River Road Asset Management

R. Andrew Beck

CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER

Mr. Beck serves as CEO for River Road. Additionally, he is a portfolio manager for River Road’s Small Cap Value, Small-Mid Cap Value, and Mid Cap Value Portfolios and a supervising portfolio manager for the firm’s Focused Absolute Value® Portfolios. Mr. Beck is the largest individual shareholder in the firm and serves as chair of the Executive Committee, River Road’s governing body. Prior to co-founding River Road in 2005, he served as senior research analyst and, later, senior vice president and portfolio manager for SMC Capital Inc. (Commonwealth SMC). Mr. Beck earned a BS in finance from the University of Louisville and an MBA from the F.W. Olin School at Babson College.

J. Alex Brown

CHIEF INVESTMENT OFFICER

Mr. Brown serves as Chief Investment Officer. Additionally, he is a supervising portfolio manager for River Road’s Focused Absolute Value® Portfolios. Mr. Brown holds equity in the firm and serves as a non-voting member of the Executive Committee, River Road’s governing body. Prior to joining River Road in 2010, Mr. Brown served at Wachovia Capital Markets Consumer & Retail Investment Banking group, where he worked across a range of corporate and financial sponsor clients. He began his career in the United States Air Force, where he served as a captain. Mr. Brown graduated as a distinguished graduate from the United States Air Force Academy with a BS in operations research and earned an MBA from Harvard Business School.

Henry W. Sanders III, CFA

EXECUTIVE VICE PRESIDENT, SENIOR PORTFOLIO MANAGER

Mr. Sanders serves as a portfolio manager for River Road’s Dividend All-Cap Value Portfolio. Mr. Sanders holds equity in the firm and serves as a voting member of the Executive Committee, River Road’s governing body. Prior to co-founding River Road in 2005, Mr. Sanders was senior vice president and portfolio manager for Commonwealth Trust Co. (Commonwealth SMC). Additionally, he served as president of Bridges Capital Management and vice president of PRIMCO Capital Management. Mr. Sanders has also served as an adjunct professor of finance and economics at Bellarmine University. Mr. Sanders holds a BA in business administration from Bellarmine University and an MBA from the Carroll School of Management at Boston College. He earned the Chartered Financial Analyst® designation in 1992, is a member of the CFA Institute, and is a member and past president of the CFA Society Louisville.

James C. Shircliff, CFA

SENIOR PORTFOLIO MANAGER

Mr. Shircliff serves as a portfolio manager for River Road’s Small Cap Value* and Small-Mid Cap Value Portfolios.* He previously was the firm’s Chief Investment Officer and a portfolio manager for the Dividend All-Cap Value Portfolio.* Mr. Shircliff holds equity in the firm. Prior to co-founding River Road in 2005, Mr. Shircliff served as executive vice president, portfolio manager, and director of research for SMC Capital Inc.(Commonwealth SMC). Mr. Shircliff has more than 45 years of investment experience, including portfolio management positions at Oppenheimer Management Co. and Southeastern Asset Management (Longleaf Funds).Mr. Shircliff graduated from the University of Louisville with a BS in finance. He earned the Chartered Financial Analyst® designation in 1978 and is a member of the CFA Institute and CFA Society Louisville.

*Effective as of March 31, 2023, James C. Shircliff will no longer serve as a portfolio manager of the Funds. Upon the Effective Date, J. Justin Akin and R. Andrew Beck will serve as the portfolio managers jointly.

J. Justin Akin

VICE PRESIDENT, SENIOR PORTFOLIO MANAGER

Mr. Akin serves as a portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios. Mr. Akin holds equity in the firm. Prior to joining River Road in 2005, Mr. Akin worked with the firm’s founders at Commonwealth SMC as equity research analyst for the Small Cap Value and Dividend All-Cap Value Portfolios. Mr. Akin earned a BS in economics from Centre College. Mr. Akin is a member of the CFA Institute and CFA Society Louisville.

Thomas S. Forsha, CFA

CO-CHIEF INVESTMENT OFFICER, SENIOR PORTFOLIO MANAGER

Mr. Forsha serves as Co-Chief Investment Officer for River Road. Additionally, he is a portfolio manager for River Road’s Dividend All-Cap Value Portfolio. He previously was a supervising portfolio manager for the firm’s Focused Absolute Value® Portfolios. Mr. Forsha holds equity in the firm and serves as a non-voting member of the Executive Committee, River Road’s governing body. Prior to joining River Road in 2005, Mr. Forsha was an equity analyst and portfolio manager for ABN AMRO Asset Management USA, where he was responsible for management of the North American equity allocation of the firm’s Global High Income Equity Fund. Mr. Forsha holds a BS in finance from The Ohio State University’s Fisher College of Business and an MBA from The University of Chicago Booth School of Business. He earned the Chartered Financial Analyst® designation in 2002 and is a member of the CFA Institute and CFA Society Louisville.

