Max. Up Front
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.
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.
|Term||Class A Shares||Class C Shares||Class I Shares||Class R6 Shares|
|Subsequent Investment Min.2||N/A||N/A||N/A||N/A|
|Max. Up Front Sales Charge||5.75%||N/A||N/A||N/A|
|Max. Deferred Sales Charge||N/A||1%||N/A||N/A|
2If subsequent investments are made as part of an AIP, the minimum is $25.
|Term||QTR||YTD||1 Year||3 Years||5 Years||10 Years||Since Inception|
|A Shares with 5.75% Sales Charge||-1.33%||-1.46%||-1.23%||11.07%||3.61%||6.84%||8.59%|
|A Shares without Sales Charge||4.73%||4.58%||4.79%||13.29%||4.84%||7.48%||8.82%|
|Lipper Mid-Cap Core Median||4.66%||7.28%||12.82%||14.07%||7.14%||8.82%||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.
|1||Lab. Corp. Of America||3.80%|
|2||Trinity Industries, Inc.||3.61%|
|4||Euronet Worldwide, Inc.||3.42%|
|5||Air Lease Corp.||3.32%|
|9||Pioneer Natural Resources Co.||3.04%|
|10||Crown Holdings Inc||3.00%|
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 06.30.2023
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 06.30.2023
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 06.30.2023. It includes the reinvestment of dividends and capital gains.
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.
|Weighted Median P/E||19.71|
|Weighted Average P/B||1.74|
|Weighted Average Market Cap||$19.28B|
Mid Value Fund
09.21.2023 • Andrew Richman, CTFA
While the Federal Reserve (Fed) met expectations with a pause/skip this meeting, the real story was the upward movement in both the Fed Funds rate this year and next year. The consensus is now for one more 25 basis point hike in 2023 with the Fed funds rate median at 5.60%.
09.07.2023 • Shane Burke
An Updated Look at the FOMC and Yield Curve
09.06.2023 • Charles Wittmann, CFA®
- One of the risks in seeking higher dividend yields in non-financial companies can be the increased balance sheet leverage that correlates with higher dividend yield. - For many companies, the cost of this leverage is rising with interest rates, potentially placing pressure on cash flows to pay future dividends as interest expense may take a greater share of corporate cash flow. - We believe that owning stocks with strong balance sheets has the potential to minimize this risk as we endeavor to generate attractive above-average total returns with below-average risk for clients.
08.02.2023 • Andrew Richman, CTFA
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
08.01.2023 • Charles Wittmann, CFA®
- What are the investing environment conditions that can cause dividend payers to lag on a short-term basis? - Looking back at Bloomberg data over the past twenty years, when dividend payers outperformed the Russell 1000 Value, non-earners underperformed and vice versa (56% of the time). - Over the twenty year period, dividend payer’s quarterly outperformance outweighed underperformance in contrast to non-earners. - In our quest to generate above-average returns with below-average risk for our clients, our approach is to take advantage of the long-term benefits of dividend payers that grow their dividends and seek to create value now and in the future.
07.25.2023 • Andrew DiZio, CFA®
Over the last 15 months, the Federal Reserve (Fed) has meaningfully raised the benchmark fed funds rate in an effort to tamp down inflation. The Fed paused its hiking campaign during the June meeting, but issued an outlook suggesting additional rate increases are to be expected. Regardless of whether the Fed has finished raising rates, we believe the end of the tightening cycle is near and view now as a prudent time to examine the performance of Real Estate Investment Trust (REIT) stocks following historical periods of fed funds increases.
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.