Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 03/15/2024 $15.28 +$0.13 (+0.86%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 457 Small Value funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/28/2005 to 02/29/2024 = $44,718.31 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 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 2023 Distributions View All Documents 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-Blend. It invests in small-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating (of 457) 3 Years (of 457) 5 Years (of 426) 10 Years (of 335) Category Small Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Andrew is a co-founder of River Road and is responsible for formulating and driving the firm’s overall business strategy as Chief Executive Officer. He is also directly engaged with several key strategies, serving as Senior Portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value strategies, a portfolio manager for the Mid Cap Value Portfolio, and a supervising portfolio manager for the Focused Absolute Value® portfolios. Andrew earned his BS in Finance at the University of Louisville and MBA at Babson College, and served as Senior Research Analyst, Senior Vice President, and Portfolio Manager and SMC Capital Inc. He has been with River Road since its inception in 2005 and holds equity in the firm. J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER As Senior Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios, Justin focuses on long-term value opportunities, building on his experience as senior equity analyst for the firm and as an equity analyst for SMC Capital. He earned a BS in Economics at Centre College and is a member of the CFA Institute. Justin joined River Road in 2005 and holds equity in the firm. Todd Mayberry, CFA ASSOCIATE PORTFOLIO MANAGER Todd serves as Associate Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios while also providing analytic support for other strategies at the firm. Todd previously served as a Senior Equity Research Analyst for River Road and as a Senior Associate in Corporate Banking at PNC Bank. He holds a BBA in Finance from the University of Cincinnati, and is a CFA® charter holder as well as a member of the CFA Institute. He joined River Road in 2014 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: 1.36% Net Expense Ratio: 1.36% 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 14, 2023 $0.702300 — $0.040700 $0.661600 Dec 15, 2022 $0.520100 — — $0.520100 Dec 15, 2021 $1.155200 — $0.464500 $0.690700 Dec 16, 2019 $0.789400 — $0.345100 $0.444300 Dec 27, 2018 $1.389100 — $0.277800 $1.111300 Dec 27, 2017 $1.942900 — $0.390400 $1.552500 Dec 27, 2016 $0.662300 — $0.398800 $0.263500 Dec 30, 2015 $0.718700 — $0.072400 $0.646300 Dec 30, 2014 $1.986500 — $0.447600 $1.538900 Dec 30, 2013 $3.617700 $0.037400 $0.500000 $3.080300 Dec 28, 2012 $0.655600 $0.222300 — $0.433300 Dec 29, 2010 $0.035200 $0.035200 — — Dec 29, 2009 $0.009500 $0.009500 — — Dec 29, 2008 $0.007600 $0.007600 — — Dec 14, 2007 $0.538500 $0.002400 $0.474500 $0.061600 Sep 14, 2007 $0.005000 $0.005000 — — Jun 15, 2007 $0.018200 $0.018200 — — Mar 16, 2007 $0.004000 $0.004000 — — Dec 15, 2006 $0.152100 $0.026000 $0.123400 $0.002700 From: To: Risk & Return Statistics As of: 02/29/2024 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. 5.27 3.25 3.22 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. 16.05 20.03 16.71 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. 0.31 0.34 0.44 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. 71.06 63.84 54.76 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. 