Daniel R. Johnson, CFA, CPA

VICE PRESIDENT, PORTFOLIO MANAGER

Mr. Johnson serves as a portfolio manager for River Road’s Mid Cap Value and Large Cap Value Select Portfolios. He previously served as senior equity analyst for River Road. Mr. Johnson holds equity in the firm and serves as a non-voting member of the Executive Committee, River Road’s governing body. Prior to joining River Road in 2006, Mr. Johnson was a public accountant with PricewaterhouseCoopers. Mr. Johnson graduated from the University of Kentucky with a BS in accounting and a Master’s of Accountancy. He became a Certified Public Accountant in 2005. Mr. Johnson earned the Chartered Financial Analyst® designation in 2010 and is a member of the CFA Institute and CFA Society Louisville.

Matt W. Moran, CFA

VICE PRESIDENT, PORTFOLIO MANAGER

Mr. Moran serves as a portfolio manager of River Road’s Mid Cap Value and Large Cap Value Select Portfolios. Mr. Moran holds equity in the firm. Prior to joining River Road in 2007, Mr. Moran held various investment positions at Goldman Sachs, Citigroup, and Morningstar. Mr. Moran graduated summa cum laude from Bradley University with a BS in finance and earned an MBA from The University of Chicago Booth School of Business. He holds the Chartered Financial Analyst® designation and is a member of the CFA Institute and CFA Society Louisville.

Andrew R. McIntosh, CFA

PORTFOLIO MANAGER

Mr. McIntosh serves as a portfolio manager for River Road’s Dividend All-Cap Value Portfolio. Mr. McIntosh holds equity in the firm. Prior to joining River Road in 2011, Mr. McIntosh served as structured finance analyst on a portfolio of subprime and second lien securities at AEGON USA Investment Management LLC. Mr. McIntosh graduated from the University of Iowa with a BBA in finance. He earned the Chartered Financial Analyst® designation in 2006, is a member of the CFA Institute, and is a member and past president of the CFA Society Louisville.

Wenjun (William) Yang, CFA

VICE PRESIDENT, PORTFOLIO MANAGER

Mr. Yang serves as a portfolio manager for River Road’s International Value Equity and International Value Equity ADR Portfolios. Prior to joining River Road in 2016, he served as senior portfolio manager at Boston Private Wealth LLC. Additionally, he was manager of the investment banking division and equity research analyst in the securities research division at Shenyin & Wanguo Securities Co. Ltd. Mr. Yang holds a BS in engineering from Shanghai Jiao Tong University, an MS in economics from Shanghai Institute of Foreign Trade, and an MBA from Texas Christian University’s Neeley School of Business. He earned the Chartered Financial Analyst® designation in 2004 and is a member of the CFA Institute and CFA Society Louisville.

Jeffrey B. Hoskins, CFA

DIRECTOR OF RESEARCH, ASSOCIATE PORTFOLIO MANAGER

Mr. Hoskins serves as Director of Research for River Road. In this role, he focuses on developing the analyst team and further enhancing the quality, consistency, standards, and overall effectiveness of the firm’s research efforts. Additionally, he is an associate portfolio manager for River Road’s International Value Equity and International Value Equity ADR Portfolios. In this capacity, he maintains select analyst responsibilities and serves as analyst support for other firm strategies. Mr. Hoskins previously was senior ESG specialist and continues to lead the firm’s ESG research and principles implementation efforts. Prior to joining River Road in 2013, he worked at BMO Capital Markets where his research covered the media, entertainment, and gaming industries. Mr. Hoskins has more than 20 years of investment research experience, which includes various positions at The Seidler Cos. Inc. and SunTrust Equitable Securities. Mr. Hoskins graduated from Vanderbilt University with a BA in United States History and an MBA with concentrations in finance and accounting. He earned the Chartered Financial Analyst® designation in 2000 and is a member of the CFA Institute. Additionally, he is a member of the CFA Society Louisville and a past member of its board of directors