Fund Overview Fund Overview Share Class N N I Z NAV | as of 09/21/2023 $14.16 -$0.10 (-0.70%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 446 Small Value funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/28/2005 to 08/31/2023 = $41,292.24 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 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 2022 Year End Distributions View All Documents R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER See Our Approach Read Bio J. Justin Akin VICE PRESIDENT, SENIOR 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 08/31/2023 Overall Rating (of 446) 3 Years (of 446) 5 Years (of 420) 10 Years (of 326) Category Small Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Mr. Beck serves as CEO for River Road. Additionally, he is a portfolio manager for River Road’s Small Cap Value, Small-Mid Cap Value, and Mid Cap Value Portfolios and a supervising portfolio manager for the firm’s Focused Absolute Value® Portfolios. Mr. Beck is the largest individual shareholder in the firm and serves as chair of the Executive Committee, River Road’s governing body. Prior to co-founding River Road in 2005, he served as senior research analyst and, later, senior vice president and portfolio manager for SMC Capital Inc. (Commonwealth SMC). Mr. Beck earned a BS in finance from the University of Louisville and an MBA from the F.W. Olin School at Babson College. J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER Mr. Akin serves as a portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios. Mr. Akin holds equity in the firm. Prior to joining River Road in 2005, Mr. Akin worked with the firm’s founders at Commonwealth SMC as equity research analyst for the Small Cap Value and Dividend All-Cap Value Portfolios. Mr. Akin earned a BS in economics from Centre College. Mr. Akin is a member of the CFA Institute and CFA Society Louisville. 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: 1.36% 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 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 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. 2.90 3.59 2.76 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. 18.42 20.85 16.64 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. 0.66 0.24 0.47 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. 68.59 69.06 56.84 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. 76.12 86.00 89.52 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. 0.77 0.81 0.79 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. 91.38 93.55 91.10 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. 7.49 7.14 6.50 View All Characteristics & Stats All Characteristics & Stats 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.$) $893 Number of Holdings 61 1,457 Weighted Avg. Market Cap (Mil.$) $3,272 $2,404 Median Market Cap (Mil.$) $2,754 $812 Weighted Avg. P/E (1-yr Forward EPS) 12.16 10.93 Weighted Avg. P/E (Trailing EPS) 12.83 9.97 PEG Ratio 1.34 1.20 Weighted Avg. P/B 1.54 1.20 EPS Growth (Trailing 3-yr %) 15.49% 15.06% EPS Growth (Trailing 5-yr %) 18.86% 12.06% Forward EPS Growth (1-yr %) -1.90% -14.05% Forward EPS Growth (Long Term %) 10.13% 7.71% Revenue Growth (Trailing 5-yr %) 5.75% 7.25% Return on Equity 17.41% 8.23% Weighted Avg. Dividend Yield 0.88% 2.42% Debt to Equity 100.51 85.58 Trailing 12-Months Portfolio Turnover 26.79% 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. 2.90 3.59 2.76 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. 18.42 20.85 16.64 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. 0.66 0.24 0.47 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. 68.59 69.06 56.84 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. 76.12 86.00 89.52 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. 0.77 0.81 0.79 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. 91.38 93.55 91.10 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. 7.49 7.14 6.50 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. 0.04 0.48 0.24 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. 