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.

Morningstar Rating

OVERALL (4 STARS) OUT OF 633 FUNDS IN CATEGORY

4stars

As of June 30, the Fund’s Institutional and A Shares received a 4-star Overall Rating in the Morningstar Small Blend Category.

Average Annual Total Returns (%) as of 7/31/2019
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1, 3 YOVAX 20.99 2.39 10.53 12.30
A2. 3 YOVAX 13.99 -3.47 8.36 10.26
L3 YOVLX 20.48 1.68 9.70 11.43
I3 YOVIX 21.18 2.62 10.79 12.55

Average Annual Total Returns (%) as of 6/30/2019
Class Ticker YTD 1 Year 3 Year 5 Year 10 Year Inception
A1,3 YOVAX 18.42 0.80 11.27 11.89
A2.3 YOVAX 11.57 -5.00 9.10 9.80
L3 YOVLX 17.96 -0.03 10.39 11.00
I3 YOVIX 18.62 1.04 11.54 12.14

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, 1.96%; Class L, 2.71%; Institutional Class, 1.71% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. The adjusted 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.

Read important information about results and other investment disclosures below.

Class: A L I
Ticker: YOVAX YOVLX YOVIX

Related Materials

» Fact Sheet

» PM 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 Services 15.34
Finance 15.00
Electronic Technology 11.38
Technology Services 10.89
Commercial Services 10.36
Health Technology 8.79
Retail Trade 7.24
Utilities 4.62
Producer Manufacturing 3.95
Distribution Services 3.72

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.