Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I NAV | as of 05/06/2024 $18.61 +$0.23 (+1.25%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 03/01/2006 to 04/30/2024 = $37,111.43 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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. Read Important Investment Disclosures Objective The Fund seeks long-term capital appreciation. Why Consider May be appropriate for investors looking to gain exposure to a focused portfolio of U.S. large-cap companies Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting a concentrated, large-cap Fund portfolio of securities representing River Road’s “best ideas” within the market capitalization range Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style River Road Large Cap Value Select Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road Large Cap Value Select Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 04/30/2024 Overall Rating — 3 Years — 5 Years — 10 Years — Category Large Blend Read Important Investment Disclosures Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER Matt serves as portfolio manager for River Road’s Mid Cap Value and Large Cap Value portfolios, drawing on deep past experience as an equity analyst within the firm as well as related positions at Morningstar, Citigroup and Goldman Sachs. Matt earned his MBA at the University of Chicago/Booth School of Business and BS in Finance from Bradley University. He is a CFA® charter holder and a member of the CFA Institute. Matt joined River Road in 2007 and holds equity in the firm. Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER Daniel serves as Portfolio Manager for River Road’s Mid Cap Value and Large Cap Value portfolios and is a non-voting member of the Executive Committee. He previously served as Senior Equity Analyst for the firm and as an Associate Auditor for PriceWaterhouseCoopers and continues to hold a CPA designation. Daniel earned both an MS and BS in Accounting at the University of Kentucky. He a CFA® charterholder and member of the CFA Institute. Daniel joined River Road in 2006 and holds equity in the firm. 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 shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.18% Net Expense Ratio: 0.95% Expense Cap Expiration Date: 03/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 14, 2023 $0.110100 $0.110100 — — Dec 15, 2022 $0.250200 $0.250200 — — Mar 25, 2021 $2.557500 $2.557500 — — Dec 16, 2019 $0.693400 — $0.308400 $0.385000 Sep 26, 2019 $0.000200 $0.000200 — — Jun 26, 2019 $0.004300 $0.004300 — — Mar 27, 2019 $0.011600 $0.011600 — — Dec 27, 2018 $0.505700 — $0.091000 $0.414700 Dec 27, 2017 $4.155500 — $2.993000 $1.162500 Sep 26, 2017 $0.007800 $0.007800 — — Jun 27, 2017 $0.006200 $0.006200 — — Mar 28, 2017 $0.091000 $0.091000 — — Dec 27, 2016 $0.806700 $0.054700 $0.141100 $0.610900 Sep 27, 2016 $0.034900 $0.034900 — — Jun 27, 2016 $0.037000 $0.037000 — — Mar 28, 2016 $0.036300 $0.036300 — — Dec 28, 2015 $1.622100 $0.037600 — $1.584500 Sep 25, 2015 $0.027400 $0.027400 — — Jun 25, 2015 $0.032900 $0.032900 — — Mar 26, 2015 $0.075400 $0.075400 — — Dec 26, 2014 $0.010700 $0.010700 — — Sep 25, 2014 $0.034200 $0.034200 — — Jun 25, 2014 $0.034500 $0.034500 — — Mar 26, 2014 $0.027400 $0.027400 — — Dec 26, 2013 $0.025300 $0.025300 — — Sep 25, 2013 $0.033800 $0.033800 — — Jun 25, 2013 $0.051300 $0.051300 — — Mar 25, 2013 $0.041700 $0.041700 — — Dec 26, 2012 $0.060600 $0.060600 — — Sep 25, 2012 $0.057100 $0.057100 — — Jun 26, 2012 $0.052300 $0.052300 — — Mar 27, 2012 $0.056800 $0.056800 — — Dec 27, 2011 $0.129800 $0.129800 — — Dec 28, 2010 $0.089100 $0.089100 — — Dec 28, 2009 $0.112500 $0.112500 — — Dec 26, 2008 $0.128300 $0.128300 — — Dec 26, 2007 $1.741100 $0.135000 $0.478000 $1.128100 Dec 26, 2006 $1.672800 $0.157200 $0.676500 $0.839100 From: To: Risk & Return Statistics As of: 04/30/2024 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. 3.25 2.04 2.57 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. 15.58 15.15 12.57 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. 0.34 0.38 0.55 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. 98.49 64.96 57.80 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. 89.63 83.93 85.51 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. 0.92 0.67 0.68 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. 92.35 67.83 68.42 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. 