Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. The Funds investment objective is to achieve long-term capital appreciation.
Strategy. Under normal circumstances, the Fund invests primarily in U.S.-traded equity securities of small- and medium-market capitalization companies. The Funds investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts (ADRs). The Adviser considers small- and medium-market capitalization companies to be those companies with market capitalizations below that of the largest company based on market capitalization in the Russell 2500 TM Index at the time of initial purchase. As of December 31, 2025, the market capitalization of the largest company based on market capitalization in the Russell 2500 TM Index was $37.1 billion. The Fund will, however, also invest in equity securities of larger companies. … Under normal circumstances, the Fund invests primarily in U.S.-traded equity securities of small- and medium-market capitalization companies. The Funds investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts (ADRs). The Adviser considers small- and medium-market capitalization companies to be those companies with market capitalizations below that of the largest company based on market capitalization in the Russell 2500 TM Index at the time of initial purchase. As of December 31, 2025, the market capitalization of the largest company based on market capitalization in the Russell 2500 TM Index was $37.1 billion. The Fund will, however, also invest in equity securities of larger companies. Because small- and medium-market capitalization companies are defined by reference to an index, the market capitalization of the companies in which the Fund invests may vary with market conditions. The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies the Adviser believes to be of high quality and undervalued relative to their expected long-term free cash flows. The Adviser refers to this investment philosophy as Quality Value. The Adviser defines high-quality companies as those that meet certain financial, business and management criteria, which may vary over time. These criteria include favorable profitability metrics, sustainable competitive advantages and capable management teams. The Fund is non-diversified, which means that it may invest a significant portion of its assets in a relatively small number of issuers. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Clarivate PLC COM NPV | CLVT | $34.91M | 11.15% |
| POST HOLDINGS INC | — | $29.66M | 9.48% |
| AFFIL MANAGERS | — | $24.35M | 7.78% |
| CCC INTELLIGENT SOLUTIONS HOLD CL A | — | $18.60M | 5.94% |
| AVANTOR INC | — | $18.42M | 5.89% |
| WILEY JOHN&SON-A | — | $14.67M | 4.69% |
| LKQ CORP | — | $12.34M | 3.94% |
| ENVISTA HOLDINGS CORP | — | $12.05M | 3.85% |
| MIDDLEBY CORP | — | $11.00M | 3.52% |
| WAYSTAR HOLDING CORP | — | $10.97M | 3.50% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Clarkston Founders Fund · CIMDX, CFMDX | 70% | 0.80% |
| Clarkston Fund · CILGX | 47% | 0.70% |
| Olstein Strategic Opportunities Fund · OFSFX, OFSAX, OFSCX | 11% | 1.35% |
Advisers
| Firm | Role |
|---|---|
| Clarkston Capital Partners, LLC | Adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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