Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 03/18/2024 $9.67 -$0.03 (-0.31%) 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 03/29/2007 to 02/29/2024 = $34,570.33 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 small and mid capitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small and mid 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-Mid 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-Mid Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low 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: 1.28% Net Expense Ratio: 1.28% 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 $0.362100 $0.010900 $0.103100 $0.248100 Dec 15, 2022 $0.410000 $0.000200 — $0.409800 Dec 15, 2021 $0.568300 — — $0.568300 Dec 16, 2019 $0.151200 $0.006900 $0.066400 $0.077900 Dec 27, 2018 $0.542500 — $0.177400 $0.365100 Dec 27, 2017 $1.148000 $0.017200 $0.212700 $0.918100 Dec 27, 2016 $0.590100 $0.009300 $0.009700 $0.571100 Dec 30, 2015 $1.112000 — — $1.112000 Dec 30, 2014 $1.428300 — $0.452200 $0.976100 Dec 30, 2013 $1.511600 $0.016700 $0.206800 $1.288100 Dec 28, 2012 $0.635200 $0.124600 $0.031100 $0.479500 Dec 29, 2011 $2.059200 — $0.084000 $1.975200 Dec 29, 2010 $0.114000 $0.030800 — $0.083200 Dec 29, 2008 $0.011300 $0.011300 — — 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. 2.59 1.71 2.51 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. 17.65 21.17 17.64 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. 0.27 0.33 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. 79.19 77.93 75.94 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. 83.51 91.23 93.18 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 0.87 0.88 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. 90.61 94.20 91.98 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. 6.46 5.97 5.54 View All Characteristics & Statistics All Characteristics & Statistics River Road Small-Mid Cap Value Fund (ARSMX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Value Index Fund Assets (Mil.$) $286 Number of Holdings 65 1,869 Weighted Avg. Market Cap (Mil.$) $5,452 $7,213 Median Market Cap (Mil.$) $3,854 $1,386 Weighted Avg. P/E (1-yr Forward EPS) 12.50 14.05 Weighted Avg. P/E (Trailing EPS) 14.29 14.40 PEG Ratio 1.41 1.36 Weighted Avg. P/B 1.55 1.77 EPS Growth (Trailing 3-yr %) 15.51% 16.14% EPS Growth (Trailing 5-yr %) 12.34% 11.41% Forward EPS Growth (1-yr %) -6.93% -8.07% Forward EPS Growth (Long Term %) 8.27% 8.42% Revenue Growth (Trailing 5-yr %) 9.86% 8.14% Return on Equity 15.50% 12.81% Weighted Avg. Dividend Yield 1.17% 1.92% Debt to Equity 102.62 94.58 Trailing 12-Months Portfolio Turnover 32.67% 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. 2.59 1.71 2.51 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. 17.65 21.17 17.64 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. 0.27 0.33 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. 79.19 77.93 75.94 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. 83.51 91.23 93.18 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 0.87 0.88 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. 90.61 94.20 91.98 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. 6.46 5.97 5.54 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. 0.30 0.16 0.33 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. 5.73 8.02 8.89 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. -16.70 -34.15 -34.15 As of: 02/29/2024 Market Cap Fund Russell 2500™ Value Index Market Cap ($mm) 0 - 1,000 3.12% 6.46% Market Cap ($mm) 1,000 - 1,500 9.90% 3.67% Market Cap ($mm) 1,500 - 2,500 10.79% 8.03% Market Cap ($mm) 2,500 - 5,000 34.71% 20.24% Market Cap ($mm) 5,000 - 10,000 29.09% 36.43% Market Cap ($mm) 10,000 - 25,000 12.39% 24.94% Market Cap ($mm) 25,000 - 50,000 0.00% 0.23% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund Russell 2500™ Value Index P/E 0-10 16.28% 18.79% P/E 10-15 21.47% 16.25% P/E 15-20 23.86% 12.22% P/E 20-25 7.92% 8.27% P/E 25-Above 22.14% 29.84% P/E – NA 8.33% 14.62% As of: 12/31/2023 Growth Characteristics Fund Russell 2500™ Value Index EPS Growth (Trailing 3-yr %) - Negative 30.87% 17.94% EPS Growth (Trailing 3-yr %) 0 - 5 5.81% 5.32% EPS Growth (Trailing 3-yr %) 5 - 10 4.50% 7.40% EPS Growth (Trailing 3-yr %) 10 - 15 4.20% 5.78% EPS Growth (Trailing 3-yr %) 15 - 20 3.13% 6.72% EPS Growth (Trailing 3-yr %) Above 20 37.80% 33.47% EPS Growth (Trailing 3-yr %) - NA 13.70% 23.35% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 White Mountains Insurance Group Ltd 3.72% LKQ Corp 3.70% BJ's Wholesale Club Holdings Inc 3.57% Atkore Inc 3.51% Vistra Corp 3.42% UniFirst Corp 3.07% TD SYNNEX Corp 3.04% WEX Inc 2.98% Air Transport Services Group Inc 2.64% Murphy USA Inc 2.62% % in Top 10 Holdings 32.26% View Holding Details Holding Details River Road Small-Mid Cap Value Fund (ARSMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 White Mountains Insurance Group Ltd 3.72% LKQ Corp 3.70% BJ's Wholesale Club Holdings Inc 3.57% Atkore Inc 3.51% Vistra Corp 3.42% UniFirst Corp 3.07% TD SYNNEX Corp 3.04% WEX Inc 2.98% Air Transport Services Group Inc 2.64% Murphy USA Inc 2.62% % in Top 10 Holdings 32.26% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 7,158 1,765.44 $12,637,020 4.19% VST Vistra Corp Utilities S US USD 221,108 54.54 $12,059,230 4.00% LKQ LKQ Corp Consumer Discretionary S US USD 227,762 52.29 $11,909,675 3.95% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 153,297 73.04 $11,196,813 3.71% ATKR Atkore Inc Industrials S US USD 62,704 169.40 $10,622,058 3.52% WEX WEX Inc Financials S US USD 43,823 219.73 $9,629,228 3.19% MUSA Murphy USA Inc Consumer Discretionary S US USD 20,999 417.01 $8,756,793 2.90% SNX TD SYNNEX Corp Information Technology S US USD 82,835 103.90 $8,606,557 2.85% UNF UniFirst Corp Industrials S US USD 49,357 168.72 $8,327,513 2.76% CXW CoreCivic Inc Industrials S US USD 492,853 15.23 $7,506,151 2.49% PLUS ePlus Inc Information Technology S US USD 83,720 82.39 $6,897,691 2.29% PR Permian Resources Corp, Class A Energy S US USD 422,615 15.56 $6,575,889 2.18% CNNE Cannae Holdings Inc Financials S US USD 291,506 21.82 $6,360,661 2.11% GNW Genworth Financial Inc, Class A Financials S US USD 937,834 6.15 $5,767,679 1.91% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 173,360 32.91 $5,705,278 1.89% AXS Axis Capital Holdings Ltd Financials S BM USD 90,635 62.57 $5,671,032 1.88% AWI Armstrong World Industries Inc Industrials S US USD 45,365 120.61 $5,471,473 1.81% WCC WESCO International Inc Industrials S US USD 36,388 149.49 $5,439,642 1.80% VNT Vontier Corp Information Technology S US USD 123,995 43.00 $5,331,785 1.77% ATSG Air Transport Services Group Inc Industrials S US USD 441,275 12.07 $5,326,189 1.77% TRIP TripAdvisor Inc Communication Services S US USD 197,160 26.82 $5,287,831 1.75% NWE Northwestern Energy Group Inc Utilities S US USD 99,297 47.92 $4,758,312 1.58% SWX Southwest Gas Holdings Inc Utilities S US USD 69,529 68.15 $4,738,401 1.57% MGRC McGrath RentCorp Industrials S US USD 37,065 124.48 $4,613,851 1.53% ALIT Alight Inc, Class A Industrials S US USD 509,406 9.01 $4,589,748 1.52% VVI Viad Corp Industrials S US USD 122,072 37.23 $4,544,741 1.51% PNM PNM Resources Inc Utilities S US USD 114,501 36.51 $4,180,432 1.39% DK Delek US Holdings Inc Energy S US USD 152,023 25.51 $3,878,107 1.29% YELP Yelp Inc, Class A Communication Services S US USD 100,632 38.44 $3,868,294 1.28% PII Polaris Inc Consumer Discretionary S US USD 41,567 92.71 $3,853,677 1.28% DNB Dun & Bradstreet Holdings Inc Industrials S US USD 346,304 10.54 $3,650,044 1.21% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 46,858 77.01 $3,608,535 1.20% SM SM Energy Co Energy S US USD 81,811 43.77 $3,580,867 1.19% EVTC EVERTEC Inc Financials S PR USD 99,024 36.13 $3,577,737 1.19% CLVT Clarivate PLC Industrials S GB USD 497,669 7.18 $3,573,263 1.18% MDU MDU Resources Group Inc Industrials S US USD 161,139 21.68 $3,493,494 1.16% DINO HF Sinclair Corp Energy S US USD 61,111 55.50 $3,391,661 1.12% CNA CNA Financial Corp Financials S US USD 73,537 43.95 $3,231,951 1.07% SUM Summit Materials Inc, Class A Materials S US USD 72,437 42.71 $3,093,784 1.03% BLCO Bausch + Lomb Corp Health Care S CA USD 186,170 16.50 $3,071,805 1.02% RDN Radian Group Inc Financials S US USD 100,538 29.14 $2,929,677 0.97% TAP Molson Coors Beverage Co, Class B Consumer Staples S US USD 46,039 62.42 $2,873,754 0.95% NMIH NMI Holdings Inc, Class A Financials S US USD 93,159 30.08 $2,802,223 0.93% VYX