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Mid Value Fund

Mutual Funds

Mid Value Fund


Fund Managers

Photo of Patrick  Rau

Patrick Rau, CFA®

Photo of Lee  Houser

Lee Houser, CFA®

Photo of Will  Smith

Will Smith, CFA®

Overview

I
Shares

OVEIX

Inception
Date

08.01.1996

Investment
Min.

$1,000,000

Subsequent
Investment Min.1

N/A

Max. Up Front
Sales Charge

N/A

Max. Deferred
Sales Charge

N/A

1If subsequent investments are made as part of an AIP, the minimum is $25.

Philosophy & Process

The Fund purchases companies that the portfolio manager believe are priced significantly below their intrinsic worth as well as those that demonstrate sustainable competitive advantage and high returns on invested capital. The portfolio management team partners with shareholder-oriented company management that has demonstrated a track record of strong capital allocation.

The management process identifies investment opportunities from the broad equity universe using fundamental analysis, valuation and risk management to select 30 to 50 holdings within the fund. The strategy is oriented toward long-term investing but the manager will sell a holding that has become less attractive or underperforms expectations or has excessive leverage.

Investment Considerations

The fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory as well as more sensitivity to adverse conditions. The fund may invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, social and economic risks.

Fund Facts

Term Class A Shares Class C Shares Class I Shares Class R6 Shares
Ticker OVEAXOVECXOVEIXSTRMX
Inception Date 08.01.199607.25.200108.01.199602.01.2018
Investment Min. $1,000,000$1,000,000$1,000,000$1,000,000
Subsequent Investment Min.2 N/AN/AN/AN/A
Max. Up Front Sales Charge 5.75%N/AN/AN/A
Max. Deferred Sales Charge N/A1%N/AN/A

2If subsequent investments are made as part of an AIP, the minimum is $25.

Mid Value Fund

Management

View professional designations disclosures

Photo of Patrick  Rau

Patrick Rau, CFA®

Co-Portfolio Manager

Photo of Lee  Houser

Lee Houser, CFA®

Co-Portfolio Manager

Photo of Will  Smith

Will Smith, CFA®

Co-Portfolio Manager

Performance

Fund Performance as of 12.31.2022

Term QTR YTD 1 Year 3 Years 5 Years 10 Years Since Inception
A Shares with 5.75% Sales Charge 4.92% -17.72% -17.72% 2.89% 2.80% 8.59% 8.57%
A Shares without Sales Charge 11.34% -12.71% -12.71% 4.94% 4.03% 9.23% 8.81%
Institutional Shares 11.41% -12.47% -12.47% 5.22% 4.31% 9.51% 9.07%
Lipper Mid-Cap Core Median 10.14% -12.34% -12.34% 5.98% 5.89% 9.54% N/A

The total expense ratios for Class A, C and I Shares are 1.18%, 1.93% and 0.93%, respectively. The gross expense ratio for Class R6 Shares is 0.93%. The net expense ratio for Class R6 Shares is 0.84%.

The Fund Administrator, Sterling Capital Management LLC, has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund .09% of the Class R6 average daily net assets for the period February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. 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 the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.

The performance of the Mid Value Fund includes the performance of the OVB Equity Income Portfolio for the period prior to its consolidation with the Mid Value Fund, which commenced operations on July 23, 2001, and reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The performance inception date for the Fund is August 1, 1996. The inception date for Class A Shares is 08.01.1996. The inception date for Class C Shares is 07.25.2001. The inception date for Class Inst'l Shares is 08.01.1996. The inception date for Class R6 Shares is 02.01.2018. The performance of Class C Shares is based on the historical performance of Class A Shares, adjusted to reflect the 1% contingent deferred sales charge. The performance shown reflects the reinvestment of all dividend and capital gains distributions.

Characteristics

Top Ten Holdings as of 12.31.2022

# Company Name Value
1 Globe Life 4.22%
2 Allette 4.04%
3 Trinity Industries 3.98%
4 Lab. Corp. of America Hldgs 3.83%
5 Corteva 3.73%
6 Centene 3.72%
7 Cigna 3.62%
8 Tempur Sealy 3.40%
9 SLM CORP. 3.39%
10 NCR Corp 3.14%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Sector Allocation as of 12.31.2022

Name Value
Financials 20.52%
Health Care 16.41%
Industrials 13.97%
Consumer Dis 11.99%
Info Technology 8.60%
Materials 6.66%
Comm Services 5.61%
Energy 5.11%
Utilities 4.04%
Real Estate 2.68%
Cash 2.42%
Consumer Staples 1.98%

Allocations are based on the current weight to funds in the cited Sector. The composition of the fund\'s holdings is subject to change.

