Investment Objective

Long-term capital appreciation.

Investment Strategy

Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that we believe are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined by the Fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase.

Key Advantages of Investing


Small-cap companies tend to be underfollowed in the early stages of their growth potential, causing divergences between price and value that present compelling opportunities for investors.

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 management team has decades of experience in small cap equities and is supported by a disciplined, nimble research team.


Fund Facts





Inception Date:

Sept. 30, 2020


Russell 2000

Minimum Purchase:


Expense Ratio:


Portfolio Managers

Jenny Hubbard, CFA

28 Years of Investment Experience

Ric Dillon, CFA

47 Years of Investment Experience

Brian Hilderbrand, CFA

19 Years of Investment Experience

Morningstar Overall Rating


Rated 5-stars by Morningstar for the period ending 5/31/2024, based on overall and 3-year risk adjusted returns, out of 449 funds (overall and 3-year) in the Small Value category.

Period and Annualized Total Returns (%)

As of TBD

QTD YTD 1 Year 3 Year Since Inception
Class I - - - - -
Russell 2000 - - - - -

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 06/30/2022

Sector Exposure (%)

As of 06/30/2022

Fund Russell 2000

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.

Portfolio Statistics

As of TBD

1Source: FactSet

Risk Statistics (since inception)

As of TBD

Source: Morningstar

Beta vs. Russell 2000 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: 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. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive), value stocks generally may be out of favor in the markets.

Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investment in larger, more established companies.

The Russell 2000 Index is an unmanaged market capitalization-weighted index comprised of the smallest 2,000 companies by market capitalization in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies by total market capitalization.

Morningstar Disclosures:

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/ 30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.