72.35 84.02 89.20 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. 0.71 0.78 0.77 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. 88.08 91.64 90.29 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. 8.30 8.01 7.07 View All Characteristics & Statistics All Characteristics & Statistics River Road Small Cap Value Fund (ARSVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $956 Number of Holdings 57 1,430 Weighted Avg. Market Cap (Mil.$) $3,442 $2,762 Median Market Cap (Mil.$) $2,950 $845 Weighted Avg. P/E (1-yr Forward EPS) 13.24 12.44 Weighted Avg. P/E (Trailing EPS) 14.92 12.24 PEG Ratio 1.51 1.39 Weighted Avg. P/B 1.50 1.34 EPS Growth (Trailing 3-yr %) 10.08% 14.70% EPS Growth (Trailing 5-yr %) 10.84% 11.81% Forward EPS Growth (1-yr %) -7.21% -13.12% Forward EPS Growth (Long Term %) 8.72% 6.49% Revenue Growth (Trailing 5-yr %) 7.40% 8.15% Return on Equity 17.94% 8.63% Weighted Avg. Dividend Yield 1.07% 2.16% Debt to Equity 93.76 77.45 Trailing 12-Months Portfolio Turnover 28.48% As of: 12/31/2023 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. 5.27 3.25 3.22 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. 16.05 20.03 16.71 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. 0.31 0.34 0.44 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. 71.06 63.84 54.76 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. 72.35 84.02 89.20 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. 0.71 0.78 0.77 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. 88.08 91.64 90.29 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. 8.30 8.01 7.07 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. 0.60 0.29 0.29 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. 6.91 8.87 9.47 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. -14.56 -32.80 -32.80 As of: 02/29/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 7.41% 19.21% Market Cap ($mm) 1,000 - 1,500 16.88% 10.75% Market Cap ($mm) 1,500 - 2,500 11.49% 22.23% Market Cap ($mm) 2,500 - 5,000 46.70% 36.44% Market Cap ($mm) 5,000 - 10,000 16.39% 11.37% Market Cap ($mm) 10,000 - 25,000 0.00% 0.00% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 1.13% 0.00% As of: 12/31/2023 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 17.77% 25.36% P/E 10-15 16.39% 18.97% P/E 15-20 23.89% 8.69% P/E 20-25 10.93% 6.28% P/E 25-Above 21.86% 20.63% P/E – NA 9.17% 20.07% As of: 12/31/2023 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 34.96% 18.40% EPS Growth (Trailing 3-yr %) 0 - 5 6.38% 4.47% EPS Growth (Trailing 3-yr %) 5 - 10 7.98% 5.62% EPS Growth (Trailing 3-yr %) 10 - 15 6.35% 5.21% EPS Growth (Trailing 3-yr %) 15 - 20 2.53% 4.99% EPS Growth (Trailing 3-yr %) Above 20 26.76% 29.07% EPS Growth (Trailing 3-yr %) - NA 15.04% 32.24% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 White Mountains Insurance Group Ltd 3.82% Atkore Inc 3.74% BJ's Wholesale Club Holdings Inc 3.52% McGrath RentCorp 3.51% SP Plus Corp 3.26% UniFirst Corp 3.08% CoreCivic Inc 2.74% Air Transport Services Group Inc 2.54% Genworth Financial Inc, Class A 2.50% Murphy USA Inc 2.50% % in Top 10 Holdings 31.21% View Holding Details Holding Details River Road Small Cap Value Fund (ARSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 White Mountains Insurance Group Ltd 3.82% Atkore Inc 3.74% BJ's Wholesale Club Holdings Inc 3.52% McGrath RentCorp 3.51% SP Plus Corp 3.26% UniFirst Corp 3.08% CoreCivic Inc 2.74% Air Transport Services Group Inc 2.54% Genworth Financial Inc, Class A 2.50% Murphy USA Inc 2.50% % in Top 10 Holdings 31.21% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 25,051 1,765.44 $44,226,037 4.35% ATKR Atkore Inc Industrials