Poplar Forest Partners Fund

Established on December 31, 2009, our flagship fund is a U.S. focused, contrarian value fund designed to be a core portfolio holding for long-term investors. The Fund seeks long-term growth of capital by investing primarily in equity securities of underappreciated large and medium-sized companies and industries. Poplar Forest Partners is a concentrated portfolio of 25 to 35 stocks built without regard to the market cap or the sector weightings of the S&P 500®.

Objective

The Poplar Forest Partners Fund investment objective is long-term growth of capital. The Fund seeks to deliver superior, risk-adjusted returns over full market cycles. The Fund will generally focus on 25-35 companies with (i) an investment grade debt rating, (ii) a history of paying common stock dividends, and (iii) a market capitalization among the top 1,000 companies in the United States. We focus on three types of investment opportunities we consider our “sweet spot”: (i) out-of-favor, under-earning companies with opportunities for recovery, (ii) discounted “cash cow” companies trading at a discount, and (iii) underappreciated quality businesses taking market share in a growing industry.

Strategy

Management uses a long-term approach to security selection. Investments will generally be made with an investment horizon of three years, although individual investments may be held for shorter or longer time periods. The Poplar Forest investment team evaluates investment opportunities using bottom-up fundamental analysis, paying particular attention to the following factors:

  • Expected future profits;
  • Expected sustainable revenue and/or asset growth;
  • Expected cash investment needed to support expected growth;
  • Normalized free cash flow after considering the items above; and
  • Valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength

Documents

Quarterly Report

Fact Sheet

Summary Prospectus

Daily NAV as of November 22, 2017

Poplar Forest Partners Fund
Fund NAV $ Change
IPFPX $50.44 $-0.08
PFPFX $50.25 $-0.08

Performance

Average Annual Total Returns as of 09/30/2017
QTD YTD 1YR 3YR 5YR ITD~
I Shares* (IPFPX) 2.76% 1.17% 11.35% 6.14% 15.03% 12.35%
A Shares** No Load (PFPFX) 2.68% 0.97% 11.06% 5.87% 14.74% 12.06%
A Shares with Load (PFPFX) -2.45% -4.07% 5.51% 4.08% 13.57% 11.32%
S&P 500® Index 4.48% 14.24% 18.61% 10.81% 14.22% 13.46%
Russell 1000® Value Index 3.11% 7.92% 15.12% 8.53% 13.20% 12.52%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-522-8860. Investment performance reflects fee waivers.
In the absence of such waivers, total returns would be reduced. Performance data shown for A Shares With Load reflects the Class A maximum sales charge of 5%. Performance data shown for A Shares No Load does not reflect the deduction of the sales load. If reflected, the load would reduce the performance. The Adviser has contractually agreed to waive a portion or all of its management fees and/or pay Fund expenses in order to limit the Net Annual Fund Operating Expenses to 1.25% and 1.00% of average daily net assets of the Fund’s Class A shares and Institutional Class shares, respectively until April 6, 2018. *I Shares gross expense ratio is 1.04%; net expense ratio is 1.00% and is applicable to investors. **A Shares gross expense ratio is 1.29%; net expense ratio is 1.25% and is applicable to investors. Inception to date (ITD) for the Poplar Forest Partners Fund IPFPX/PFPFX is 12/31/09.

FUND FACTS
  Institutional Share Class A Share Class
Inception Date 12/31/2009 12/31/2009
Ticker Symbol IPFPX PFPFX
CUSIP 00768D798 007768D814
Minimum Investment $100,000 $25,000
Minimum IRA Investment $100,000 $5,000
Minimum Subsequent Investment $1,000 $1,000

 

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