of Holdings 62 727
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 9.6% 8.0%
Downside Standard Deviation 3.5% 3.5%
Sharpe Ratio 1.89 1.85
Beta 1.05 1.00
Information Ratio 0.72
Tracking Error 4.5%
Downside Capture 62.6% 100.0%
Upside Capture 106.9% 100.0%

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

SECTORS

Sector Distribution* as of 9/30/2018 (%)

O'Shaughnessy Market Leaders Value Fund
Russell 1000® Value Index
Difference
Consumer
Discretionary
11.8%
5.3%
6.5%
Consumer
Staples
11.5%
7.2%
4.3%
Energy
13.0%
10.8%
2.2%
Financials
30.4%
22.8%
7.6%
Health
Care
3.5%
15.2%
-11.7%
Industrials
9.1%
8.1%
1.0%
Information
Technology
15.0%
9.8%
5.2%
Materials
4.4%
3.9%
0.5%
Real
Estate
0.0%
4.6%
-4.6%
Telecommunication
Services
1.5%
6.8%
-5.3%
Utilities
0.0%
5.6%
-5.6%

* 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:
Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Medium capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund may experience higher fees and is subject to additional risks due to investments in other investment companies (including ETFs).

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