Growth of $10,000 as of 12.31.2022

Date A-Shares Russell Midcap® Value Index
12.31.2022 $24,186 (Down $1,094) $26,193 (Down $1,402)
10.31.2022 $25,280 (Up $1,286) $27,595 (Up $1,641)
09.30.2022 $23,994 (Up $2,271) $25,954 (Up $2,240)
09.30.2022 $21,723 (Down $2,857) $23,714 (Down $2,547)
07.31.2022 $24,580 (Down $1,042) $26,261 (Down $829)
06.30.2022 $25,622 (Up $1,485) $27,090 (Up $2,147)
06.30.2022 $24,137 (Down $2,557) $24,943 (Down $3,081)
04.30.2022 $26,694 (Down $1,199) $28,024 (Down $1,210)
03.31.2022 $27,893 (Up $1,714) $29,234 (Up $1,738)
03.31.2022 $26,179 (Down $1,171) $27,496 (Down $875)
01.31.2022 $27,350 (Down $358) $28,371 (Down $1,405)
12.31.2021 $27,708 (Up $657) $29,776 (Up $1,271)
12.31.2021 $27,051 (Up $1,055) $28,505 (Up $489)
10.31.2021 $25,996 (Down $1,000) $28,016 (Down $878)
09.30.2021 $26,996 (Up $671) $28,894 (Up $1,460)
09.30.2021 $26,325 (Down $671) $27,434 (Down $1,049)
07.31.2021 $26,996 (Down $53) $28,483 (Up $769)
06.30.2021 $27,049 (Up $92) $27,714 (Down $171)
06.30.2021 $26,957 (Down $868) $27,885 (Down $155)
04.30.2021 $27,825 (Up $566) $28,040 (Up $543)
03.31.2021 $27,259 (Up $1,052) $27,497 (Up $1,268)
03.31.2021 $26,207 (Up $1,237) $26,229 (Up $1,288)
01.31.2021 $24,970 (Up $2,026) $24,941 (Up $1,793)
12.31.2020 $22,944 (Up $92) $23,148 (Down $53)
12.31.2020 $22,852 (Up $1,188) $23,201 (Up $1,026)
10.31.2020 $21,664 (Up $3,033) $22,175 (Up $2,730)
09.30.2020 $18,631 (Up $262) $19,445 (Up $180)
09.30.2020 $18,369 (Down $630) $19,265 (Down $447)
07.31.2020 $18,999 (Up $1,064) $19,712 (Up $751)
06.30.2020 $17,935 (Up $538) $18,961 (Up $855)
06.30.2020 $17,397 (Up $105) $18,106 (Up $202)
04.30.2020 $17,292 (Up $919) $17,904 (Up $793)
03.31.2020 $16,373 (Up $2,298) $17,111 (Up $2,016)
03.31.2020 $14,075 (Down $4,674) $15,095 (Down $4,432)
01.31.2020 $18,749 (Down $2,180) $19,527 (Down $2,577)
12.31.2019 $20,929 (Up $407) $22,104 (Up $430)
12.31.2019 $20,522 (Down $83) $21,674 (Up $223)
10.31.2019 $20,605 (Up $1,078) $21,451 (Up $557)
09.30.2019 $19,527 (Up $36) $20,894 (Up $112)
09.30.2019 $19,491 (Up $683) $20,782 (Up $810)
07.31.2019 $18,808 (Down $828) $19,972 (Down $730)
06.30.2019 $19,636 (Up $311) $20,702 (Up $171)
06.30.2019 $19,325 (Up $1,403) $20,531 (Up $1,299)
04.30.2019 $17,922 (Down $1,668) $19,232 (Down $1,320)
03.31.2019 $19,590 (Up $1,036) $20,552 (Up $656)
03.31.2019 $18,554 (Down $346) $19,896 (Up $98)
01.31.2019 $18,900 (Up $518) $19,798 (Up $611)
12.31.2018 $18,382 (Up $2,151) $19,187 (Up $1,791)
12.31.2018 $16,231 (Down $2,361) $17,396 (Down $2,040)
10.31.2018 $18,592 (Down $1,461) $19,436 (Down $1,019)
09.30.2018 $20,053 (Up $1,534) $20,455 (Up $1,474)
09.30.2018 $18,519 (Down $2,070) $18,981 (Down $1,637)
07.31.2018 $20,589 (Up $158) $20,618 (Up $277)
06.30.2018 $20,431 (Up $462) $20,341 (Up $539)
06.30.2018 $19,969 (Up $137) $19,802 (Up $158)
04.30.2018 $19,832 (Up $178) $19,644 (Up $307)
03.31.2018 $19,654 (Up $137) $19,337 (Down $96)
03.31.2018 $19,517 (Down $347) $19,433 (Up $144)
01.31.2018 $19,864 (Down $1,051) $19,289 (Down $1,000)
12.31.2017 $20,915 (Up $1,062) $20,289 (Up $456)
12.31.2017 $19,853 (Up $407) $19,833 (Up $242)
10.31.2017 $19,446 (Up $623) $19,591 (Up $792)
09.30.2017 $18,823 (Up $71) $18,799 (Down $151)
09.30.2017 $18,752 (Up $623) $18,950 (Up $650)
07.31.2017 $18,129 (Down $573) $18,300 (Down $348)
06.30.2017 $18,702 (Up $60) $18,648 (Up $244)
06.30.2017 $18,642 (Up $644) $18,404 (Up $270)
