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ASTON/Silvercrest Small Cap Fund

 NI
CUSIP 00080Y54600080Y538
Ticker ASCTXACRTX
Share Class Inception 12/27/201112/27/2011
Gross Exp Ratio (%) 3.343.09
Net Exp Ratio (%) 1.41.15
NAV10.1210.13
NAV Change 0.88 0.88
Dividend Frequency Annual
Benchmark
Morningstar Category Small Value

Fund Resources

Portfolio Manager

Roger W. Vogel, CFA

Roger W. Vogel, CFA

Managing Director of Research at Silvercrest, Mr. Vogel has as 32 years of investment experience. Prior to Silvercrest, Mr. Vogel was Managing Director at Credit Suisse Asset Management co-managing both small-cap and large-cap portfolios. He arrived at Credit Suisse as a result of the DLJ merger where he worked since 1993 in a similar capacity. Previously, Mr. Vogel was a portfolio manager at Chemical Bank and Manufacturers Hanover Trust.

Investment Strategy and Process

The firm seeks to invest in quality companies identified by strong financial statements and transparent businesses trading at a discount to relative or intrinsic value.

What is Quality? 

  • High return on invested capital (ROIC) over a full business cycle
  • Balance sheet flexibility 
  • Consistency of returns 
  • Trustworthy and capable management teams

What is Quality Worth?

  • Seek to take advantage of marketplace mispricings to benefit from upward re-valuation plus growth
  • Look for below median valuation based on relative, intrinsic, and sum of parts valuation methods
  • Relative Value based on free cash-flow yield plus other standard metrics, including price/ earnings, price/book and price/sales ratios
  • Intrinsic Value calculated using dividend discount model (DDM) with two-step discount measure

Portfolio Construction/Risk Management 

  • Conviction of relatively concentrated portfolio of 45 to 65 holdings 
  • Maximum position size of 5% of assets 
  • Sector limits: (50% to 200% of benchmark sector weighting)
Fund Stats (as of 3/31/12) N SharesI Shares
Total Net Assets (5/18/12)$519,856.75$3,343,531.02
Sector Breakdown (as of 4/30/12)
Industrials		25.93%
Financials		21.09%
Information Technology		11.98%
Materials		9.48%
Consumer Discretionary		8.95%
Health Care		6.47%
Utilities		5.87%
Energy		5.08%
Consumer Staples		4.03%
Cash Equivalents & Other		1.13%
Top Ten Holdings (as of 4/30/12)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
FEI COMPANY FEIC 30241L109 2,587 $129,789.79 3.30%
ROSETTA RESOURCES INC ROSE 777779307 2,239 $112,554.53 2.86%
PROTECTIVE LIFE CORP PL 743674103 3,758 $109,959.08 2.79%
MID-AMERICA APARTMENT COMM MAA 59522J103 1,524 $103,738.68 2.64%
LITTELFUSE INC LFUS 537008104 1,645 $103,092.15 2.62%
EASTGROUP PROPERTIES INC EGP 277276101 1,998 $100,499.40 2.55%
MINE SAFETY APPLIANCES CO MSA 602720104 2,329 $98,889.34 2.51%
ACI WORLDWIDE INC ACIW 4498101 2,449 $97,617.14 2.48%
US ECOLOGY INC ECOL 91732J102 4,429 $96,020.72 2.44%
TELEDYNE TECHNOLOGIES INC TDY 879360105 1,410 $91,114.20 2.31%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

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