| International All Cap Value Fund | Investment Objective Investment Strategies Performance |
| Ticker: | ADVEX | Managers: | O'Brien, Brodsky, Edwards, Priani |
| Cusip: | 461418477 | Net Expense Ratio: | 1.36% |
| Inception: | 05/02/2011 | Gross Expense Ratio: | 22.48% |
Investment Objective
The Fund's investment objective is long-term capital appreciation. The Fund's investment objective is not fundamental, and may be changed by the Board of Trustees without shareholder approval. There is no guarantee that the Fund will achieve its objective.
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Principal Investment Strategies
Under normal circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of companies organized, headquartered or doing a substantial amount of business outside of the United States. The Fund considers a company that has at least 50% of its assets or derives at least 50% of its revenue from business outside the United States as doing a substantial amount of business outside the United States. The Fund invests in companies of all market capitalizations. From time to time, the Fund may have a significant portion of its assets in one or more market sectors such as the finance sector.
Under normal market conditions, the Fund generally will invest in a portfolio of 40 to 80 securities of companies located in different countries and regions. From time to time, the Fund may have a significant portion of its assets in the securities of companies in one or more countries or regions outside the United States.
The Fund also may invest in ADRs, EDRs, GDRs and ETFs. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices and whose shares are bought and sold on securities exchanges.
The Advisor's investment process is a bottom-up approach that seeks to identify companies with attractive valuations relative to net asset value. The Advisor employs a four-step investment process. First, the Advisor uses a quantitative screen to identify a group of value-oriented securities of companies that are located or conduct a significant amount of their business in foreign (non-US) markets. Second, the Advisor conducts a thorough fundamental analysis of each company, focusing on key balance sheet information to determine the net asset value of the company. In the third step, the Advisor analyzes the companies' senior management and their business plans to identify competent senior management teams that are committed to unlocking value. Finally, the portfolio management team determines whether to buy, wait or pass on those companies that have passed the first three steps. The Advisor also considers other factors including political risk, monetary policy risk, and regulatory risk when selecting foreign (non-U.S.) securities.
The Advisor generally will sell a security when one or more of the following occurs: 1) the Advisor's estimate of full valuation is realized; 2) a more attractive stock is identified (in which case the least attractive stock in the portfolio is sold); 3) there is significant negative news; or 4) a company is acquired for cash. In the case of acquisitions for stock or when a company held by the Fund acquires or merges with another company, the Advisor will evaluate the combined company and determine whether it will be kept in the Fund's portfolio or sold.
When the Advisor believes equity market conditions are not favorable to the Fund's principal investment strategies, the Fund may temporarily invest up to 100% of its assets in cash or high quality short-term money market instruments. In such a case, the Fund may not achieve its investment objective.
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