Fund Overview Fund Overview Share Class I N I Z NAV | as of 09/28/2022 $13.40 +$0.36 (+2.68%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 440 Small Value funds as of 08/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/13/2006 to 08/31/2022 = $28,133.03 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 800.835.3879. 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 long-term capital appreciation by investing in a portfolio of primarily small- but also can invest in mid-capitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small cap, value-oriented, stocks Enlightened risk management—portfolio managers will not average down on losing positions Employs a proprietary, fundamentals-driven Absolute Value® investment philosophy, targeting well-managed, financially strong companies that generate predictable and sustainable cash flows and trade at attractive discounts Documents Fact Sheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions View All Documents James C. Shircliff, CFA CHIEF INVESTMENT OFFICER See Our Approach Read Bio R. Andrew Beck CHIEF EXECUTIVE OFFICER AND PRESIDENT See Our Approach Read Bio J. Justin Akin VICE PRESIDENT AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road Small 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 Small Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2022 Overall Rating (of 440) 3 Years (of 440) 5 Years (of 412) 10 Years (of 316) Category Small Value Read Important Investment Disclosures James C. Shircliff, CFA CHIEF INVESTMENT OFFICER James Shircliff serves as Co-Chief Investment Office & Portfolio Manager for River Road. Additionally, he is Lead Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios. Prior to co-founding River Road in 2005, Mr. Shircliff served as EVP, Portfolio Manager, and Director of Research for SMC Capital Inc. (Commonwealth SMC), a registered investment advisor and affiliate of Commonwealth Trust Co. Mr. Shircliff began his career in 1973 as Research Analyst for First Kentucky Trust, where he later served as Director of Research. In 1983, he joined Oppenheimer Management Co. as Special Situations Analyst and, later, Oppenheimer’s Target Fund as Portfolio Manager. In 1986, Mr. Shircliff joined Southeastern Asset Management (Longleaf Funds) as Partner, Portfolio Manager, and Director of Research. In 1997, he joined SMC Capital Inc., where he launched River Road’s Small Cap Value and Dividend All-Cap Value Portfolios. 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. R. Andrew Beck CHIEF EXECUTIVE OFFICER AND PRESIDENT Andrew Beck serves as President & Chief Executive Officer for River Road. Additionally, he is Portfolio Manager for River Road’s Small Cap Value and Small‐Mid Cap Value Portfolios and Lead Portfolio Manager of the firm’s Focused Absolute Value™ Portfolio. Prior to co-founding River Road in 2005, Mr. Beck 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. Justin Akin VICE PRESIDENT AND PORTFOLIO MANAGER Mr. Akin serves as Portfolio Manager for River Road’s Small Cap Value and Small‐Mid Cap Value Portfolios. He previously served as Senior Equity Analyst for 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 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 800.835.3879. 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: 1.09% Net Expense Ratio: 1.09% Expense Cap Expiration Date: N/A 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 15, 2021 $1.155200 — $0.464500 $0.690700 Dec 16, 2020 $0.000700 $0.000700 — — Dec 16, 2019 $0.796600 $0.007200 $0.345100 $0.444300 Dec 27, 2018 $1.398800 $0.009700 $0.277800 $1.111300 Dec 27, 2017 $1.948900 $0.006000 $0.390400 $1.552500 Dec 27, 2016 $0.670600 — $0.403800 $0.266800 Dec 30, 2015 $0.718700 — $0.072400 $0.646300 Dec 30, 2014 $1.986500 — $0.447600 $1.538900 Dec 30, 2013 $3.658500 $0.078200 $0.500000 $3.080300 Dec 28, 2012 $0.693700 $0.260400 — $0.433300 Dec 29, 2010 $0.064900 $0.064900 — — Dec 29, 2009 $0.031000 $0.031000 — — Dec 29, 2008 $0.033200 $0.033200 — — Dec 14, 2007 $0.544300 $0.008200 $0.474500 $0.061600 Sep 14, 2007 $0.016100 $0.016100 — — Jun 15, 2007 $0.028900 $0.028900 — — Mar 16, 2007 $0.012500 $0.012500 — — Dec 15, 2006 $0.157600 $0.031500 $0.123400 $0.002700 From: To: Risk & Return Stats As of: 08/31/2022 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. 