Funds & Performance

Small Cap Fund

The Small Cap Fund seeks long-term capital appreciation.

The Fund seeks to provide a specific asset class risk-reward exposure by investing in a diverse universe of marketable small-value stocks.

Reasons to Consider the Small Cap Fund

  • The Fund invests in a wide and diverse universe of marketable U.S.small-value stocks using a market cap weighted approach.
  • The Fund’s managers employ a pre-determined “Enhanced Indexing” strategy that seeks to outperform the Russell 2000 benchmark over long-term time horizons.
  • The Fund’s small-cap universe is comprised of U.S. securities with a market cap that is often less than 10% of the total market
    capitalization
  • The Fund’s value universe is comprised of U.S. securities with multiple well-established value factors such as:
    – high book-to-market (a company’s book value of its net assets to its market value)
    – low price-to-earnings (a company’s share price compared to its per share earnings for the previous twelve months)
    – low price-to-operating cash flow (a company’s share price compared to its per share operating cash flow for the previous twelve months)
    – low price-to-sales (a company’s share price compared to its per share revenue for the previous twelve months).

Sub-Advisor

Vericimetry Advisors is an academically based, quantitatively structured investment adviser providing capacity constrained asset class strategies. The company employs PhDs with many years of experience in tax efficient investments, portfolio designs and mathematical statistics.

Small Cap Fund Facts
Morningstar Category: Small Cap Value

Average Annual Total Returns (%) as of 7/31/2017
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1, 3 YWVAX 0.83 12.53 16.95
A2 YWVAX -4.95 6.03 11.44
L YWVLX 0.33 11.73 16.01
I YWVIX 0.92 12.84 17.22

Average Annual Total Returns (%) as of 6/30/2017
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1, 3 YWVAX -0.33 16.19 17.32
A2 YWVAX -0.42 15.86 17.04
L YWVLX -6.13 9.20 11.12
I YWVIX -0.84 14.92 16.10

1without Sales Charge 2with Sales Charge 5.75%, 3Inception Date 5/9/2016.

Read important information about results and other investment disclosures below.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A (YOVAX), 2.36%; Class L (YOVLX), 3.11%; Institutional Class (YOVIX), 2.11%.

As of May 31, 2017, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A (YOVAX), 1.40%, Class L (YOVLX), 2.15%, Institutional Class (YOVIX), 1.15%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021.

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund 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 1-800-544-6060.

Class: A L I
Ticker: YOVAX YOVLX YOVIX

Related Materials

» Fact Sheet

Class A

Breakpoint Schedule

Investment Offering
Price
Less than $25K 5.75%
$25K but less than $50K 5.00%
$50K but less than $100K 4.50%
$100K but less than $250K 3.50%
$250K but less than $500K 2.50%
$500K but less than $750K 2.00%
$750K but less than $1Million 1.50%
$1Million and above* 0.00%

* Finder’s Fee. See Prospectus or call
the Sales Desk

Class L

•    No CDSC
•    No Front or Back End Sales Charges
•    Offers Clients Complete Liquidity

Sector Weightings

(% in portfolio)

as of 3/31/17

Sector Yorktown Small Cap Fund Russel 2000 Value Index
Consumer Discretionary 8.46 9.43
Consumer Staples 2.17 2.80
Energy 7.21  5.25
Financials 36.60  42.31
Healthcare 5.49 4.67
Industrials 15.91 12.76
Information Technology 12.87 10.94
Materials 6.69 4.82
Telecom Services 0.13 0.63
Utilities 4.46 6.39

Portfolio Manager

Mendel Fygenson, PHD
Chief Executive Officer and Chief Investment Officer

Dr. Fygenson holds a Ph.D. in Biostatisticsfrom the University of Michigan and a M.A.in Statistics from SUNY Buffalo. He earned his B.S. summa cum laude in Statistics and B.A. summa cum laude in Philosophy from Haifa University, Israel. Dr. Fygenson is a Data Scientist specializing in advanced analytical methods. He has more than 20 years of experience creating targeting/ trading strategies, predictive models and data structure algorithms for the digital media and investment industries. From 1996 through 2012, he has been a professor of Data Sciences and Operations at the Marshall School of Business at USC. Dr. Fygenson’s research has been published in leading scientific journals; he has given numerous invited talks around the world and has served multiple times as an expert panelist for the National Science Foundation in the Mathematics and the Social Sciences divisions.