Fund Overview Fund Overview Share Class N N I Z NAV | as of 09/21/2023 $9.06 -$0.11 (-1.20%) Morningstar | Style Box V B G L M S Morningstar Analyst Rating as of 11/12/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 06/28/2005 to 08/31/2023 = $35,560.82 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective Seeks to provide high current income and, secondarily, long-term capital appreciation by investing primarily in a diversified, all cap portfolio of income producing equity securities. Why Consider May be appropriate for investors looking to gain exposure to diversified U.S. companies of all sizes Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting companies above $300 million with high and growing dividends selling at a discount to absolute value Documents Fact Sheet Commentary Summary Prospectus Prospectus Shareholder Letter - Fee Reduction June 23, 2022 2022 Year End Distributions View All Documents Henry W. Sanders III, CFA EXECUTIVE VICE PRESIDENT, SENIOR PORTFOLIO MANAGER See Our Approach Read Bio Thomas S. Forsha, CFA CO-CHIEF INVESTMENT OFFICER, SENIOR PORTFOLIO MANAGER See Our Approach Read Bio Andrew R. McIntosh, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road Dividend All Cap Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road Dividend All Cap Value Fund is categorized as Large-Value. It invests in large-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2023 Overall Rating (of 1141) 3 Years (of 1141) 5 Years (of 1084) 10 Years (of 820) Category Large Value Read Important Investment Disclosures 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. 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. 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. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.01% Net Expense Ratio: 0.98% Expense Cap Expiration Date: 03/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Jun 28, 2023 $0.063800 $0.063800 — — Mar 29, 2023 $0.048000 $0.048000 — — Dec 15, 2022 $1.238800 $0.079700 — $1.159100 Sep 28, 2022 $0.047300 $0.047300 — — Jun 28, 2022 $0.041200 $0.041200 — — Mar 29, 2022 $0.050900 $0.050900 — — Dec 15, 2021 $2.330300 $0.135200 $0.029900 $2.165200 Sep 28, 2021 $0.067800 $0.067800 — — Jun 28, 2021 $0.020100 $0.020100 — — Mar 29, 2021 $0.053700 $0.053700 — — Dec 16, 2020 $0.061300 $0.061300 — — Sep 28, 2020 $0.068600 $0.068600 — — Jun 26, 2020 $0.038700 $0.038700 — — Mar 27, 2020 $0.074300 $0.074300 — — Dec 16, 2019 $0.896800 $0.161100 — $0.735700 Sep 26, 2019 $0.030100 $0.030100 — — Jun 26, 2019 $0.065500 $0.065500 — — Mar 27, 2019 $0.051900 $0.051900 — — Dec 27, 2018 $0.873400 $0.148500 — $0.724900 Sep 26, 2018 $0.054200 $0.054200 — — Jun 27, 2018 $0.011500 $0.011500 — — May 29, 2018 $0.011600 $0.011600 — — Apr 26, 2018 $0.000800 $0.000800 — — Mar 27, 2018 $0.005700 $0.005700 — — Feb 26, 2018 $0.006900 $0.006900 — — Dec 27, 2017 $0.751700 $0.175800 $0.043000 $0.532900 Nov 27, 2017 $0.014100 $0.014100 — — Oct 26, 2017 $0.011500 $0.011500 — — Sep 26, 2017 $0.011800 $0.011800 — — Aug 28, 2017 $0.011900 $0.011900 — — Jul 26, 2017 $0.011900 $0.011900 — — Jun 27, 2017 $0.007800 $0.007800 — — May 25, 2017 $0.005000 $0.005000 — — Apr 25, 2017 $0.010800 $0.010800 — — Mar 28, 2017 $0.011700 $0.011700 — — Feb 23, 2017 $0.007000 $0.007000 — — Dec 27, 2016 $0.957800 $0.100800 — $0.857000 Nov 25, 2016 $0.019800 $0.019800 — — Oct 