0.17 3.02 2.75 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. 21.73 19.14 15.74 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. 0.39 0.40 0.64 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. 73.04 72.46 62.02 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. 86.54 85.00 88.72 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. 0.83 0.81 0.80 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. 94.07 93.09 91.02 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. 6.86 6.69 6.06 View All Characteristics & Stats All Characteristics & Stats River Road Small Cap Value Fund (ARSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $792 Number of Holdings 56 1,403 Weighted Avg. Market Cap (Mil.$) $3,080 $2,212 Median Market Cap (Mil.$) $2,382 $851 Weighted Avg. P/E (1-yr Forward EPS) 10.82 10.06 Weighted Avg. P/E (Trailing EPS) 11.46 10.25 PEG Ratio 0.82 0.84 Weighted Avg. P/B 1.36 1.19 EPS Growth (Trailing 3-yr %) 22.78% 11.79% EPS Growth (Trailing 5-yr %) 19.48% 11.30% Forward EPS Growth (1-yr %) 10.94% -3.82% Forward EPS Growth (Long Term %) 11.16% 11.11% Revenue Growth (Trailing 5-yr %) 5.63% 6.23% Return on Equity 13.49% 6.96% Weighted Avg. Dividend Yield 0.73% 2.11% Debt to Equity 89.19 77.14 Trailing 12-Months Portfolio Turnover 29.77% As of: 06/30/2022 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. 0.17 3.02 2.75 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. 21.73 19.14 15.74 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. 0.39 0.40 0.64 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. 73.04 72.46 62.02 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. 86.54 85.00 88.72 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. 0.83 0.81 0.80 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. 94.07 93.09 91.02 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. 6.86 6.69 6.06 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. -0.19 0.33 0.19 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. 10.28 9.47 12.55 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. -32.74 -32.74 -32.74 As of: 08/31/2022 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 13.09% 23.19% Market Cap ($mm) 1,000 - 1,500 10.62% 14.26% Market Cap ($mm) 1,500 - 2,500 19.51% 26.54% Market Cap ($mm) 2,500 - 5,000 45.41% 32.11% Market Cap ($mm) 5,000 - 10,000 10.24% 3.60% Market Cap ($mm) 10,000 - 25,000 1.14% 0.30% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 20.39% 29.38% P/E 10-15 26.07% 15.65% P/E 15-20 22.34% 9.76% P/E 20-25 9.34% 6.90% P/E 25-Above 13.04% 16.67% P/E – NA 8.81% 21.63% As of: 06/30/2022 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 25.49% 23.52% EPS Growth (Trailing 3-yr %) 0 - 5 9.01% 7.69% EPS Growth (Trailing 3-yr %) 5 - 10 1.71% 7.65% EPS Growth (Trailing 3-yr %) 10 - 15 1.56% 5.98% EPS Growth (Trailing 3-yr %) 15 - 20 5.97% 3.97% EPS Growth (Trailing 3-yr %) Above 20 45.90% 24.33% EPS Growth (Trailing 3-yr %) - NA 10.36% 26.86% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 Air Transport Services Group Inc 4.70% BJ's Wholesale Club Holdings Inc 3.79% White Mountains Insurance Group Ltd 3.53% Premier Inc, Class A 3.29% UniFirst Corp 3.26% Murphy USA Inc 3.12% NCR Corp 2.94% Comfort Systems USA Inc 2.64% American Equity Investment Life Holding Co 2.58% McGrath RentCorp 2.52% % in Top 10 Holdings 32.37% View Holding Details Holding Details River Road Small Cap Value Fund (ARSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 Air Transport Services Group Inc 4.70% BJ's Wholesale Club Holdings Inc 3.79% White Mountains Insurance Group Ltd 3.53% Premier Inc, Class A 3.29% UniFirst Corp 3.26% Murphy USA Inc 3.12% NCR