Performance and Disclosure Information
- Growth of $10,000 Graph
- Fact Sheet
- 2022 Distribution Estimates
Top Ten Equity Holdings
June 30, 2023
Company Name | Industry | Percent Invested |
UnitedHealth Group Inc. | Health Care Plans | 6.1 |
Microsoft Corp. | Business Software & Services | 6.1 |
Mastercard Inc. | Credit Services | 4.7 |
Kroger Co. | Grocery Stores | 3.4 |
Philip Morris International | Tobacco | 3.0 |
Elevance, Inc. | Healthcare Plans | 3.0 |
Merck & Co Inc. | Drug Manufacturers – General | 2.9 |
Pepsico Inc. | Beverages – Non-Alcoholic | 2.8 |
Visa, Inc. | Credit Services | 2.6 |
Medtronic PLC | Medical Devices | 2.6 |
Performance By Calendar Year
December 31, 2022
Auxier Focus Fund – Investor Class Shares |
S&P 500 Index | Difference* | |
12/31/21-12/31/22 | -4.52% | -18.11% | 13.59 |
12/31/20-12/31/21 | 20.03% | 28.71% | -8.68 |
12/31/19-12/31/20 | 6.03% | 18.40% | -12.37 |
12/31/18-12/31/19 | 20.20% | 31.49% | -11.29 |
12/31/17-12/31/18 | -4.06% | -4.38% | 0.32 |
12/31/16-12/31/17 | 17.71% | 21.83% | -4.12 |
12/31/15-12/31/16 | 7.09% | 11.96% | -4.87 |
12/31/14-12/31/15 | -1.23% | 1.38% | -2.61 |
12/31/13-12/31/14 | 7.34% | 13.69% | -6.35 |
12/31/12-12/31/13 | 23.81% | 32.39% | -8.58 |
12/31/11-12/31/12 | 8.73% | 16.00% | -7.27 |
12/31/10-12/31/11 | 5.57% | 2.11% | 3.46 |
12/31/09-12/31/10 | 10.10% | 15.06% | -4.96 |
12/31/08-12/31/09 | 24.76% | 26.46% | -1.70 |
12/31/07-12/31/08 | -24.52% | -37.00% | 12.48 |
12/31/06-12/31/07 | 5.71% | 5.49% | 0.22 |
12/31/05-12/31/06 | 11.75% | 15.79% | -4.04 |
12/31/04-12/31/05 | 4.58% | 4.91% | -0.33 |
12/31/03-12/31/04 | 10.73% | 10.87% | -0.14 |
12/31/02-12/31/03 | 26.75% | 28.69% | -1.94 |
12/31/01-12/31/02 | -6.76% | -22.10% | 15.31 |
12/31/00-12/31/01 | 12.67% | -11.88% | 24.55 |
12/31/99-12/31/00 | 4.05% | -9.10% | 13.15 |
since inception 7/9/99 | 438.29% | 326.07% | 112.22 |
* in percentage points
Cumulative Total Returns
June 30, 2023
Auxier Focus Fund – Investor Class Shares |
S&P 500 Index | |
YTD | 4.77% | 16.89% |
1 Month | 4.98% | 6.61% |
3 Month | 4.04% | 8.74% |
6 Month | 4.77% | 16.89% |
1 Year | 10.14% | 19.59% |
3 Year | 42.07% | 50.51% |
5 Year | 47.30% | 78.66% |
10 Year | 117.33% | 235.35% |
Life of Fund (7/9/1999) | 463.98% | 398.05% |
Average Annual Total Returns
June 30, 2023
Auxier Focus Fund – Investor Class Shares |
S&P 500 Index | |
1 Year | 10.14 | 19.59% |
3 Year | 12.42% | 14.60% |
5 Year | 8.05% | 12.31% |
10 Year | 8.07% | 12.86% |
Life of Fund (7/9/1999) | 7.48% | 6.93% |
Quarter End Average Annual Total Returns
June 30, 2023
Auxier Focus Fund – Investor Class Shares |
1 Year | 5 Year | 10 Year | Since Inception (July 9, 1999) |
Return Before Taxes | 10.14% | 8.05% | 8.07% | 7.48% |
Return After Taxes on Distributions | 9.38% | 7.03% | 7.03% | 6.75% |
Return After Taxes on Distributions and Sale of Fund Shares |
6.51% | 6.18% | 6.32% | 6.21% |
S&P 500 Index | 19.59% | 12.31% | 12.86% | 9.68% |
Important Disclosure Information
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund returns assume the reinvestment of all dividends and capital gain distributions. Performance for Investor Class shares for periods prior to December 10, 2004 reflects performance of the applicable share class of Auxier Focus Fund, a series of Unified Series Trust (the “Predecessor Fund”). Prior to January 3, 2003, the Predecessor Fund was a series of Ameriprime Funds. The performance of the Fund’s Investor Class shares for the period prior to December 10, 2004 reflects the expenses of the Predecessor Fund. As stated in the current prospectus, the Investor Class Share’s annual operating expense ratio (gross) is 1.08%. The Adviser has contractually agreed to waive a portion of its fee/or and reimburse Fund expenses to limit Total Annual Fund Operating Expenses to 0.92% through October 31, 2023. Other share classes may vary. The Fund charges a 2.0% redemption fee on shares redeemed within six months of purchase. Returns shown for less than six months do not reflect the 2.0% redemption fee.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from this website or by calling (877) 328-9437. Please read the prospectus carefully before you invest.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. The Fund may invest in value stocks, which are subject to risk that their intrinsic value may never be realized, and growth stocks, which may be susceptible to rapid price swings. Investments in mid-sized companies generally carry greater risk than is customarily associated with larger companies. Moreover, if the Fund’s portfolio is over-weighted in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not over-weighted in that sector. An increase in interest rates typically causes a fall in the value of a debt security (Fixed-Income Securities Risk) with corresponding changes to the Fund’s value. Foreign securities are subject to additional risks including international trade, currency, political, regulatory and diplomatic risks.