04.30.2017 $17,998 (Down $654) $18,134 (Down $22)
03.31.2017 $18,652 (Up $241) $18,156 (Down $35)
03.31.2017 $18,411 (Down $201) $18,191 (Down $99)
01.31.2017 $18,612 (Up $574) $18,290 (Up $497)
12.31.2016 $18,038 (Up $603) $17,793 (Up $295)
12.31.2016 $17,435 (Up $386) $17,498 (Up $305)
10.31.2016 $17,049 (Up $742) $17,193 (Up $611)
09.30.2016 $16,307 (Up $615) $16,582 (Up $401)
09.30.2016 $15,692 (Down $684) $16,181 (Down $333)
07.31.2016 $16,376 (Up $235) $16,514 (Down $35)
06.30.2016 $16,141 (Up $985) $16,549 (Up $673)
06.30.2016 $15,156 (Down $615) $15,876 (Up $143)
04.30.2016 $15,771 (Up $215) $15,733 (Up $254)
03.31.2016 $15,556 (Up $147) $15,479 (Up $325)
03.31.2016 $15,409 (Up $1,395) $15,154 (Up $1,281)
01.31.2016 $14,014 (Down $986) $13,873 (Down $709)
12.31.2015 $15,000 (Up $898) $14,582 (Up $805)
12.31.2015 $14,102 (Down $1,477) $13,777 (Down $1,271)
10.31.2015 $15,579 (Down $48) $15,048 (Up $43)
09.30.2015 $15,627 (Up $1,204) $15,005 (Up $864)
09.30.2015 $14,423 (Down $513) $14,141 (Down $489)
07.31.2015 $14,936 (Down $1,020) $14,630 (Down $747)
06.30.2015 $15,956 (Up $80) $15,377 (Up $21)
06.30.2015 $15,876 (Down $224) $15,356 (Down $426)
04.30.2015 $16,100 (Down $16) $15,782 (Up $97)
03.31.2015 $16,116 (Up $96) $15,685 (Up $178)
03.31.2015 $16,020 (Down $96) $15,507 (Down $207)
01.31.2015 $16,116 (Up $786) $15,714 (Up $400)
12.31.2014 $15,330 (Up $514) $15,314 (Up $218)
12.31.2014 $14,816 (Down $511) $15,096 (Down $105)
10.31.2014 $15,327 (Up $451) $15,201 (Up $266)
09.30.2014 $14,876 (Up $353) $14,935 (Up $495)
09.30.2014 $14,523 (Down $721) $14,440 (Down $571)
07.31.2014 $15,244 (Up $128) $15,011 (Up $179)
06.30.2014 $15,116 (Up $375) $14,832 (Up $432)
06.30.2014 $14,741 (Up $135) $14,400 (Up $64)
04.30.2014 $14,606 (Up $76) $14,336 (Up $293)
03.31.2014 $14,530 (Up $217) $14,043 (Down $58)
03.31.2014 $14,313 (Down $105) $14,101 (Up $272)
01.31.2014 $14,418 (Down $127) $13,829 (Up $483)
12.31.2013 $14,545 (Up $616) $13,346 (Up $225)
12.31.2013 $13,929 (Down $193) $13,121 (Up $131)
10.31.2013 $14,122 (Up $521) $12,990 (Up $135)
09.30.2013 $13,601 (Up $387) $12,855 (Up $561)
09.30.2013 $13,214 (Up $556) $12,294 (Up $493)
07.31.2013 $12,658 (Down $324) $11,801 (Down $427)
06.30.2013 $12,982 (Up $690) $12,228 (Up $618)
06.30.2013 $12,292 (Up $18) $11,610 (Down $140)
04.30.2013 $12,274 (Up $365) $11,750 (Up $201)
03.31.2013 $11,909 (Up $288) $11,549 (Up $128)
03.31.2013 $11,621 (Up $568) $11,421 (Up $489)
01.31.2013 $11,053 (Up $141) $10,932 (Up $190)
12.31.2012 $10,912 (Up $912) $10,742 (Up $742)
12.31.2012 $10,000 $10,000

The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 12.31.2022. It includes the reinvestment of dividends and capital gains.

Statistics

Risk/Return Statistics vs. Russell 1000® Value Index3 as of 12.31.2022

Term Value
Alpha -1.40
Beta 1.09
R-Squared 92.91
Standard Deviation 18.90
Sharpe Ratio 0.45

3The Funds composition is subject to change. Annual Turnover Ratio is 12 month rolling calculation. Alpha, Beta, R-Squared, Standard Deviation, and Sharpe Ratio are based on a 10-year calculation.

View a Glossary of Terms.

Summary Statistics as of 12.31.2022

Term Value
Weighted Median P/E 17.55
Weighted Average P/B 1.76
Weighted Average Market Cap $18.84B
Annual Turnover 23%

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Contact

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