Corp 2.94% Comfort Systems USA Inc 2.64% American Equity Investment Life Holding Co 2.58% McGrath RentCorp 2.52% % in Top 10 Holdings 32.37% As of: 06/30/2022 Download All Holdings (PDF) As of: 08/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ATSG Air Transport Services Group Inc Industrials S US USD 1,304,633 30.13 $39,308,592 4.63% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 465,590 74.49 $34,681,799 4.09% CSVI Computer Services Inc Information Technology S US USD 543,033 56.90 $30,898,578 3.64% WTM White Mountains Insurance Group Ltd Financials S US USD 22,412 1,370.00 $30,704,440 3.62% UNF UniFirst Corp Industrials S US USD 150,070 180.26 $27,051,618 3.19% PINC Premier Inc, Class A Health Care S US USD 730,334 35.24 $25,736,970 3.03% MGRC McGrath RentCorp Industrials S US USD 269,053 84.52 $22,740,360 2.68% CNNE Cannae Holdings Inc Financials S US USD 1,037,450 21.61 $22,419,295 2.64% FIX Comfort Systems USA Inc Industrials S US USD 222,453 100.34 $22,320,934 2.63% AEL American Equity Investment Life Holding Co Financials S US USD 558,631 38.00 $21,227,978 2.50% MUSA Murphy USA Inc Consumer Discretionary S US USD 72,866 290.17 $21,143,527 2.49% AWI Armstrong World Industries Inc Industrials S US USD 236,101 83.99 $19,830,123 2.34% SP SP Plus Corp Industrials S US USD 566,684 33.14 $18,779,908 2.21% AXS Axis Capital Holdings Ltd Financials S BM USD 342,914 53.15 $18,225,879 2.15% NCR NCR Corp Information Technology S US USD 582,306 31.05 $18,080,601 2.13% AXTA Axalta Coating Systems Ltd Materials S US USD 658,784 25.75 $16,963,688 2.00% PLUS ePlus Inc Information Technology S US USD 352,195 47.12 $16,595,428 1.96% ATKR Atkore Inc Industrials S US USD 195,856 84.41 $16,532,205 1.95% CXW CoreCivic Inc Industrials S US USD 1,692,013 9.53 $16,124,884 1.90% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 181,756 87.53 $15,909,103 1.88% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 658,262 23.70 $15,600,809 1.84% GNW Genworth Financial Inc, Class A Financials S US USD 3,586,030 4.22 $15,133,047 1.78% VNT Vontier Corp Information Technology S US USD 680,630 21.92 $14,919,410 1.76% CPSI Computer Programs and Systems Inc Health Care S US USD 466,037 30.51 $14,218,789 1.68% SM SM Energy Co Energy S US USD 319,509 44.07 $14,080,762 1.66% ALIT Alight Inc, Class A Industrials S US USD 1,726,121 7.88 $13,601,833 1.60% CDEV Permian Resources Corp Energy S US USD 1,522,497 8.23 $12,530,150 1.48% TRS Trimas Corp Materials S US USD 451,980 27.52 $12,438,490 1.47% YELP Yelp Inc, Class A Communication Services S US USD 354,789 34.17 $12,123,140 1.43% SUM Summit Materials Inc, Class A Materials S US USD 425,492 28.42 $12,092,483 1.43% UNVR Univar Solutions Inc Industrials S US USD 465,269 25.22 $11,734,084 1.38% PDCO Patterson Cos Inc Health Care S US USD 416,476 27.89 $11,615,516 1.37% VVI Viad Corp Industrials S US USD 293,710 38.18 $11,213,848 1.32% AGX Argan Inc Industrials S US USD 321,179 34.59 $11,109,582 1.31% GMS GMS Inc Industrials S US USD 230,417 48.20 $11,106,099 1.31% MD Pediatrix Medical Group Inc Health Care S US USD 586,738 17.82 $10,455,671 1.23% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 57,730 174.48 $10,072,730 1.19% DINO HF Sinclair Corp Energy S US USD 187,337 52.63 $9,859,546 1.16% ITRN Ituran Location and Control Ltd Information Technology S IL USD 371,437 24.86 $9,233,924 1.09% KELYA Kelly Services Inc, Class A Industrials S US USD 550,080 16.11 $8,861,789 1.04% EVTC EVERTEC Inc Information Technology S PR USD 257,870 33.60 $8,664,432 1.02% TWNK Hostess Brands Inc, Class A Consumer Staples S US USD 373,213 23.18 $8,651,077 1.02% DXC DXC Technology Co Information Technology S US USD 333,692 24.78 $8,268,888 0.97% PKE Park Aerospace Corp Industrials S US USD 711,075 11.51 $8,184,473 0.96% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 88,244 79.21 $6,989,807 0.82% SNBR Sleep Number Corp Consumer Discretionary S US USD 142,299 41.43 $5,895,448 0.69% ESAB Esab Corp Industrials S US USD 