4.52 10.63 8.65 View All Characteristics & Statistics All Characteristics & Statistics River Road Large Cap Value Select Fund (FQUAX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Value Index Fund Assets (Mil.$) $39 Number of Holdings 26 845 Weighted Avg. Market Cap (Mil.$) $223,245 $158,550 Median Market Cap (Mil.$) $43,429 $14,081 Weighted Avg. P/E (1-yr Forward EPS) 15.52 16.79 Weighted Avg. P/E (Trailing EPS) 15.19 18.99 PEG Ratio 1.67 1.62 Weighted Avg. P/B 2.85 2.47 EPS Growth (Trailing 3-yr %) 17.78% 10.82% EPS Growth (Trailing 5-yr %) 20.98% 9.45% Forward EPS Growth (1-yr %) 7.08% 5.64% Forward EPS Growth (Long Term %) 10.41% 7.63% Revenue Growth (Trailing 5-yr %) 9.26% 7.38% Return on Equity 22.74% 15.16% Weighted Avg. Dividend Yield 1.44% 2.10% Debt to Equity 98.93 96.89 SEC 30-Day Yield (%) 0.57% SEC 30-Day Yield (%) w/o fee 0.39% Trailing 12-Months Portfolio Turnover 69.35% As of: 03/31/2024 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. 3.25 2.04 2.57 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. 15.58 15.15 12.57 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. 0.34 0.38 0.55 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. 98.49 64.96 57.80 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. 89.63 83.93 85.51 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. 0.92 0.67 0.68 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. 92.35 67.83 68.42 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. 4.52 10.63 8.65 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. 0.66 -0.07 -0.01 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. 5.76 8.58 10.23 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. -18.36 -18.36 -18.36 As of: 04/30/2024 Market Cap Fund Russell 1000® Value Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.10% Market Cap ($mm) 2,500 - 5,000 3.46% 1.29% Market Cap ($mm) 5,000 - 10,000 4.68% 5.64% Market Cap ($mm) 10,000 - 25,000 25.22% 14.36% Market Cap ($mm) 25,000 - 50,000 21.96% 15.17% Market Cap ($mm) 50,000 - 100,000 15.22% 16.44% Market Cap ($mm) 100,000 - 200,000 7.32% 23.23% Market Cap ($mm) 200,000 - 22.15% 23.76% Market Cap – NA 0.00% 0.00% As of: 03/31/2024 Valuation Characteristics Fund Russell 1000® Value Index P/E 0-10 23.01% 8.62% P/E 10-15 0.00% 19.89% P/E 15-20 30.82% 14.71% P/E 20-25 18.56% 12.94% P/E 25-Above 27.61% 39.72% P/E – NA 0.00% 4.11% As of: 03/31/2024 Growth Characteristics Fund Russell 1000® Value Index EPS Growth (Trailing 3-yr %) - Negative 13.86% 26.72% EPS Growth (Trailing 3-yr %) 0 - 5 12.11% 7.42% EPS Growth (Trailing 3-yr %) 5 - 10 9.57% 10.23% EPS Growth (Trailing 3-yr %) 10 - 15 13.44% 8.65% EPS Growth (Trailing 3-yr %) 15 - 20 6.00% 8.61% EPS Growth (Trailing 3-yr %) Above 20 42.41% 30.97% EPS Growth (Trailing 3-yr %) - NA 2.60% 7.40% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Nestle SA ADR 6.57% BJ's Wholesale Club Holdings Inc 6.37% CRH Plc 6.33% Berkshire Hathaway Inc, Class B 6.30% LKQ Corp 5.84% Fairfax Financial Holdings Ltd 5.52% Alphabet Inc, Class C 4.75% Kroger Co 4.68% UnitedHealth Group Inc 3.91% Carlisle Cos Inc 3.85% % in Top 10 Holdings 54.12% View Holding Details Holding Details River Road Large Cap Value Select Fund (FQUAX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Nestle SA ADR 6.57% BJ's Wholesale Club Holdings Inc 6.37% CRH Plc 6.33% Berkshire Hathaway Inc, Class B 6.30% LKQ Corp 5.84% Fairfax Financial Holdings Ltd 5.52% Alphabet Inc, Class C 4.75% Kroger Co 4.68% UnitedHealth Group Inc 3.91% Carlisle Cos Inc 3.85% % in Top 10 Holdings 54.12% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund NSRGY Nestle SA ADR Consumer Staples S CH USD 24,439 106.20 $2,595,422 6.57% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 33,279 75.65 $2,517,556 6.37% CRH CRH Plc Materials S IE USD 28,981 86.26 $2,499,901 6.33% BRK/B Berkshire Hathaway Inc, Class B Financials S US USD 5,917 420.52 $2,488,217 6.30% LKQ LKQ Corp Consumer Discretionary S US USD 43,164 53.41 $2,305,389 5.84% FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 2,020 1,079.04 $2,179,661 5.52% GOOG Alphabet Inc, Class C Communication Services S US USD 12,318 152.26 $1,875,539 4.75% KR Kroger Co Consumer Staples S US USD 32,354 57.13 $1,848,384 4.68% UNH UnitedHealth Group Inc Health Care S US USD 3,123 494.70 $1,544,948 3.91% CSL Carlisle Cos Inc Industrials S US USD 3,883 391.85 $1,521,554 3.85% WTW Willis Towers