Aston/Fasciano Small Cap Fund - N Class (AFASX)

Fund Profile Fact Sheet PDF

Overview

Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its assets in small-cap companies. The Fund defines a small-cap company as one having a market capitalization of less than $2.5 billion at the time of acquisition. The Fund seeks to invest in small-cap companies that trade at substantial discounts to their intrinsic values, resulting in what is generally considered a small-cap value portfolio. The intrinsic value of a company is the price the portfolio manager estimates a rational buyer would pay for the entire company. A small-cap company may trade at a substantial discount to its intrinsic value because it is temporarily out of favor or the company’s earnings prospects are not widely recognized.

The Fund invests primarily in a diversified portfolio of small-cap stocks. The portfolio manager selects stocks for the portfolio using a bottom-up investment process that focuses on company fundamentals. The portfolio manager considers a company’s ability to use capital efficiently, generate free cash flow, and grow long-term earnings per share, as well as other company fundamentals in estimating intrinsic value. The portfolio manager uses his estimate of intrinsic value to establish buy/sell price targets and a time horizon for owning a company’s stock.

The Fund may also invest in convertible securities, foreign stocks (directly and through depositary receipts), real estate investment trusts (“REITs”) and securities outside the small-cap range.

The portfolio manager seeks to manage risk by employing a strategy of disciplined stock selection, diversification and a strict sell discipline.

Fund Overview
Inception Date	12/23/2009
Ticker	AFASX
Cusip	00080Y710
Load

Fund Statistics (as of 12/31/2009)

Sector Breakdown (as of 1/31/2010)
Cash Equivalents & Other	38.38%
Consumer Discretionary	14.99%
Health Care	10.19%
Financials	10.12%
Industrials	9.14%
Consumer Staples	7.54%
Information Technology	3.90%
Materials	3.87%
Energy	1.87%
Telecommunication Services	0.00%
Utilities	0.00%