Poplar Forest Outliers Fund

Established on December 31, 2014 the Poplar Forest Outliers Fund is a U.S. focused, contrarian value fund designed for long-term investors interested in the growth potential of under-appreciated medium and small sized companies and industries. The Fund may be suitable for investors who seek capital growth and are comfortable with the increased volatility that can come with these kinds of investments.


The Poplar Forest Outliers Fund investment objective is long-term growth of capital. The Fund seeks to deliver superior, risk-adjusted returns over full market cycles. The Fund emphasizes investments in medium sized companies that may offer shareholders greater growth prospects than larger businesses without the heightened operational risks of smaller ones. The Fund will generally focus on 25-35 companies (i) with at least 50% of the fund invested in companies with market values below $25 billion, (ii) at least 50% invested in companies returning capital to shareholders through dividends or stock repurchases, and (iii) no more than 20% invested in companies with market values below $1 billion.


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.


Quarterly Letter

Quarterly Review

Outliers Quarterly Letter

Fact Sheet

Summary Prospectus

Daily NAV as of April 18, 2018

Poplar Forest Outliers Fund
Fund NAV $ Change
IPFOX $25.13 $0.15


Average Annual Total Returns as of 03/31/2018
I Shares* (IPFOX) -1.87% -1.87% 3.52% 0.23% 7.78% 11.70%
Russell Midcap® Index -0.46% -0.46% 12.20% 8.01% 12.09% 14.60%

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. 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 1.10% of average daily net assets of the Fund’s Institutional Class shares until January 27, 2019. *I Shares gross expense ratio is 3.66%; net expense ratio is 1.11% and is applicable to investors. ~Inception To Date for Poplar Forest Outliers Fund IPFOX is 12/31/11. Returns shown prior to December 31, 2014 are those of the Predecessor Partnership and include the expenses of the Predecessor Partnership. Simultaneous with the commencement of the Fund’s investment operations on December 31, 2014, the Predecessor Partnership converted into the Institutional Class of the Fund. The Predecessor Partnership maintained an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. If the Predecessor Partnership’s performance was adjusted to reflect the projected first year expenses of the Fund, the performance for all periods prior to December 31, 2014 would have been lower than that shown. The performance returns of the Predecessor Partnership are unaudited and are calculated by the Adviser on a total return basis. The Predecessor Partnership was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund, which, if applicable, may have adversely affected its performance.

Inception Date 12/31/2014
Ticker Symbol  IPFOX
CUSIP 00770X550
Minimum Investment $2,000
Minimum IRA Investment $2,000
Minimum Subsequent Investment $1,000