Fund Overview Fund Overview Share Class N N I Z NAV | as of 12/05/2022 $9.07 -$0.20 (-2.26%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 450 Small Value funds as of 10/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/29/2007 to 11/30/2022 = $30,745.69 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 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 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-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 10/31/2022 Overall Rating (of 450) 3 Years (of 450) 5 Years (of 420) 10 Years (of 317) 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: 1.27% Net Expense Ratio: 1.27% 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 $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 Stats As of: 11/30/2022 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. -0.71 2.62 1.64 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. 24.35 21.23 17.12 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 0.34 0.59 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. 83.01 88.98 78.55 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. 94.00 92.26 93.79 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. 0.91 0.90 0.90 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. 96.32 94.38 92.16 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. 5.21 5.52 5.12 View All Characteristics & Stats All Characteristics & Stats 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.$) $215 Number of Holdings 66 1,829 Weighted Avg. Market Cap (Mil.$) $4,603 $5,669 Median Market Cap (Mil.$) $3,242 $1,219 Weighted Avg. P/E (1-yr Forward EPS) 9.21 10.34 Weighted Avg. P/E (Trailing EPS) 10.48 10.83 PEG Ratio 0.84 0.94 Weighted Avg. P/B 1.39 1.48 EPS Growth (Trailing 3-yr %) 18.68% 16.06% EPS Growth (Trailing 5-yr %) 19.31% 11.80% Forward EPS Growth (1-yr %) 15.66% 2.26% Forward EPS Growth (Long Term %) 10.76% 9.49% Revenue Growth (Trailing 5-yr %) 6.91% 6.16% Return on Equity 12.81% 11.74% Weighted Avg. Dividend Yield 1.04% 2.13% Debt to Equity 97.29 86.98 Trailing 12-Months Portfolio Turnover 32.10% As of: 09/30/2022 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. -0.71 2.62 1.64 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. 24.35 21.23 17.12 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 0.34 0.59 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. 83.01 88.98 78.55 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. 94.00 92.26 93.79 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. 0.91 0.90 0.90 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. 96.32 94.38 92.16 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. 5.21 5.52 5.12 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. -0.25 0.41 0.16 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. 7.13 7.99 11.14 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. -34.15 -34.15 -34.15 As of: 11/30/2022 Market Cap Fund Russell 2500® Value Index Market Cap ($mm) 0 - 1,000 5.13% 8.64% Market Cap ($mm) 1,000 - 1,500 9.07% 5.78% Market Cap ($mm) 1,500 - 2,500 17.99% 9.80% Market Cap ($mm) 2,500 - 5,000 35.58% 26.61% Market Cap ($mm) 5,000 - 10,000 23.67% 34.87% Market Cap ($mm) 10,000 - 25,000 8.57% 13.92% Market Cap ($mm) 25,000 - 50,000 0.00% 0.38% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 09/30/2022 Valuation Characteristics Fund Russell 2500® Value Index P/E 0-10 24.83% 27.67% P/E 10-15 22.26% 16.41% P/E 15-20 21.91% 13.99% P/E 20-25 7.99% 6.71% P/E 25-Above 12.91% 19.83% P/E – NA 10.10% 15.39% As of: 09/30/2022 Growth Characteristics Fund Russell 2500® Value Index EPS Growth (Trailing 3-yr %) - Negative 21.32% 20.32% EPS Growth (Trailing 3-yr %) 0 - 5 7.15% 7.45% EPS Growth (Trailing 3-yr %) 5 - 10 1.47% 6.12% EPS Growth (Trailing 3-yr %) 10 - 15 3.14% 7.12% EPS Growth (Trailing 3-yr %) 15 - 20 13.65% 7.12% EPS Growth (Trailing 3-yr %) Above 20 42.87% 31.98% EPS Growth (Trailing 3-yr %) - NA 10.40% 19.89% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 Air Transport Services Group Inc 4.31% White Mountains Insurance Group Ltd 3.93% LKQ Corp 3.91% Premier Inc, Class A 3.41% Advance Auto Parts Inc 3.24% BJ's Wholesale Club Holdings Inc 3.13% UniFirst Corp 3.03% Comfort Systems USA Inc 2.82% Cannae Holdings Inc 2.81% TD SYNNEX Corp 