26, 2016 $0.006000 $0.006000 — — Sep 30, 2016 $0.025700 $0.025700 — — Aug 31, 2016 $0.045300 $0.045300 — — Jul 29, 2016 $0.009400 $0.009400 — — Jun 30, 2016 $0.025600 $0.025600 — — May 31, 2016 $0.031000 $0.031000 — — Apr 29, 2016 $0.006800 $0.006800 — — Mar 31, 2016 $0.017700 $0.017700 — — Dec 30, 2015 $1.209700 $0.054300 — $1.155400 Oct 30, 2015 $0.008000 $0.008000 — — Sep 30, 2015 $0.029200 $0.029200 — — Aug 31, 2015 $0.025300 $0.025300 — — Jul 31, 2015 $0.007500 $0.007500 — — Jun 30, 2015 $0.029500 $0.029500 — — May 29, 2015 $0.023300 $0.023300 — — Apr 30, 2015 $0.007900 $0.007900 — — Mar 31, 2015 $0.021700 $0.021700 — — Dec 30, 2014 $1.212800 $0.046400 — $1.166400 Nov 28, 2014 $0.026100 $0.026100 — — Oct 31, 2014 $0.046600 $0.046600 — — Sep 30, 2014 $0.065700 $0.065700 — — Aug 29, 2014 $0.024300 $0.024300 — — Jul 31, 2014 $0.036300 $0.036300 — — Jun 30, 2014 $0.027400 $0.027400 — — May 30, 2014 $0.049400 $0.049400 — — Apr 30, 2014 $0.007400 $0.007400 — — Mar 31, 2014 $0.034700 $0.034700 — — Feb 28, 2014 $0.056200 $0.056200 — — Dec 30, 2013 $0.849500 $0.034900 $0.077400 $0.737200 Nov 29, 2013 $0.052400 $0.052400 — — Oct 31, 2013 $0.013700 $0.013700 — — Sep 30, 2013 $0.017900 $0.017900 — — Aug 30, 2013 $0.037200 $0.037200 — — Jun 28, 2013 $0.026000 $0.026000 — — May 31, 2013 $0.037400 $0.037400 — — Mar 28, 2013 $0.004700 $0.004700 — — Feb 28, 2013 $0.035800 $0.035800 — — Jan 31, 2013 $0.000300 $0.000300 — — Dec 28, 2012 $0.499600 $0.056100 $0.100600 $0.342900 Nov 30, 2012 $0.037500 $0.037500 — — Oct 31, 2012 $0.026500 $0.026500 — — Sep 28, 2012 $0.019100 $0.019100 — — Aug 31, 2012 $0.039200 $0.039200 — — Jul 31, 2012 $0.011600 $0.011600 — — Jun 29, 2012 $0.028700 $0.028700 — — May 31, 2012 $0.038800 $0.038800 — — Apr 30, 2012 $0.014000 $0.014000 — — Mar 30, 2012 $0.020000 $0.020000 — — Feb 29, 2012 $0.033100 $0.033100 — — Jan 31, 2012 $0.005100 $0.005100 — — Dec 29, 2011 $0.098200 $0.027700 — $0.070500 Nov 30, 2011 $0.038400 $0.038400 — — Oct 31, 2011 $0.009100 $0.009100 — — Sep 30, 2011 $0.019200 $0.019200 — — Aug 31, 2011 $0.029100 $0.029100 — — Jul 29, 2011 $0.005000 $0.005000 — — Jun 30, 2011 $0.037600 $0.037600 — — May 31, 2011 $0.028300 $0.028300 — — Apr 29, 2011 $0.017200 $0.017200 — — Mar 31, 2011 $0.027900 $0.027900 — — Feb 28, 2011 $0.028500 $0.028500 — — Jan 31, 2011 $0.006500 $0.006500 — — Dec 29, 2010 $0.026600 $0.026600 — — Nov 30, 2010 $0.024900 $0.024900 — — Oct 29, 2010 $0.011000 $0.011000 — — Sep 30, 2010 $0.021600 $0.021600 — — Aug 31, 2010 $0.032900 $0.032900 — — Jul 30, 2010 $0.014300 $0.014300 — — Jun 30, 2010 $0.016900 $0.016900 — — May 28, 2010 $0.026000 $0.026000 — — Apr 30, 2010 $0.012000 $0.012000 — — Mar 31, 2010 $0.020400 $0.020400 — — Feb 26, 2010 $0.019600 $0.019600 — — Jan 29, 2010 $0.012900 $0.012900 — — Dec 29, 2009 $0.030200 $0.030200 — — Nov 30, 2009 $0.014400 $0.014400 — — Oct 30, 2009 $0.012100 $0.012100 — — Sep 30, 2009 $0.019400 $0.019400 — — Aug 31, 2009 $0.015000 $0.015000 — — Jul 31, 2009 $0.012700 $0.012700 — — Jun 30, 2009 $0.010800 $0.010800 — — May 29, 2009 $0.024900 $0.024900 — — Apr 30, 2009 $0.013000 $0.013000 — — Mar 31, 2009 $0.012000 $0.012000 — — Feb 27, 2009 $0.013000 $0.013000 — — Jan 30, 2009 $0.014600 $0.014600 — — Dec 29, 2008 $0.028600 $0.028600 — — Nov 26, 2008 $0.014400 $0.014400 — — Oct 31, 2008 $0.017900 $0.017900 — — Sep 30, 2008 $0.032900 $0.032900 — — Aug 29, 2008 $0.024000 $0.024000 — — Jul 31, 2008 $0.015400 $0.015400 — — Jun 30, 2008 $0.027500 $0.027500 — — May 30, 2008 $0.035900 $0.035900 — — Apr 30, 2008 $0.009200 $0.009200 — — Mar 31, 2008 $0.042300 $0.042300 — — Feb 29, 2008 $0.029700 $0.029700 — — Jan 31, 2008 $0.013100 $0.013100 — — Dec 14, 2007 $0.708100 $0.044000 $0.469000 $0.195100 Nov 30, 2007 $0.035100 $0.035100 — — Oct 31, 2007 $0.017700 $0.017700 — — Sep 28, 2007 $0.037800 $0.037800 — — Aug 31, 2007 $0.036200 $0.036200 — — Jul 31, 2007 $0.013300 $0.013300 — — Jun 29, 2007 $0.040500 $0.040500 — — May 31, 2007 $0.039400 $0.039400 — — Apr 30, 2007 $0.022700 $0.022700 — — Mar 30, 2007 $0.047600 $0.047600 — — Feb 28, 2007 $0.034800 $0.034800 — — Jan 31, 2007 $0.010900 $0.010900 — — Dec 15, 2006 $0.156000 $0.023100 $0.072800 $0.060100 Nov 30, 2006 $0.042800 $0.042800 — — Oct 31, 2006 $0.019800 $0.019800 — — Sep 29, 2006 $0.031400 $0.031400 — — Aug 31, 2006 $0.038500 $0.038500 — — Jul 31, 2006 $0.015700 $0.015700 — — Jun 30, 2006 $0.036600 $0.036600 — — May 31, 2006 $0.048500 $0.048500 — — Apr 28, 2006 $0.019700 $0.019700 — — Mar 31, 2006 $0.048200 $0.048200 — — Feb 28, 2006 $0.036600 $0.036600 — — Jan 31, 2006 $0.020700 $0.020700 — — Dec 16, 2005 $0.032300 $0.032300 — — Nov 30, 2005 $0.058200 $0.058200 — — Oct 31, 2005 $0.021800 $0.021800 — — Sep 30, 2005 $0.036200 $0.036200 — — Aug 31, 2005 $0.043400 $0.043400 — — Jul 29, 2005 $0.020800 $0.020800 — — From: To: Risk & Return Stats As of: 08/31/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -1.57 -2.14 -1.32 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 15.55 18.39 14.62 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.44 0.13 0.40 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 78.18 79.21 76.23 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 93.19 97.76 98.52 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.87 0.93 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 94.77 96.14 95.00 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.24 3.82 3.42 View All Characteristics & Stats All Characteristics & Stats River Road Dividend All Cap Value Fund (ARDEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 3000® Value Index Fund Assets (Mil.$) $264 Number of Holdings 52 2,301 Weighted Avg. Market Cap (Mil.$) $87,356 $130,074 Median Market Cap (Mil.$) $42,160 $1,916 Weighted Avg. P/E (1-yr Forward EPS) 13.98 14.75 Weighted Avg. P/E (Trailing EPS) 18.48 15.90 PEG Ratio 1.81 1.64 Weighted Avg. P/B 2.65 2.13 EPS Growth (Trailing 3-yr %) 8.94% 12.40% EPS Growth (Trailing 5-yr %) 9.40% 11.87% Forward EPS Growth (1-yr %) 1.75% -2.26% Forward EPS Growth (Long Term %) 6.94% 7.38% Revenue Growth (Trailing 5-yr %) 7.32% 6.98% Return on Equity 18.17% 16.15% Weighted Avg. Dividend Yield 3.40% 2.33% Debt to Equity 117.35 95.27 SEC 30-Day Yield (%) 2.56% SEC 30-Day Yield (%) w/o fee 2.51% Trailing 12-Months Portfolio Turnover 29.61% As of: 06/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -1.57 -2.14 -1.32 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 15.55 18.39 14.62 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.44 0.13 0.40 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 78.18 79.21 76.23 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 93.19 97.76 98.52 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.87 0.93 