Poplar Forest Cornerstone Fund

Established on December 31, 2014 the Poplar Forest Cornerstone Fund is a balanced fund of U.S. focused equity and debt securities. The Fund may be suitable for long-term investors who seek a combination of both capital growth and preservation with less volatility than would generally be inherent in an all equity account. The Cornerstone Fund is designed to be a core portfolio holding.

Objective

The Poplar Forest Cornerstone Fund investment objective is current income and long-term growth of capital. The Fund seeks to generate returns that improve client purchasing power over the long term, by building a balanced portfolio of debt and equity securities. Equity and fixed income weightings will be tactically allocated based on prospective return potential and perceived risk although equity exposure will not generally exceed 75% of net assets.

Strategy

Management uses a long-term approach to security selection. Investments will generally be made with an investment horizon of three years, although individual investments may be held for shorter or longer time periods. The Poplar Forest investment team evaluates investment opportunities using bottom-up fundamental analysis, paying particular attention to the following factors:

  • Expected future profits;
  • Expected sustainable revenue and/or asset growth;
  • Expected cash investment needed to support expected growth;
  • Normalized free cash flow after considering the items above; and
  • Valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength.

In contrast to equity investments where capital appreciation is the goal, fixed income investments are selected with the objective of capital preservation and current income.

Documents

Quarterly Report

Fact Sheet

Cornerstone Summary Prospectus

Daily NAV as of November 17, 2017

Poplar Forest Cornerstone Fund
Fund NAV $ Change
IPFCX $26.85 $0.09
PFCFX $26.76 $0.08

Performance

Average Annual Total Returns as of 09/30/2017
QTD YTD 1YR ITD~
I Shares* (IPFCX) 1.79% 1.95% 7.83% 5.58%
A Shares** No Load (PFCFX) 1.72% 1.76% 7.57% 5.30%
A Shares with Load (PFCFX) -3.38% -3.34% 2.18% 3.35%
60/40 S&P 500®/Bloomberg Barclay’s Agg. Bond Index 3.02% 9.70% 10.90% 6.97%
S&P 500® Index 4.48% 14.24% 18.61% 9.92%
Consumer Price Index +3% 1.51% 4.52% 5.29% 4.88%

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 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 877-522-8860. Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced. Performance data shown for A Shares With Load reflects the Class A maximum sales charge of 5%. Performance data shown for A Shares No Load does not reflect the deduction of the sales load. If reflected, the load would reduce the performance. The Adviser has contractually agreed to waive a portion or all of its management fees and/or pay Fund expenses in order to limit the Net Annual Fund Operating Expenses to 1.15% and 0.90% of average daily net assets of the Fund’s Class A shares and Institutional Class shares, respectively until April 6, 2018. *I Shares gross expense ratio is 1.98%; net expense ratio is 0.91% and is applicable to investors. **A Shares gross expense ratio is 2.30%; net expense ratio is 1.16% and is applicable to investors. ~Inception To Date (ITD) for Poplar Forest Cornerstone Fund IPFCX/PFCFX is 12/31/14.

FUND FACTS
  Institutional Share Class A Share Class
Inception Date 12/31/2014 12/31/2014
Ticker Symbol IPFCX PFCFX
CUSIP 00770X535 00770X543
Minimum Investment $100,000 $25,000
Minimum IRA Investment $100,000 $5,000
Minimal Subsequent Investment $1,000 $1,000

 

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