2.74% % in Top 10 Holdings 33.33% View Holding Details Holding Details River Road Small-Mid Cap Value Fund (ARSMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 Air Transport Services Group Inc 4.31% White Mountains Insurance Group Ltd 3.93% LKQ Corp 3.91% Premier Inc, Class A 3.41% Advance Auto Parts Inc 3.24% BJ's Wholesale Club Holdings Inc 3.13% UniFirst Corp 3.03% Comfort Systems USA Inc 2.82% Cannae Holdings Inc 2.81% TD SYNNEX Corp 2.74% % in Top 10 Holdings 33.33% As of: 09/30/2022 Download All Holdings (PDF) As of: 10/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ATSG Air Transport Services Group Inc Industrials S US USD 384,291 29.20 $11,221,297 4.65% LKQ LKQ Corp Consumer Discretionary S US USD 178,042 55.64 $9,906,257 4.10% WTM White Mountains Insurance Group Ltd Financials S US USD 6,470 1,416.15 $9,162,491 3.79% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 44,473 189.92 $8,446,312 3.50% PINC Premier Inc, Class A Health Care S US USD 215,339 34.88 $7,511,024 3.11% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 92,286 77.40 $7,142,936 2.96% UNF UniFirst Corp Industrials S US USD 38,596 184.01 $7,102,050 2.94% CNNE Cannae Holdings Inc Financials S US USD 291,480 23.16 $6,750,677 2.80% SNX TD SYNNEX Corp Information Technology S US USD 72,451 91.51 $6,629,991 2.75% FIX Comfort Systems USA Inc Industrials S US USD 51,610 123.28 $6,362,481 2.63% AEL American Equity Investment Life Holding Co Financials S US USD 143,146 43.08 $6,166,730 2.55% ATKR Atkore Inc Industrials S US USD 57,067 95.30 $5,438,485 2.25% AWI Armstrong World Industries Inc Industrials S US USD 66,084 75.57 $4,993,968 2.07% PLUS ePlus Inc Information Technology S US USD 99,839 48.72 $4,864,156 2.01% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 187,337 24.33 $4,557,909 1.89% CXW CoreCivic Inc Industrials S US USD 426,609 10.47 $4,466,596 1.85% MUSA Murphy USA Inc Consumer Discretionary S US USD 13,902 314.51 $4,372,318 1.81% AXS Axis Capital Holdings Ltd Financials S BM USD 76,325 54.67 $4,172,688 1.73% PR Permian Resources Corp, Class A Energy S US USD 418,830 9.77 $4,091,969 1.69% TAP Molson Coors Beverage Co, Class B Consumer Staples S US USD 80,667 50.43 $4,068,037 1.68% VST Vistra Corp Utilities S US USD 175,961 22.97 $4,041,824 1.67% WEX WEX Inc Information Technology S US USD 24,491 164.14 $4,019,953 1.66% MDU MDU Resources Group Inc Industrials S US USD 137,247 28.48 $3,908,795 1.62% SP SP Plus Corp Industrials S US USD 103,657 37.03 $3,838,419 1.59% ALIT Alight Inc, Class A Industrials S US USD 459,632 8.29 $3,810,349 1.58% YELP Yelp Inc, Class A Communication Services S US USD 98,115 38.41 $3,768,597 1.56% DNB Dun & Bradstreet Holdings Inc Industrials S US USD 290,814 12.85 $3,736,960 1.55% GNW Genworth Financial Inc, Class A Financials S US USD 787,335 4.67 $3,676,854 1.52% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 38,649 94.37 $3,647,306 1.51% NCR NCR Corp Information Technology S US USD 167,879 21.26 $3,569,108 1.48% IAA IAA Inc Industrials S US USD 90,005 37.93 $3,413,890 1.41% UNVR Univar Solutions Inc Industrials S US USD 130,279 25.48 $3,319,509 1.37% SM SM Energy Co Energy S US USD 73,601 44.98 $3,310,573 1.37% PII Polaris Inc Consumer Discretionary S US USD 32,393 101.60 $3,291,129 1.36% VNT Vontier Corp Information Technology S US USD 169,622 19.10 $3,239,780 1.34% MGRC McGrath RentCorp Industrials S US USD 34,064 94.05 $3,203,719 1.33% AGX Argan Inc Industrials S US USD 87,169 34.67 $3,022,149 1.25% EVTC EVERTEC Inc Information Technology S PR USD 79,740 35.81 $2,855,489 1.18% MD Pediatrix Medical Group Inc Health Care S US USD 141,371 19.40 $2,742,597 1.14% CNA CNA Financial Corp Financials S US USD 63,176 41.70 $2,634,439 1.09% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 16,409 157.75 $2,588,520 1.07% DINO HF Sinclair Corp Energy S US USD 40,645 61.17 $2,486,255 1.03% AXTA Axalta Coating Systems Ltd Materials S US USD 105,177 23.32 $2,452,728 1.02% ICUI ICU Medical Inc Health Care S US USD 14,962 148.41 $2,220,510 0.92% PDCO Patterson Cos Inc Health Care S US USD 81,286 25.97 $2,110,997 0.87% DXC DXC Technology Co Information Technology S US USD 67,135 28.75 $1,930,131 0.80% RDN Radian Group Inc Financials S US USD 89,909 20.87 $1,876,401 0.78% CPSI