Returns shown are for Investor shares only; other share class returns may vary. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’’ tax situation and may differ from those shown. Actual after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on 500 widely held common stocks. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The Wilshire 5000 Total Market Index is a broad-based market capitalization-weighted index composed of 3,451 publicly traded companies that meet the following criteria:1 The companies are headquartered in the United States. The stocks are listed and actively traded on a U.S. stock exchange. The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. One cannot invest directly in an index.
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 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.
The Auxier Focus Fund (Investor Class) was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 6/30/2023): 1138 funds in the last three years, 1085 funds in the last five years and 809 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received a Morningstar Rating of 2 star, 4 stars and 3 stars for the 3-, 5- and 10-year periods, respectively. For the period ended 6/30/2022, the fund ranked 693 out of 1223, 570 out of 1085 and 651 out of 809 Large Value funds for the 1-, 5- and 10-year periods, respectively. Past performance is no guarantee of future results.
Morningstar rankings represent a fund’s total-return percentile rank relative to all funds that have the same Morningstar category. Morningstar Rankings represent a fund’s total-return rank relative to all funds that have the same Morningstar Category. The highest rank is 1 and the lowest is based on the total number of funds ranked in the category. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Each Morningstar category average is representative by funds of similar investment objectives.
The Auxier Focus Fund (Investor Class) was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 6/30/2023): 1138 funds in the last three years, 1085 funds in the last five years and 809 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received the following percentile ranks: 79%, 54% and 81% for the 3-, 5- and 10-year periods, respectively. Past performance does not guarantee future results.
Copyright © 2023 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 companies identified and discussed in materials on this website do not represent all of the investments made or recommended by AAM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of securities discussed on this website. A list of all recommendations made within the immediately preceding 12 months is available on request.
Mr. Auxier was named one of the top-10 brokers in the country (1997 and 1998) by Money magazine. Money’s All Star Brokers were selected based on the following: Survey was created and conducted by Junius Ellis, writer for Money. He asked industry professionals to nominate brokers at firms other than their own. Candidates had to be willing to take new accounts of $150,000 or less, to have records clear of disciplinary or other disclosure events (FINRA), to display attributes (subjective and determined by the writer for the publication) such as accountability and independent thinking. Additionally, those listed as All Stars customarily base their recommendations on their own independent research, personally own the stocks on their buy lists, avoid selling most brokerage products (“whose gold-plated fees can weigh down client’s returns”) and give commission discounts to regular customers. From there, Mr. Ellis made his final selection of Money’s All Star Brokers based solely on the returns of the stock selections submitted by the brokers. Stocks of all categories were considered. Brokers participating did not pay a fee to participate. The All Star Broker rating is not indicative of future performance
Book value is total assets minus total liabilities.
Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business.
Discount to Book is when a security is trading below book value.
The dividend yield, expressed as a percentage, is a financial ratio (dividend/price) that shows how much a company pays out in dividends each year relative to its stock price.
Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock.
Free cash flow (FCF) represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.
IPO, initial public offering, refers to the process of offering shares of a private corporation to the public in a new stock issuance.
Margin of safety – Buying with a “margin of safety,” a phrase popularized by Benjamin Graham and Warren Buffet, is when a security is purchased for less than its estimated value. This helps protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price.
The Nikkei is short for Japan’s Nikkei 225 Stock Average, the leading and most-respected index of Japanese stocks. It is a price-weighted index composed of Japan’s top 225 blue-chip companies traded on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average (DJIA) Index in the United States.
The Dow is The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq.
The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.
The price-to-book ratio (P/B ratio) is used to compare a firm’s market capitalization to its book value. It’s calculated by dividing the company’s stock price per share by its book value per share (BVPS).
PE is the price-to-earnings ratio (P/E ratio), the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS).
Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity. Because shareholders’ equity is equal to a company’s assets minus its debt, ROE is considered the return on net assets. ROE is considered a measure of the profitability of a corporation in relation to stockholders’ equity.
Return on invested capital (ROIC) is the amount of money a company makes that is above the average cost it pays for its debt and equity capital.
SPACs, A special purpose acquisition company, is formed to raise money through an initial public offering to buy another company.
Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.