Investment Objective

Long-term capital appreciation.

Investment Strategy

Under normal market conditions, the Fund invests its assets primarily in non-U.S. equity securities of companies of any size that we believe are undervalued. Equity securities consist of common and preferred stocks. Under normal market conditions, the fund will invest at least 80% of its net assets in securities issued by companies (i) that are headquartered or have their principal place of business outside the U.S., (ii) whose primary trading markets are outside the U.S. or (iii) that have at least 50% of their assets in, or derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in countries outside the U.S.

Key Advantages of Investing


The International Fund invests in a diversified portfolio of non-U.S. equities from a broad market capitalization spectrum.

Disciplined Approach

An actively managed, valuation-centric approach and commitment to a long-term horizon enhances our potential to buy good businesses at compelling valuations.

Experienced Team

The portfolio manager has decades of experience in the international value space and is supported by a disciplined, nimble research team.


Fund Facts





Inception Date:

Sept. 30, 2020


MSCI World ex US

Minimum Purchase:


Expense Ratio:


Portfolio Managers

Bob Sharpe

39 Years of Investment Experience

Period and Annualized Total Returns (%)

As of TBD

QTD YTD 1 Year Since Inception
Class I - - - -
MSCI World ex US - - - -

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 may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 833-399-1001.

Top Ten Holdings (%)

As of TBD

Sector Exposure (%)

As of TBD

Fund Index1

1iShares Tr. – Core MSCI International Developed Markets ETF

Current and future portfolio holdings are subject to risk. The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered investment advice.

Geographic Exposure (%)

As of TBD

Portfolio Statistics

As of 6/30/2022

1Source: FactSet

Risk Statistics (since inception)

As of 6/30/2022

Source: Morningstar

Beta vs. MSCI World Ex US Index

Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 833-399-1001.

The fund is distributed by Ultimus Fund Distributors, LLC. (Member FINRA).

Standard Deviation measures the volatility of the Fund’s returns. Beta measures the Fund’s sensitivity to market movements.

Sharpe Ratio uses the Fund’s standard deviation and average excess return over the risk-free rate to determine reward per unit of risk.

Portfolio Turnover is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year.

Weighted Average Market Capitalization is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index.

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Active share was calculated using an index ETF.

Active Management Due to the active management of the Fund the Fund could underperform its benchmark index and/or other funds with similar investment objectives and strategies.

Important Risk Information: The VELA International Fund invests in a diversified portfolio of non-U.S. equities from a broad market capitalization spectrum. The fund may invest in non-U.S. securities and U.S. securities of companies domiciled in non-U.S. countries that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, regulatory risk, higher transaction costs, delayed settlement, possible nonU.S. controls on investments, and less stringent investor protection and disclosure standards of U.S. markets.

Past performance is no guarantee of future results. Investing involves risk, including loss of principal. The value of the fund's shares, when redeemed, may be worth more or less than their original cost.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment loss

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries excluding the United States. You cannot invest directly into an index.