Computer Programs and Systems Inc Health Care S US USD 56,737 32.30 $1,832,605 0.76% NMRK Newmark Group Inc, Class A Real Estate S US USD 221,547 8.19 $1,814,470 0.75% BLCO Bausch + Lomb Corp Health Care S CA USD 122,572 14.26 $1,747,877 0.72% INT World Fuel Services Corp Energy S US USD 61,186 25.49 $1,559,631 0.65% VVI Viad Corp Industrials S US USD 40,968 37.28 $1,527,287 0.63% CHK Chesapeake Energy Corp Energy S US USD 14,350 102.27 $1,467,575 0.61% LESL Leslie's Inc Consumer Discretionary S US USD 92,088 14.04 $1,292,916 0.54% TRS Trimas Corp Materials S US USD 55,202 22.85 $1,261,366 0.52% NMIH NMI Holdings Inc, Class A Financials S US USD 56,225 21.93 $1,233,014 0.51% OVV Ovintiv Inc Energy S US USD 24,067 50.65 $1,218,994 0.50% SWX Southwest Gas Holdings Inc Utilities S US USD 16,583 73.07 $1,211,720 0.50% ITRN Ituran Location and Control Ltd Information Technology S IL USD 43,040 23.98 $1,032,099 0.43% OGE OGE Energy Corp Utilities S US USD 27,351 36.63 $1,001,867 0.41% ESAB Esab Corp Industrials S US USD 25,861 37.30 $964,615 0.40% EVR Evercore Inc, Class A Financials S US USD 7,783 105.10 $817,993 0.34% LILA Liberty Latin America Ltd, Class A Communication Services S US USD 101,626 7.78 $790,650 0.33% LILAK Liberty Latin America Ltd, Class C Communication Services S US USD 97,326 7.79 $758,170 0.31% SNBR Sleep Number Corp Consumer Discretionary S US USD 26,454 27.74 $733,834 0.30% TWNK Hostess Brands Inc, Class A Consumer Staples S US USD 22,835 26.48 $604,671 0.25% ENOV Enovis Corp Health Care S US USD 1,901 49.45 $94,004 0.04% Cash & Equivalents Cash C US USD - - $6,372,523 2.64% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BJ's Wholesale Club Holdings Inc 1 3.35% 16.83% Murphy USA Inc 2 2.31% 18.14% Comfort Systems USA Inc 3 2.67% 17.16% Yelp Inc, Class A 4 1.45% 22.11% HF Sinclair Corp 5 1.23% 19.86% Cannae Holdings Inc 6 2.69% 6.83% White Mountains Insurance Group Ltd 7 3.63% 4.57% Armstrong World Industries Inc 8 2.46% 5.89% McGrath RentCorp 9 1.18% 10.81% Alight Inc, Class A 10 1.50% 8.59% As of: 09/30/2022 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 NCR Corp 20 2.29% -38.89% Air Transport Services Group Inc 19 4.69% -16.15% ePlus Inc 18 2.05% -21.80% Vontier Corp 17 1.58% -27.26% CoreCivic Inc 16 1.89% -20.43% ACI Worldwide Inc, Class A 15 1.95% -19.27% Dun & Bradstreet Holdings Inc 14 1.93% -17.36% TD SYNNEX Corp 13 2.96% -10.67% Advance Auto Parts Inc 12 3.42% -9.11% WEX Inc 11 0.58% -24.25% As of: 09/30/2022 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: 09/30/2022 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 30.06% 17.10% Financials 14.71% 22.32% Information Technology 12.62% 8.82% Consumer Discretionary 12.20% 10.33% Health Care 8.32% 9.28% Consumer Staples 7.39% 2.95% Energy 5.88% 4.64% Utilities 2.19% 4.23% Communication Services 2.12% 3.07% Materials 2.08% 5.65% Cash & Other 1.61% 0.00% Real Estate 0.83% 11.60% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 98.39% Bonds 0.00% Cash and Other 1.61% As of: 09/30/2022 Industry Fund Russell 2500® Value Index Insurance 11.38% 4.84% Commercial Services & Supplies 8.02% 1.17% Specialty Retail 6.84% 2.16% Electronic Equipment, Instruments & Components 6.00% 1.71% Oil, Gas & Consumable Fuels 5.88% 3.93% Construction & Engineering 5.88% 1.48% Health Care Providers & Services 5.40% 2.31% Food & Staples Retailing 4.56% 1.18% Air Freight & Logistics 4.31% 0.31% Distributors 3.91% 0.00% % in Top 10 Industries 62.18% 19.09% As of: 09/30/2022 Read Important Investment Disclosures 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 below $1B at the time of purchase; however, firm size can exceed that range 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 Keep Calm and Remain Diversified A Short- and Long-Term Review on the Power of Diversification Read More Equity Style Analysis: Growth vs. Value The global investment environment has fundamentally changed. Value has shifted to outperform Growth; will the trend continue? Read Full Perspective 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 ARSVX River Road Small Cap Value Fund Seeks to provide long-term capital appreciation by investing in a portfolio of primarily small but also can invest in 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