15.82 6.10 9.93 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: 08/31/2023 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 13.18% 22.83% Market Cap ($mm) 1,000 - 1,500 10.40% 13.19% Market Cap ($mm) 1,500 - 2,500 20.87% 23.94% Market Cap ($mm) 2,500 - 5,000 37.55% 32.83% Market Cap ($mm) 5,000 - 10,000 18.00% 7.21% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 23.14% 34.19% P/E 10-15 17.12% 13.11% P/E 15-20 19.80% 9.10% P/E 20-25 10.45% 5.36% P/E 25-Above 22.91% 18.06% P/E – NA 6.59% 20.18% As of: 06/30/2023 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 33.59% 20.27% EPS Growth (Trailing 3-yr %) 0 - 5 5.87% 4.69% EPS Growth (Trailing 3-yr %) 5 - 10 2.30% 5.90% EPS Growth (Trailing 3-yr %) 10 - 15 3.00% 5.02% EPS Growth (Trailing 3-yr %) 15 - 20 5.72% 5.51% EPS Growth (Trailing 3-yr %) Above 20 39.13% 30.43% EPS Growth (Trailing 3-yr %) - NA 10.40% 28.17% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 White Mountains Insurance Group Ltd 3.78% BJ's Wholesale Club Holdings Inc 3.54% Atkore Inc 3.42% McGrath RentCorp 2.91% Air Transport Services Group Inc 2.87% SP Plus Corp 2.79% UniFirst Corp 2.77% Vontier Corp 2.38% Murphy USA Inc 2.34% Cannae Holdings Inc 2.29% % in Top 10 Holdings 29.07% View Holding Details Holding Details River Road Small Cap Value Fund (ARSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 White Mountains Insurance Group Ltd 3.78% BJ's Wholesale Club Holdings Inc 3.54% Atkore Inc 3.42% McGrath RentCorp 2.91% Air Transport Services Group Inc 2.87% SP Plus Corp 2.79% UniFirst Corp 2.77% Vontier Corp 2.38% Murphy USA Inc 2.34% Cannae Holdings Inc 2.29% % in Top 10 Holdings 29.07% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 24,305 1,588.69 $38,613,110 4.17% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 504,391 67.39 $33,990,909 3.67% ATKR Atkore Inc Industrials S US USD 195,669 153.97 $30,127,156 3.25% ATSG Air Transport Services Group Inc Industrials S US USD 1,359,085 21.56 $29,301,873 3.16% MGRC McGrath RentCorp Industrials S US USD 280,395 101.10 $28,347,935 3.06% UNF UniFirst Corp Industrials S US USD 159,250 176.13 $28,048,703 3.03% SP SP Plus Corp Industrials S US USD 635,732 39.17 $24,901,622 2.69% PLUS ePlus Inc Information Technology S US USD 357,721 66.38 $23,745,520 2.56% PR Permian Resources Corp, Class A Energy S US USD 1,558,200 14.18 $22,095,276 2.38% MUSA Murphy USA Inc Consumer Discretionary S US USD 67,057 317.64 $21,299,985 2.30% EVTC EVERTEC Inc Financials S PR USD 534,863 39.57 $21,164,529 2.28% GNW Genworth Financial Inc, Class A Financials S US USD 3,579,383 5.79 $20,724,628 2.24% CNNE Cannae Holdings Inc Financials S US USD 1,030,332 19.63 $20,225,417 2.18% SM SM Energy Co Energy S US USD 473,963 42.31 $20,053,375 2.16% AXS Axis Capital Holdings Ltd Financials S BM USD 362,212 54.86 $19,870,950 2.14% CXW CoreCivic Inc Industrials S US USD 1,804,725 10.76 $19,418,841 2.10% NCR NCR Corp Information Technology S US USD 630,305 30.76 $19,388,182 2.09% AWI Armstrong World Industries Inc Industrials S US USD 242,695 76.59 $18,588,010 2.01% VNT Vontier Corp Information Technology S US USD 591,325 31.41 $18,573,518 2.00% NWE NorthWestern Corp Utilities S US USD 338,476 50.40 $17,059,190 1.84% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 672,009 24.28 $16,316,379 1.76% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 196,072 78.13 $15,319,105 1.65% SUM Summit Materials Inc, Class A Materials S US USD 369,283 37.41 $13,814,877 1.49% CABO Cable One Inc Communication Services S US USD 20,551 650.57 $13,369,864 1.44% YELP Yelp Inc, Class A Communication Services S US USD 311,859 42.85 $13,363,158 1.44% SWX Southwest Gas Holdings Inc Utilities S US USD 215,250 61.93 $13,330,433 1.44% ALIT Alight Inc, Class A Industrials S US USD 1,706,624 7.64 $13,038,607 1.41% AGX Argan Inc Industrials S US USD 298,380 42.48 $12,675,182 1.37% TRIP TripAdvisor Inc Communication Services S US USD 829,116 15.11 $12,527,943 1.35% VVI Viad Corp Industrials S US USD 437,356 28.39 $12,416,537 1.34% PDCO Patterson Cos Inc Health Care S US USD 412,727 30.04 $12,398,319 1.34% TRS Trimas Corp Materials S US USD 454,332 26.20 $11,903,498 1.28% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 110,778 102.06 $11,306,003 1.22% NMIH NMI Holdings Inc, Class A Financials S US USD 389,501 28.62 $11,147,519 1.20% EMBC Embecta Corp Health Care S