S US USD 232,008 169.40 $39,302,155 3.86% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 521,566 73.04 $38,095,181 3.74% MGRC McGrath RentCorp Industrials S US USD 280,395 124.48 $34,903,570 3.43% UNF UniFirst Corp Industrials S US USD 168,266 168.72 $28,389,840 2.79% MUSA Murphy USA Inc Consumer Discretionary S US USD 67,057 417.01 $27,963,440 2.75% CXW CoreCivic Inc Industrials S US USD 1,804,725 15.23 $27,485,962 2.70% CNNE Cannae Holdings Inc Financials S US USD 1,101,649 21.82 $24,037,981 2.36% PLUS ePlus Inc Information Technology S US USD 289,783 82.39 $23,875,221 2.35% GEO GEO Group Inc Industrials S US USD 1,920,744 12.27 $23,567,529 2.32% AXS Axis Capital Holdings Ltd Financials S BM USD 367,279 62.57 $22,980,647 2.26% PR Permian Resources Corp, Class A Energy S US USD 1,447,188 15.56 $22,518,245 2.21% GNW Genworth Financial Inc, Class A Financials S US USD 3,620,083 6.15 $22,263,510 2.19% SUM Summit Materials Inc, Class A Materials S US USD 499,162 42.71 $21,319,209 2.09% SM SM Energy Co Energy S US USD 486,660 43.77 $21,301,108 2.09% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 614,022 32.91 $20,207,464 1.99% TRIP TripAdvisor Inc Communication Services S US USD 710,135 26.82 $19,045,821 1.87% VNT Vontier Corp Information Technology S US USD 429,354 43.00 $18,462,222 1.81% VVI Viad Corp Industrials S US USD 477,877 37.23 $17,791,361 1.75% AWI Armstrong World Industries Inc Industrials S US USD 147,428 120.61 $17,781,291 1.75% NWE Northwestern Energy Group Inc Utilities S US USD 362,886 47.92 $17,389,497 1.71% ALIT Alight Inc, Class A Industrials S US USD 1,906,812 9.01 $17,180,376 1.69% ATSG Air Transport Services Group Inc Industrials S US USD 1,406,313 12.07 $16,974,198 1.67% EVTC EVERTEC Inc Financials S PR USD 453,766 36.13 $16,394,566 1.61% MDU MDU Resources Group Inc Industrials S US USD 755,104 21.68 $16,370,655 1.61% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 206,549 77.01 $15,906,338 1.56% SWX Southwest Gas Holdings Inc Utilities S US USD 232,845 68.15 $15,868,387 1.56% DK Delek US Holdings Inc Energy S US USD 596,707 25.51 $15,221,996 1.50% PNM PNM Resources Inc Utilities S US USD 398,772 36.51 $14,559,166 1.43% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 198,830 67.54 $13,428,978 1.32% TLNE Talen Energy Corp Utilities S US USD 171,585 74.80 $12,834,558 1.26% YELP Yelp Inc, Class A Communication Services S US USD 329,994 38.44 $12,684,969 1.25% EMBC Embecta Corp Health Care S US USD 878,190 14.28 $12,540,553 1.23% SP SP Plus Corp Industrials S US USD 227,610 51.41 $11,701,430 1.15% PDCO Patterson Cos Inc Health Care S US USD 425,829 27.09 $11,535,708 1.13% PKE Park Aerospace Corp Industrials S US USD 756,768 15.22 $11,518,009 1.13% PX P10 Inc, Class A Financials S US USD 1,222,402 9.27 $11,331,667 1.11% TRS Trimas Corp Materials S US USD 471,679 23.50 $11,084,457 1.09% NVST Envista Holdings Corp Health Care S US USD 524,141 20.65 $10,823,512 1.06% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 106,839 100.94 $10,784,329 1.06% KELYA Kelly Services Inc, Class A Industrials S US USD 430,909 24.53 $10,570,198 1.04% VYX NCR Voyix Corp Information Technology S US USD 695,507 14.61 $10,161,357 1.00% DNOW DNOW Inc Industrials S US USD 714,972 14.15 $10,116,854 0.99% AGX Argan Inc Industrials S US USD 213,510 46.86 $10,005,079 0.98% RPAY Repay Holdings Corp, Class A Financials S US USD 1,118,102 8.69 $9,716,306 0.95% RDN Radian Group Inc Financials S US USD 323,540 29.14 $9,427,956 0.93% NMIH NMI Holdings Inc, Class A Financials S US USD 301,888 30.08 $9,080,791 0.89% HCC Warrior Met Coal Inc Materials S US USD 134,128 56.97 $7,641,272 0.75% NATL