24th January 2019

Portfolio Managers: Sub-advised by Villanova Investment Management Company – Rasto Berlansky and Ed Trumpbour
Asset Class: Small cap Value
Tickers: Institutional share class – VIMIX, Investor share classes – VIMOX
Inception Date: December 29, 2017

The fund:
The AlphaOne VIMCO Small Cap Value Fund will be a long only Small Cap Value fund sub-advised by Villanova Investment Management Company. Villanova Investment Management Company, LLC (the “Sub-Advisor” or “VIMCO”) seeks to generate long-term capital appreciation for the Fund by employing its distinctive private market value approach to public equities, while focusing on downside protection and a margin of safety.  The Sub-Advisor approaches investing as a private buyer would, utilizing an owner-like mentality, focusing on long-term business fundamentals and value creation while relying on absolute, not relative, valuations. Combining rigorous fundamental research with detailed financial analysis and proprietary decision-making tools, VIMCO’s strategy is to invest only in companies with superior business models, sustainable competitive advantages, and underlevered balance sheets, that produce substantial free cash flows and are led by expert management teams.

About VIMCO:
VIMCO, an AlphaOne partner, was formed in 2016 by its two founding principals, Rastislav (“Rasto”) Berlansky and Ed Trumpbour. VIMCO is an independent boutique investment manager with a specialized focus on the U.S.-traded small cap value equities. VIMCO utilizes a private market value approach to public equities in their efforts to provide superior investment results for their clients. Before founding VIMCO, Mr. Berlansky was a Managing Director of Brandywine Global Investment Management and the co-head of its Absolute Value Group. He is a CFA charterholder and earned a B.S. in Business Administration from Villanova University, graduating summa cum laude. Mr. Trumpbour was a member of the Executive Board, a Managing Director and the founder and co-head of the Absolute Value Group at Brandywine Global Investment Management. He earned an M.B.A. in Finance from the University of Pennsylvania’s Wharton School and a B.S.B.A. in Finance from Georgetown University.

Fees & Expenses I shares Investor shares
Initial minimum investment $100,000 $2,500
Subsequent minimum investment $10,000 $100
12-B1 Charge None 0.25%
Gross Expenses 2.77% 3.02%
Maximum Net Expenses (after waiver) 1.41% 1.66%

AlphaOne Funds are distributed by SEI Investment Distribution CO. (SIDCO), which is not affiliated with AlphaOne Investment Services, LLC or any of its affiliates.  Check the background of SIDC on FINRA’s Brokercheck.

Small Cap Opportunities was formerly known as Micro Cap Equity Fund.

The 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 and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call (855) 4-ALPHAONE (1.855.425.7426).

Gross Expenses for Small Cap Opportunities Fund Investor shares are 1.55% and 1.30% for I shares. The Net Expenses are 1.50% for Investor Shares and 1.30% for I shares. Contractual fee waivers to the net expenses are in effect until April 1, 2018. Any additional waivers are voluntary and can be discontinued at any time. In the absence of current fee waivers total return would be reduced. Returns do not reflect the effect of a 2.00% redemption fee which is incurred on shares held less than 90 day.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling (855) 4-ALPHAONE. Read the prospectus carefully before investing or sending money.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. There can be no assurance that the Fund will achieve its stated objectives.

AlphaOne mutual funds are available to U.S. residents only.

Contractual fee waivers are in effect until April 1, 2018, resulting in the net expense. Any additional waivers are voluntary and can be discontinued at any time. The expense ratio does not reflect the ability of the Adviser to recover all or a portion of prior waivers, which would result in higher expenses for the investor. This option is available contractually to the Adviser until April 1, 2018. 

The Russell 2000® Index measures the performance of the smallest 2,000 U.S. companies within the Russell 3000® Index, based on total market capitalization. Index returns do not reflect any management fees, transaction costs, or expenses. It is not possible to invest in an index.

2017 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 RatingTM 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 Ratings 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 actually has the greatest impact because it is included in all three rating periods.  As of June 30, 2017, AlphaOne Small Cap Opportunities Fund (AOMCX, AOMAX) was rated against 646 funds over a three-year period and 545 funds over the 5-year period. AOMCX received a rating of 5 and 4 stars for both periods. AOMAX received a rating of 5 and 3 stars, respectively.