NCR Voyix Corp Information Technology S US USD 183,599 14.61 $2,682,381 0.89% NMRK Newmark Group Inc, Class A Real Estate S US USD 247,261 10.79 $2,667,946 0.88% AGX Argan Inc Industrials S US USD 56,311 46.86 $2,638,733 0.87% PDCO Patterson Cos Inc Health Care S US USD 97,344 27.09 $2,637,049 0.87% PX P10 Inc, Class A Financials S US USD 265,536 9.27 $2,461,519 0.82% EMBC Embecta Corp Health Care S US USD 172,226 14.28 $2,459,387 0.82% NVST Envista Holdings Corp Health Care S US USD 117,519 20.65 $2,426,767 0.80% ARW Arrow Electronics Inc Information Technology S US USD 19,917 117.50 $2,340,248 0.78% SP SP Plus Corp Industrials S US USD 39,975 51.41 $2,055,115 0.68% NATL NCR Atleos Corp Financials S US USD 91,799 21.76 $1,997,546 0.66% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 26,814 67.54 $1,811,018 0.60% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 5,458 299.06 $1,632,269 0.54% NOMD Nomad Foods Ltd Consumer Staples S GB USD 86,933 18.43 $1,602,175 0.53% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 15,520 100.94 $1,566,589 0.52% WKC World Kinect Corp Energy S US USD 63,777 24.36 $1,553,608 0.52% HCC Warrior Met Coal Inc Materials S US USD 26,596 56.97 $1,515,174 0.50% FNF Fidelity National Financial Inc Financials S US USD 28,601 50.58 $1,446,639 0.48% TRS Trimas Corp Materials S US USD 58,742 23.50 $1,380,437 0.46% OVV Ovintiv Inc Energy S US USD 27,318 49.41 $1,349,782 0.45% CHK Chesapeake Energy Corp Energy S US USD 15,932 82.78 $1,318,851 0.44% CABO Cable One Inc Communication Services S US USD 2,587 456.00 $1,179,672 0.39% FWRD Forward Air Corp Industrials S US USD 22,409 37.13 $832,046 0.28% ITRN Ituran Location and Control Ltd Information Technology S IL USD 26,666 26.12 $696,516 0.23% CPSI Computer Programs and Systems Inc Health Care S US USD 36,927 8.86 $327,173 0.11% BRC Brady Corp, Class A Industrials S US USD 4,683 58.28 $272,925 0.09% Cash & Equivalents Cash C US USD - - $11,751,939 3.90% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Armstrong World Industries Inc 1 2.12% 36.90% SP Plus Corp 2 1.92% 41.97% CoreCivic Inc 3 2.39% 29.16% ePlus Inc 4 2.55% 25.69% ACI Worldwide Inc, Class A 5 1.71% 35.64% Vistra Corp 6 3.28% 16.55% WESCO International Inc 7 1.28% 32.85% Viad Corp 8 1.35% 38.17% Clarivate PLC 9 1.35% 38.00% Newmark Group Inc, Class A 10 0.68% 70.91% 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 2.80% -15.62% BJ's Wholesale Club Holdings Inc 19 3.81% -6.60% LKQ Corp 18 3.79% -3.03% Computer Programs and Systems Inc 17 0.35% -29.74% Cable One Inc 16 0.80% -9.24% Polaris Inc 15 0.90% -8.50% Permian Resources Corp, Class A 14 2.13% -1.96% Chesapeake Energy Corp 13 0.48% -10.34% Forward Air Corp 12 0.55% -8.30% Liberty Latin America Ltd. Class C 11 0.10% -19.36% 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-Mid Cap Value Fund (ARSMX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Value Index Industrials 27.81% 19.84% Financials 18.74% 20.89% Information Technology 10.70% 8.16% Consumer Discretionary 8.41% 12.57% Utilities 7.61% 3.38% Energy 6.97% 5.27% Consumer Staples 5.94% 2.86% Health Care 4.58% 7.43% Communication Services 3.44% 2.88% Cash & Other 3.37% 0.00% Materials 1.49% 6.47% Real Estate 0.95% 10.26% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 96.63% Bonds 0.00% Cash and Other 3.37% As of: 12/31/2023 Industry Fund Russell 2500™ Value Index Insurance 9.50% 3.79% Financial Services 9.24% 2.37% Commercial Services & Supplies 8.55% 1.34% Electronic Equipment, Instruments & Components 7.51% 2.06% Oil, Gas & Consumable Fuels 6.97% 4.15% Consumer Staples Distribution & Retail 4.95% 1.27% Professional Services 4.36% 2.07% Trading Companies & Distributors 4.25% 1.68% Specialty Retail 3.82% 2.98% Distributors 3.70% 0.00% % in Top 10 Industries 62.85% 21.71% 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-Mid Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small and mid-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to their peers. Target companies will typically have market capitalizations between $250 million and $14 billion at the time of purchase. 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 ARSVX River Road Small 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