135,293 41.09 $5,559,189 0.66% SWX Southwest Gas Holdings Inc Utilities S US USD 69,791 77.85 $5,433,229 0.64% ICUI ICU Medical Inc Health Care S US USD 33,089 159.00 $5,261,151 0.62% INT World Fuel Services Corp Energy S US USD 202,515 25.80 $5,224,887 0.62% LESL Leslie's Inc Consumer Discretionary S US USD 327,428 14.18 $4,642,929 0.55% EPM Evolution Petroleum Corp Energy S US USD 666,012 6.94 $4,622,123 0.54% BBSI Barrett Business Services Inc Industrials S US USD 55,663 80.64 $4,488,664 0.53% HAE Haemonetics Corp Health Care S US USD 56,977 75.03 $4,274,984 0.50% NMRK Newmark Group Inc, Class A Real Estate S US USD 404,985 10.25 $4,151,096 0.49% LILAK Liberty Latin America Ltd, Class C Communication Services S US USD 564,577 6.97 $3,935,102 0.46% ENOV Enovis Corp Health Care S US USD 63,045 50.65 $3,193,229 0.38% Cash & Equivalents Cash C US USD - - $53,687,353 6.33% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Murphy USA Inc 1 3.22% 16.56% White Mountains Insurance Group Ltd 2 3.16% 9.67% Southwest Gas Holdings Inc 3 1.65% 11.76% CDK Global, Inc. 4 0.92% 11.54% HF Sinclair Corp 5 1.33% 14.01% Haemonetics Corp 6 1.52% 3.10% Ituran Location and Control Ltd 7 1.08% 6.84% Premier Inc, Class A 8 3.22% 0.63% Park Aerospace Corp 9 1.05% -1.69% Hostess Brands Inc, Class A 10 0.97% -3.33% As of: 06/30/2022 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 Avaya Holdings Corp. 20 0.70% -70.56% NCR Corp 19 3.17% -22.59% Air Transport Services Group Inc 18 4.75% -14.11% Alight Inc, Class A 17 1.55% -32.16% Cannae Holdings Inc 16 2.53% -19.15% Centennial Resource Development Inc, Class A 15 1.35% -25.90% Armstrong World Industries Inc 14 2.40% -16.57% ACI Worldwide Inc, Class A 13 2.06% -17.78% Computer Services Inc 12 1.23% -24.84% Atkore Inc 11 1.80% -15.67% As of: 06/30/2022 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: 06/30/2022 View Allocation Details Allocation Details River Road Small Cap Value Fund (ARSIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 33.28% 12.74% Information Technology 13.28% 6.06% Financials 12.59% 28.35% Health Care 10.17% 11.00% Consumer Staples 7.35% 2.86% Cash & Other 5.91% 0.00% Consumer Discretionary 4.78% 9.63% Energy 4.58% 4.99% Materials 4.36% 3.88% Communication Services 2.23% 3.28% Utilities 1.05% 5.34% Real Estate 0.42% 11.87% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 94.09% Bonds 0.00% Cash and Other 5.91% As of: 06/30/2022 Industry Fund Russell 2000® Value Index Insurance 10.15% 2.86% Commercial Services & Supplies 8.80% 1.81% Health Care Providers & Services 6.44% 1.72% Trading Companies & Distributors 5.91% 1.40% Food & Staples Retailing 5.78% 0.74% Software 5.02% 1.66% Specialty Retail 4.78% 2.79% Air Freight & Logistics 4.70% 0.48% Oil, Gas & Consumable Fuels 4.58% 3.63% Construction & Engineering 4.15% 0.90% % in Top 10 Industries 60.31% 17.99% As of: 06/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach River Road Small Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to its peers. Target companies will typically have market capitalizations below $3B at the time of purchase; however, the Fund may also invest in midcap stocks, which the Fund considers to be companies with market capitalizations between $1B and $3B at the time of acquisition based on opportunity set. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to analyze companies based on the following investment criteria: Financial strength trading at a discount to assessed valuation Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models River Road Mid Cap Value Fund Introduction An introduction to River Road Asset Management and the AMG River Road Mid Cap Value Fund View Webcast 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 Funds From River Road Asset Management ARDEX River Road Dividend All Cap Value Fund 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. View Fund Details 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 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