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 94.77 96.14 95.00 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.24 3.82 3.42 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.76 -0.70 -0.59 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 7.91 2.63 6.34 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -14.06 -29.99 -29.99 As of: 08/31/2023 Market Cap Fund Russell 3000® Value Index Market Cap ($mm) 0 - 1,000 0.00% 1.32% Market Cap ($mm) 1,000 - 1,500 0.00% 0.77% Market Cap ($mm) 1,500 - 2,500 0.79% 1.46% Market Cap ($mm) 2,500 - 5,000 8.62% 3.78% Market Cap ($mm) 5,000 - 10,000 7.14% 6.78% Market Cap ($mm) 10,000 - 25,000 12.04% 13.69% Market Cap ($mm) 25,000 - 50,000 20.43% 17.09% Market Cap ($mm) 50,000 - 100,000 17.78% 14.52% Market Cap ($mm) 100,000 - 200,000 20.00% 20.29% Market Cap ($mm) 200,000 - 13.20% 20.30% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 3000® Value Index P/E 0-10 10.11% 17.63% P/E 10-15 10.47% 12.69% P/E 15-20 27.82% 14.15% P/E 20-25 14.07% 9.43% P/E 25-Above 34.45% 40.84% P/E – NA 3.08% 5.26% As of: 06/30/2023 Growth Characteristics Fund Russell 3000® Value Index EPS Growth (Trailing 3-yr %) - Negative 27.17% 27.12% EPS Growth (Trailing 3-yr %) 0 - 5 15.04% 8.66% EPS Growth (Trailing 3-yr %) 5 - 10 11.52% 7.99% EPS Growth (Trailing 3-yr %) 10 - 15 3.89% 11.84% EPS Growth (Trailing 3-yr %) 15 - 20 10.79% 9.20% EPS Growth (Trailing 3-yr %) Above 20 23.54% 28.84% EPS Growth (Trailing 3-yr %) - NA 8.05% 6.34% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Oracle Corp 4.60% United Parcel Service Inc, Class B 3.62% AES Corp 3.61% Comcast Corp, Class A 3.59% Williams Cos Inc 3.38% Corning Inc 3.38% Kinder Morgan Inc, Class P 3.11% Vistra Corp 3.07% Progressive Corp 2.92% Unilever PLC ADR 2.82% % in Top 10 Holdings 34.10% View Holding Details Holding Details River Road Dividend All Cap Value Fund (ARDEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Oracle Corp 4.60% United Parcel Service Inc, Class B 3.62% AES Corp 3.61% Comcast Corp, Class A 3.59% Williams Cos Inc 3.38% Corning Inc 3.38% Kinder Morgan Inc, Class P 3.11% Vistra Corp 3.07% Progressive Corp 2.92% Unilever PLC ADR 2.82% % in Top 10 Holdings 34.10% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ORCL Oracle Corp Information Technology S US USD 101,218 120.39 $12,185,635 4.72% CMCSA Comcast Corp, Class A Communication Services S US USD 222,809 46.76 $10,418,549 4.04% VST Vistra Corp Utilities S US USD 306,146 31.42 $9,619,107 3.73% WMB Williams Cos Inc Energy S US USD 267,425 34.53 $9,234,185 3.58% UPS United Parcel Service Inc, Class B Industrials S US USD 52,060 169.40 $8,818,964 3.42% GLW Corning Inc Information Technology S US USD 248,623 32.82 $8,159,807 3.16% AES AES Corp Utilities S US USD 448,860 17.93 $8,048,060 3.12% KMI Kinder Morgan Inc, Class P Energy S US USD 465,197 17.22 $8,010,692 3.10% PGR Progressive Corp Financials S US USD 56,996 133.47 $7,607,256 2.95% CCOI Cogent Communications Holdings Inc Communication Services S US USD 105,165 70.58 $7,422,546 2.88% UL Unilever PLC ADR Consumer Staples S GB USD 139,779 51.02 $7,131,525 2.76% EPD Enterprise Products Partners LP Energy S US USD 261,791 26.61 $6,966,259 2.70% BMY Bristol-Myers Squibb Co Health Care S US USD 111,725 61.65 $6,887,846 2.67% AMT American Tower Corp, Class A Real Estate S US USD 36,673 181.32 $6,649,548 2.58% WSO