NCR Atleos Corp Financials S US USD 297,458 21.76 $6,472,686 0.64% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 29,792 208.83 $6,221,463 0.61% ITRN Ituran Location and Control Ltd Information Technology S IL USD 230,417 26.12 $6,018,492 0.59% NOMD Nomad Foods Ltd Consumer Staples S GB USD 292,625 18.43 $5,393,079 0.53% CABO Cable One Inc Communication Services S US USD 11,344 456.00 $5,172,864 0.51% NMRK Newmark Group Inc, Class A Real Estate S US USD 457,022 10.79 $4,931,267 0.48% EPM Evolution Petroleum Corp Energy S US USD 803,826 5.86 $4,710,420 0.46% WKC World Kinect Corp Energy S US USD 181,022 24.36 $4,409,696 0.43% FWRD Forward Air Corp Industrials S US USD 99,060 37.13 $3,678,098 0.36% CPSI Computer Programs and Systems Inc Health Care S US USD 292,691 8.86 $2,593,242 0.25% NAPA Duckhorn Portfolio Inc Consumer Staples S US USD 178,150 9.51 $1,694,207 0.17% BRC Brady Corp, Class A Industrials S US USD 15,702 58.28 $915,113 0.09% Cash & Equivalents Cash C US USD - - $97,207,244 9.55% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return SP Plus Corp 1 3.47% 41.97% Armstrong World Industries Inc 2 2.14% 36.90% CoreCivic Inc 3 2.62% 29.16% ePlus Inc 4 2.58% 25.69% McGrath RentCorp 5 3.20% 19.71% ACI Worldwide Inc, Class A 6 1.84% 35.64% Viad Corp 7 1.50% 38.17% TripAdvisor Inc 8 1.57% 29.86% Summit Materials Inc, Class A 9 1.90% 23.51% UniFirst Corp 10 3.01% 12.35% As of: 12/31/2023 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 Air Transport Services Group Inc 20 2.69% -15.62% BJ's Wholesale Club Holdings Inc 19 3.76% -6.60% Computer Programs and Systems Inc 18 0.65% -29.74% WideOpenWest, Inc. 17 0.15% -62.48% Cable One Inc 16 1.18% -9.24% Ituran Location and Control Ltd 15 0.76% -8.28% Delek US Holdings Inc 14 1.44% -8.59% Evolution Petroleum Corp 13 0.54% -13.86% Liberty Latin America Ltd. Class C 12 0.10% -19.36% SM Energy Co 11 2.01% -2.10% As of: 12/31/2023 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: 12/31/2023 View Allocation Details Allocation Details River Road Small Cap Value Fund (ARSVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 33.62% 14.14% Financials 15.30% 27.19% Information Technology 8.68% 5.91% Cash & Other 8.42% 0.00% Energy 6.49% 9.17% Consumer Staples 5.30% 2.34% Utilities 5.24% 3.89% Health Care 4.79% 8.82% Consumer Discretionary 4.41% 10.88% Communication Services 3.98% 2.43% Materials 3.21% 4.75% Real Estate 0.57% 10.47% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 91.58% Bonds 0.00% Cash and Other 8.42% As of: 12/31/2023 Industry Fund Russell 2000® Value Index Commercial Services & Supplies 12.97% 1.75% Insurance 8.42% 2.36% Financial Services 6.88% 3.26% Oil, Gas & Consumable Fuels 6.49% 7.13% Trading Companies & Distributors 5.64% 2.09% Consumer Staples Distribution & Retail 5.30% 0.54% Specialty Retail 4.41% 3.42% Electronic Equipment, Instruments & Components 4.28% 2.13% Electrical Equipment 3.74% 0.59% Software 3.25% 1.10% % in Top 10 Industries 61.38% 24.37% As of: 12/31/2023 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 R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Read full bio J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER Read full bio Todd Mayberry, CFA ASSOCIATE PORTFOLIO MANAGER Read full bio 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 $4B at the time of purchase; however, the Fund may also invest in mid cap stocks based on the 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 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 FQUAX River Road Large Cap Value Select Fund View Fund Details CHTTX River Road Mid 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