US USD 563,830 18.33 $10,335,004 1.12% AEL American Equity Investment Life Holding Co Financials S US USD 191,656 53.68 $10,288,094 1.11% KELYA Kelly Services Inc, Class A Industrials S US USD 553,348 18.49 $10,231,405 1.10% PKE Park Aerospace Corp Industrials S US USD 733,679 13.63 $10,000,045 1.08% ITRN Ituran Location and Control Ltd Information Technology S IL USD 328,264 30.28 $9,939,834 1.07% RDN Radian Group Inc Financials S US USD 328,571 27.08 $8,897,703 0.96% GMS GMS Inc Industrials S US USD 127,350 69.34 $8,830,449 0.95% TWNK Hostess Brands Inc, Class A Consumer Staples S US USD 308,119 28.48 $8,775,229 0.95% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 36,813 230.00 $8,466,990 0.91% CPSI Computer Programs and Systems Inc Health Care S US USD 463,147 16.27 $7,535,402 0.81% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 108,380 68.82 $7,458,712 0.80% LESL Leslie's Inc Consumer Discretionary S US USD 1,137,707 6.26 $7,122,046 0.77% DXC DXC Technology Co Information Technology S US USD 330,026 20.74 $6,844,739 0.74% EPM Evolution Petroleum Corp Energy S US USD 703,914 8.46 $5,955,112 0.64% CNM Core & Main Inc, Class A Industrials S US USD 170,922 32.84 $5,613,078 0.61% FIX Comfort Systems USA Inc Industrials S US USD 30,359 184.57 $5,603,361 0.60% FWRD Forward Air Corp Industrials S US USD 74,750 70.82 $5,293,795 0.57% DNOW NOW Inc Industrials S US USD 472,572 11.17 $5,278,629 0.57% LILAK Liberty Latin America Ltd, Class C Communication Services S US USD 557,758 8.96 $4,997,512 0.54% VRRM Verra Mobility Corp, Class A Industrials S US USD 266,751 17.79 $4,745,500 0.51% WKC World Kinect Corp Energy S US USD 201,212 21.90 $4,406,543 0.48% BBSI Barrett Business Services Inc Industrials S US USD 44,274 95.68 $4,236,136 0.46% NMRK Newmark Group Inc, Class A Real Estate S US USD 559,343 7.09 $3,965,742 0.43% MD Pediatrix Medical Group Inc Health Care S US USD 270,038 14.13 $3,815,637 0.41% PINC Premier Inc, Class A Health Care S US USD 173,308 21.53 $3,731,321 0.40% WOW WideOpenWest Inc Communication Services S US USD 427,527 8.10 $3,462,969 0.37% AVD American Vanguard Corp Materials S US USD 206,721 13.82 $2,856,884 0.31% Cash & Equivalents Cash C US USD - - $89,701,257 9.68% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return American Equity Investment Life Holding Co 1 1.43% 42.81% Summit Materials Inc, Class A 2 1.57% 32.85% Murphy USA Inc 3 2.19% 20.67% Vontier Corp 4 2.26% 17.88% SP Plus Corp 5 2.66% 14.06% Viad Corp 6 1.12% 28.98% Atkore Inc 7 2.98% 11.01% Patterson Cos Inc 8 1.32% 25.08% ePlus Inc 9 2.05% 14.80% GMS Inc 10 1.55% 19.54% 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 BJ's Wholesale Club Holdings Inc 20 3.48% -17.17% Premier Inc, Class A 19 1.75% -14.05% Air Transport Services Group Inc 18 2.91% -9.41% UniFirst Corp 17 2.94% -11.94% Computer Programs and Systems Inc 16 1.42% -18.25% TripAdvisor Inc 15 1.48% -16.97% ACI Worldwide Inc, Class A 14 1.84% -14.12% Leslie's Inc 13 1.37% -14.71% Ingles Markets Inc, Class A 12 1.89% -6.70% Sleep Number Corporation 11 0.15% -27.33% 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 Small Cap Value Fund (ARSVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 32.84% 14.59% Financials 16.22% 24.21% Cash & Other 9.98% 0.00% Information Technology 9.96% 6.31% Consumer Staples 5.28% 2.65% Communication Services 5.18% 2.86% Consumer Discretionary 4.53% 10.35% Energy 4.45% 9.09% Health Care 4.24% 10.07% Materials 3.70% 4.90% Utilities 3.23% 4.41% Real Estate 0.39% 10.57% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 90.02% Bonds 0.00% Cash and Other 9.98% As of: 06/30/2023 Industry Fund Russell 2000® Value Index Insurance 9.67% 2.35% Commercial Services & Supplies 8.77% 1.62% Trading Companies & Distributors 7.24% 2.37% Financial Services 6.56% 2.88% Consumer Staples Distribution & Retail 5.28% 0.56% Electronic Equipment, Instruments & Components 4.63% 2.34% Specialty Retail 4.53% 3.22% Oil, Gas & Consumable Fuels 4.45% 6.99% Professional Services 3.84% 1.19% Air Freight & Logistics 3.76% 0.33% % in Top 10 Industries 58.73% 23.85% As of: 06/30/2023 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 Products 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