Watsco Inc Industrials S US USD 17,742 364.55 $6,467,846 2.51% KMB Kimberly-Clark Corp Consumer Staples S US USD 47,740 128.83 $6,150,344 2.38% USB US Bancorp Financials S US USD 165,877 36.53 $6,059,487 2.35% MU Micron Technology Inc Information Technology S US USD 80,385 69.94 $5,622,127 2.18% AMGN Amgen Inc Health Care S US USD 21,044 256.34 $5,394,419 2.09% ABBV AbbVie Inc Health Care S US USD 36,274 146.96 $5,330,827 2.07% TGT Target Corp Consumer Staples S US USD 41,715 126.55 $5,279,033 2.05% CB Chubb Ltd Financials S CH USD 26,129 200.87 $5,248,532 2.03% PNC PNC Financial Services Group Inc Financials S US USD 43,314 120.73 $5,229,299 2.03% PFE Pfizer Inc Health Care S US USD 141,943 35.38 $5,021,943 1.95% PEP PepsiCo Inc Consumer Staples S US USD 26,201 177.92 $4,661,682 1.81% CSCO Cisco Systems Inc Information Technology S US USD 78,480 57.35 $4,500,828 1.74% TXN Texas Instruments Inc Information Technology S US USD 25,171 168.06 $4,230,238 1.64% AXS Axis Capital Holdings Ltd Financials S BM USD 77,038 54.86 $4,226,305 1.64% IDA IDACORP Inc Utilities S US USD 43,946 95.84 $4,211,785 1.63% SYY Sysco Corp Consumer Staples S US USD 59,662 69.65 $4,155,458 1.61% IPG Interpublic Group of Cos Inc Communication Services S US USD 114,041 32.61 $3,718,877 1.44% KR Kroger Co Consumer Staples S US USD 77,868 46.39 $3,612,297 1.40% QCOM QUALCOMM Inc Information Technology S US USD 29,289 114.53 $3,354,469 1.30% DNB Dun & Bradstreet Holdings Inc Industrials S US USD 304,279 10.90 $3,316,641 1.28% TFC Truist Financial Corp Financials S US USD 105,811 30.55 $3,232,526 1.25% KDP Keurig Dr Pepper Inc Consumer Staples S US USD 91,175 33.65 $3,068,039 1.19% SJM JM Smucker Co Consumer Staples S US USD 20,919 144.95 $3,032,209 1.17% MRK Merck & Co Inc Health Care S US USD 26,901 108.98 $2,931,671 1.14% FNF Fidelity National Financial Inc Financials S US USD 68,009 41.40 $2,815,573 1.09% CABO Cable One Inc Communication Services S US USD 4,077 650.57 $2,652,374 1.03% CCI Crown Castle Inc Real Estate S US USD 26,174 100.50 $2,630,487 1.02% WTW Willis Towers Watson PLC Financials S GB USD 12,460 206.76 $2,576,230 1.00% PINC Premier Inc, Class A Health Care S US USD 116,109 21.53 $2,499,827 0.97% BKH Black Hills Corp Utilities S US USD 43,602 55.00 $2,398,110 0.93% BAX Baxter International Inc Health Care S US USD 56,038 40.60 $2,275,143 0.88% MDC MDC Holdings Inc Consumer Discretionary S US USD 46,297 47.45 $2,196,793 0.85% CSGS CSG Systems International Inc Industrials S US USD 38,524 54.31 $2,092,238 0.81% CNA CNA Financial Corp Financials S US USD 49,681 39.33 $1,953,954 0.76% LMT Lockheed Martin Corp Industrials S US USD 4,079 448.35 $1,828,820 0.71% GPC Genuine Parts Co Consumer Discretionary S US USD 9,269 153.73 $1,424,923 0.55% MTB M&T Bank Corp Financials S US USD 11,353 125.05 $1,419,693 0.55% DG Dollar General Corp Consumer Staples S US USD 7,853 138.50 $1,087,641 0.42% PRMW Primo Water Corp Consumer Staples S US USD 26,150 15.26 $399,049 0.15% Cash & Equivalents Cash C US USD - - $2,663,877 1.03% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Oracle Corp 1 4.74% 28.55% Watsco Inc 2 2.33% 20.56% Williams Cos Inc 3 3.07% 10.40% Comcast Corp, Class A 4 3.40% 10.19% Vistra Corp 5 2.71% 10.00% MDC Holdings Inc 6 0.75% 21.35% Cogent Communications Holdings Inc 7 2.31% 6.71% Baxter International Inc 8 0.94% 12.88% Merck & Co Inc 9 1.19% 8.97% Enterprise Products Partners LP 10 2.36% 3.63% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Advance Auto Parts Inc 20 0.81% -45.61% AES Corp 19 3.81% -13.49% Target Corp 18 2.41% -19.98% AbbVie Inc 17 2.04% -14.92% Premier Inc, Class A 16 1.75% -14.05% United Parcel Service Inc, Class B 15 3.57% -6.98% Bristol-Myers Squibb Co 14 2.89% -7.21% Progressive Corp 13 2.95% -7.43% Pfizer Inc 12 2.15% -9.41% Truist Financial Corp 11 1.77% -9.79% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 06/30/2023 View Allocation Details Allocation Details River Road Dividend All Cap Value Fund (ARDEX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 3000® Value Index Financials 15.01% 20.32% Information Technology 14.84% 8.89% Consumer Staples 14.56% 8.03% Health Care 12.38% 15.48% Communication Services 10.26% 4.97% Utilities 9.45% 5.12% Industrials 9.11% 13.54% Energy 8.86% 8.00% Real Estate 3.90% 5.24% Consumer Discretionary 1.45% 5.57% Cash & Other 0.19% 0.00% Materials 0.00% 4.85% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 99.81% Bonds 0.00% Cash and Other 0.19% As of: 06/30/2023 Industry Fund Russell 3000® Value Index Insurance 9.29% 3.63% Oil, Gas & Consumable Fuels 8.86% 7.20% Independent Power and Renewable Electricity Producers 6.68% 0.11% Media 6.33% 1.39% Pharmaceuticals 5.99% 5.21% Banks 5.72% 6.76% Semiconductors & Semiconductor Equipment 5.28% 3.61% Consumer Staples Distribution & Retail 5.27% 1.70% Software 4.60% 1.60% Diversified Telecommunication Services 3.93% 1.37% % in Top 10 Industries 61.95% 32.58% As of: 06/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach River Road Dividend All Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in a diversified, all cap portfolio of dividend paying equities. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to target companies exhibiting: Financial strength and high, growing dividend yields at attractive prices Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models Keep Calm and Remain Diversified A short- and long-term review on the power of diversification. Read More About About River Road Asset Management Background River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles. Learn More More Products From River Road Asset Management ARRFX River Road Focused Absolute Value Fund Seeks to provide long-term capital appreciation by investing in a concentrated all cap portfolio of securities. View Fund Details ARLSX River Road International Value Equity Fund The Fund seeks long-term capital appreciation. View Fund Details FQUAX River Road Large Cap Value Select Fund The Fund seeks long-term capital appreciation. View Fund Details CHTTX River Road Mid Cap Value Fund The Fund seeks to provide long-term capital appreciation. View Fund Details ARSVX River Road Small Cap Value Fund Seeks to provide long-term capital appreciation by investing in a portfolio of primarily small but also can invest in mid capitalization equity securities. View Fund Details ARSMX River Road Small-Mid Cap Value Fund Seeks to provide long-term capital appreciation by investing in a portfolio of small and mid capitalization equity securities. View Fund Details Read Important Investment Disclosures Founded 2005 Headquarters Louisville, KY Affiliate Since 2014 Discover how the boutique advantage helps generate alpha. Learn More About AMG