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Snow Small Cap Value Fund

The Snow Small Cap Value Fund employs a contrarian, fundamental, relative-value investment philosophy on the smaller capitalization segment of the value equity market.

Overall Morningstar rating as of October 31, 2024. Based on risk-adjusted returns. Category: Small Value out of 448 funds.

More Information

$67.88
11/6/2024

22.93%
11/6/2024
at NAV

NAV Disclosure

Why This Fund?

  • People: Co-Portfolio Managers Josh Schachter and Philip Greenblatt have an average of 18 years of value investing experience and are supported by a five-person investment team.   
  • Portfolio: The conviction-weighted portfolio consists of 40 to 60 of our best small-cap value investment ideas. With a market cap profile similar to the index, the portfolio is diversified by sector and provides high active share.
  • Philosophy: Investment philosophy that is consistent with modern behavioral finance research and aims to take advantage of investor overreactions to negative surprises.
  • Process: Fundamental research process focuses on helping to identify out-of-favor stocks that are in sound financial condition and should experience an upward rerating in their P/E ratio with a positive shift in investor sentiment.

Fund Facts

INCEPTION DATE
11/30/2010
NET ASSETS
$30MM
ASSET CLASS
Active Equity
MORNINGSTAR CATEGORY
Small Value
BENCHMARK
Russell 2000 Value Index
GROSS EXPENSES
2.09% View Disclosure
YTD NET EXPENSES
1.25% View Disclosure
CUSIP
470258559
MINIMUM INVESTMENT
$100,000 (effective 8/1/2024)
View Glossary

Top 10 Holdings

CNO Financial Group Inc
4.56%
Jackson Financial Inc-a
4.67%
Cinemark Holdings Inc
3.13%
Columbia Banking System Inc
3.12%
Highwoods Properties Inc
3.12%
Modine Manufacturing Co
1.77%
CNX Resources Corp
1.75%
FMC Corp
3.17%
Pilgrim's Pride Corp
3.99%
First Commonwealth Finl Corp
1.95%
TOTAL
31.23%

Monthly Returns

-0.24%13.33%34.31%9.41%16.19%7.42%10.25%
0.20%8.74%22.68%6.47%11.02%8.17%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC, the Fund’s investment manager (“Easterly” or the “Adviser”), and the Fund, Easterly has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class A, Class C, Class I, and Class R6 do not exceed 1.20%, 1.95%, 0.95%, and 0.85%, respectively. The expense limitation agreement for Class A and Class C Class I, and Class R6 shares will be in effect through October 31, 2025 for Class A and Class C and August 1, 2025 for Class I and Class R6. This operating expense limitation agreement cannot be terminated during its term. Easterly is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years from the date on which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

Daily Pricing and Returns

$67.887.81%22.93%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC, the Fund’s investment manager (“Easterly” or the “Adviser”), and the Fund, Easterly has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class A, Class C, Class I, and Class R6 do not exceed 1.20%, 1.95%, 0.95%, and 0.85%, respectively. The expense limitation agreement for Class A and Class C Class I, and Class R6 shares will be in effect through October 31, 2025 for Class A and Class C and August 1, 2025 for Class I and Class R6. This operating expense limitation agreement cannot be terminated during its term. Easterly is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years from the date on which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

Quarterly Returns

5.27%13.60%27.87%9.28%16.64%7.54%10.34%
8.14%8.74%22.68%6.47%11.02%8.17%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC, the Fund’s investment manager (“Easterly” or the “Adviser”), and the Fund, Easterly has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class A, Class C, Class I, and Class R6 do not exceed 1.20%, 1.95%, 0.95%, and 0.85%, respectively. The expense limitation agreement for Class A and Class C Class I, and Class R6 shares will be in effect through October 31, 2025 for Class A and Class C and August 1, 2025 for Class I and Class R6. This operating expense limitation agreement cannot be terminated during its term. Easterly is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years from the date on which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

Calendar Year Performance

2023202220212020201920182017201620152014201320122011
SNOW SMALL CAP VALUE FUND I (SNWIX)22.55%-8.13%26.32%22.10%18.38%-19.56%
6.58%
21.04%
-17.00%
2.85%
41.69%
21.69%
0.87%
Morningstar Small Value Category16.86%-10.16%31.57%4.02%21.43%-15.46%
8.54%
25.99%
-6.71%3.34%
36.22%
16.00%
-4.45%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC, the Fund’s investment manager (“Easterly” or the “Adviser”), and the Fund, Easterly has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class A, Class C, Class I, and Class R6 do not exceed 1.20%, 1.95%, 0.95%, and 0.85%, respectively. The expense limitation agreement for Class A and Class C Class I, and Class R6 shares will be in effect through October 31, 2025 for Class A and Class C and August 1, 2025 for Class I and Class R6. This operating expense limitation agreement cannot be terminated during its term. Easterly is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years from the date on which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

Sector Breakdown

Financials

34.50% 

Consumer Discretionary

15.50% 

Materials

10.55% 

Information Technology

9.97% 

Industrials

8.78% 

Energy

8.21% 

Health Care

4.87% 

Real Estate

3.51% 

Communication Services

2.40% 

Consumer Staples

2.16% 

Utilities

0.00% 

TOTAL

100.00% 

View Glossary

Fund Characteristics

Average Market Cap (Billions)

$4.49B 

Forward P/E Estimate

10.42 

Price-to-Book

1.41 

PEG Ratio Forecast 12-Month

0.73 

EPS Growth Estimate

8.52% 

LT Debt/Equity

87.02% 

LT Debt/Capital

36.82% 

Active Share

95.67% 

View Glossary

Fund Statistics - 5 Year

Sharpe Ratio

0.60 

Sortino Ratio

0.95 

Beta

1.08% 

R-Squared

91.91% 

Information Ratio

0.88 

View Glossary

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend Income
12/07/2350.72---0.13
12/27/2149.34---0.08
12/29/15-0.11---
12/29/14-2.541.00--
12/27/2013-0.730.72--
12/17/2012-0.021.43--
12/28/2011-0.000.10--

Info


Easterly Investment Partners

Easterly Investment Partners (EIP) is our traditional, fundamental-based investment arm. EIP bolsters highly experienced teams and their investment strategies with the robust infrastructure of Easterly Asset Management. EIP’s current offerings span the entire value-equity spectrum and are managed by seasoned investment professionals. While we offer value strategies today, we are currently working to broaden EIP to provide a wider range of client solutions to include growth and core.


2010

Sewickley, PA

Portfolio Managers

Tr

Joshua Schachter, CFA

Senior Portfolio Manager
22 Years of Industry Experience


Snow Capital

Phil Greenblatt

Phil Greenblatt, CFA

Portfolio Manager
13 Years of Industry Experience


Snow Capital

Documents

Statement of Additional Information

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Easterly Snow Small Cap Value Fund Morningstar Rating

Overall 3-Year 5-Year 10-Year
Morningstar Star Rating 3 5 4 2
# Funds in Category 448 448 422 328

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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 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 Morningstar Rating does not include any adjustment for sales loads. 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.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

Latest Perspectives

Q3 2024 Long/Short Opportunity Fund Commentary

During the first quarter of 2024, the Easterly Long/Short Opportunity Fund (SNOIX) rose 6.9% while the Russell 3000 Value Index rose by 8.6%. Our market hedge was the primary reason for the relative underperformance.

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