Watson PLC Financials S GB USD 5,357 275.00 $1,473,175 3.73% KDP Keurig Dr Pepper Inc Consumer Staples S US USD 43,557 30.67 $1,335,893 3.38% IDA IDACORP Inc Utilities S US USD 14,290 92.89 $1,327,398 3.36% FI Fiserv Inc Financials S US USD 7,527 159.82 $1,202,965 3.05% SU Suncor Energy Inc Energy S CA USD 31,916 36.91 $1,178,020 2.98% CASY Casey's General Stores Inc Consumer Staples S US USD 3,641 318.45 $1,159,476 2.94% KKR KKR & Co Inc, Class A Financials S US USD 11,502 100.58 $1,156,871 2.93% ELV Elevance Health Inc Health Care S US USD 2,162 518.54 $1,121,083 2.84% DAL Delta Air Lines Inc Industrials S US USD 20,988 47.87 $1,004,696 2.54% VAL Valaris Ltd Energy S US USD 13,279 75.26 $999,378 2.53% EOG EOG Resources Inc Energy S US USD 7,700 127.84 $984,368 2.49% PGR Progressive Corp Financials S US USD 4,736 206.82 $979,500 2.48% FERG Ferguson PLC Industrials S GB USD 3,883 218.43 $848,164 2.15% MTN Vail Resorts Inc Consumer Discretionary S US USD 3,585 222.83 $798,846 2.02% GEHC GE HealthCare Technologies Inc Health Care S US USD 8,179 90.91 $743,553 1.88% TMUS T-Mobile US Inc Communication Services S US USD 4,340 163.22 $708,375 1.79% Cash & Equivalents Cash C US USD - - $1,097,324 2.78% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return CRH Plc 1 6.45% 25.24% Berkshire Hathaway Inc, Class B 2 7.05% 17.90% Fairfax Financial Holdings Ltd 3 5.56% 19.09% Kroger Co 4 4.34% 25.54% KKR & Co Inc, Class A 5 4.26% 21.55% Carlisle Cos Inc 6 3.59% 25.64% Fiserv Inc 7 4.48% 20.31% Progressive Corp 8 2.90% 30.30% BJ's Wholesale Club Holdings Inc 9 5.62% 13.49% LKQ Corp 10 5.86% 12.21% As of: 03/31/2024 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 Nestle SA ADR 20 6.84% -8.16% Keurig Dr Pepper Inc 19 3.70% -7.07% UnitedHealth Group Inc 18 4.37% -5.78% IDACORP Inc 17 3.60% -4.93% Dollar Tree, Inc. 16 0.49% -8.15% Vail Resorts Inc 15 1.67% 0.56% Armstrong World Industries Inc 14 0.18% 2.17% T-Mobile US Inc 13 1.94% 2.09% EOG Resources Inc 12 2.47% 6.30% Casey's General Stores Inc 11 0.87% 12.23% As of: 03/31/2024 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: 03/31/2024 View Allocation Details Allocation Details River Road Large Cap Value Select Fund (FQUAX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Value Index Financials 24.00% 22.65% Consumer Staples 23.94% 7.68% Health Care 8.63% 14.25% Industrials 8.54% 14.29% Energy 8.01% 8.05% Consumer Discretionary 7.86% 5.01% Communication Services 6.54% 4.60% Materials 6.33% 4.79% Utilities 3.36% 4.67% Cash & Other 2.78% 0.00% Information Technology 0.00% 9.40% Real Estate 0.00% 4.61% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 97.22% Bonds 0.00% Cash and Other 2.78% As of: 03/31/2024 Industry Fund Russell 1000® Value Index Consumer Staples Distribution & Retail 13.99% 1.76% Insurance 11.73% 4.10% Financial Services 9.35% 4.61% Health Care Providers & Services 6.75% 3.00% Food Products 6.57% 1.60% Construction Materials 6.33% 0.32% Distributors 5.84% 0.16% Oil, Gas & Consumable Fuels 5.48% 7.33% Interactive Media & Services 4.75% 0.05% Building Products 3.85% 1.23% % in Top 10 Industries 74.64% 24.16% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About River Road Asset Management 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 About River Road Asset Management's Approach FOUNDED 2005 AMG AFFILIATE SINCE 2014 HEADQUARTERS Louisville, KY Portfolio Managers Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER Read full bio Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach River Road Large Cap Value Select Fund The Fund invests in a focused portfolio of primarily large-cap equity securities that River Road believes are undervalued. River Road’s investment philosophy is based upon its proprietary Absolute Value® approach, which seeks to generate attractive, sustainable, low volatility returns over the long term, with an emphasis on minimizing downside portfolio risk. River Road builds the Fund’s portfolio from the bottom up, making security-specific research central to their process. Related products Other Products From River Road Asset Management ARDEX River Road Dividend All Cap Value Fund View Fund Details ARRFX River Road Focused Absolute Value Fund View Fund Details CHTTX River Road Mid Cap Value Fund View Fund Details ARSVX River Road Small Cap Value Fund View Fund Details ARSMX River Road Small-Mid Cap Value Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS