Funds & Performance

Small Cap Fund

Small Cap Fund Facts
Objective: Long Term Capital Appreciation
Morningstar Category: Small Growth
Benchmark: Russell 2000 Growth

Investment Strategy

The Fund seeks to achieve its investment objective by investing in U.S. listed securities with market capitalization within the range of the targeted benchmark, the Russell 2000 Growth Index. Under normal circumstances, the Fund invests at least 80% of its assets (plus the amount of any borrowings for investment purposes) in small cap companies. At any given time, the Fund may hold up to 15% of its assets in American Depository Receipts (ADRs). Typically, the Fund invests in approximately 40-60 stocks that pass the Investment Manager’s stringent quantitative and fundamental criteria.

Sub-Advisor

Sapphire Star Capital is an SEC registered boutique asset manager with over 100 Million in AUM specializing in systematic equity and equity derivative solutions ranging across the market capitalization spectrum.

Average Annual Total Returns (%) as of 5/31/2021
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1, 3 YOVAX 10.92 59.84 14.00 15.90 – 15.85
A2. 3 YOVAX 4.55 50.60 11.75 14.54 – 14.51
L3 YOVLX 10.58 58.62 13.15 15.02 – 14.96
I3 YOVIX 11.07 60.22 14.30 16.17 – 16.13

Average Annual Total Returns (%) as of 6/30/2021
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1,3 YOVAX 16.19 61.09 16.03 16.38 — 16.63
A2.3 YOVAX 9.52 51.87 13.76 15.01 — 15.30
L3 YOVLX 15.77 59.89 15.15 15.49 — 15.74
I3 YOVIX 16.35 61.54 16.31 16.66 — 16.90

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

Annual Operating Expenses: Per the most recent prospectus, (1) Fund total operating expense ratios are: Class A, 1.93%; Class L, 2.68%; Institutional Class, 1.68% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The adjusted annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2022.

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.

Read important information about results and other investment disclosures below.

Class: A L I
Ticker: YOVAX YOVLX YOVIX

Related Materials

» Fact Sheet

» Commentary

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

Top 10 Industry Groups

(% in portfolio)

Name Yorktown Small Cap Fund
Consumer Discretionary 24.33
Technology 23.10
Industrials 17.61
Health Care 14.04
Communications 5.90
Financials 5.70
Foreign Stock 2.32
Utilities 2.23
REIT 1.33
Materials 1.21

Portfolio Manager

Michael J. Borgen
Founding and Managing Principal: Sapphire Star Capital

Portfolio Manager for the Yorktown Small Cap Fund as of October 16, 2017.

James O’Leary, CFA
Senior Portfolio Manager: Henry James International Management Strategies

Co-Portfolio Manager for the Yorktown Small Cap Fund as of July, 2019.