Small Cap Value

Information is as of September 30, 2024. Past performance is no guarantee of future results. There is a risk that invested capital may be lost.

Strategy assets: Total assets combine River Road’s (1) total firm assets (as defined by GIPS^®) and (2) advisory-only assets (no control over implementation of investment decisions and no trading authority). Total assets provided as supplemental information and advisory-only assets are reported on a one-month lag.

Investment guidelines (such as market cap, number of holdings, etc.): Are working policies and, as such, may vary depending on market conditions and other factors and are subject to change without notification. At the time of anew account funding, positioning is determined at the portfolio manager’s discretion and may include purchases/positioning outside of stated limits based on various factors.

Target # of holdings: May change over time. The actual number of holdings is at the portfolio manager’s discretion and may be outside of the target range for any length of time.

Market cap range: Additional shares may be purchased outside of this range subject to max market cap.

Maximum market cap: Includes appreciation. Timing of exit at the portfolio manager’s discretion with the ability to exit over several months.

EBITDA: Excludes banks, thrifts, and insurers.

Price/earnings: Excludes negative earnings.

Long-term growth estimates: Based on ordinary shares for all ADR securities held.

Standard deviation, Jensen’s alpha, beta: Based on trailing 60-month gross of fee composite performance.

Dollar turnover: Average calendar year turnover. Dollar turnover, the lesser of purchases or sales as a percentage of the average market value, is presented as an average of all portfolios in the composite. If one portfolio is not in the composite for the entire period, turnover is the average annualized turnover of all portfolios in the composite at the end of the period.

‍GICS sector breakdown: Reflects percent of total portfolio; stocks without a reported sector are not presented.

Index data source: London Stock Exchange Group PLC and its group undertakings (collectively, the “LSE Group”), © LSE Group.

‍Compliance Statement: River Road Asset Management, LLC (“RRAM”) claims compliance with the Global Investment Performance Standards (GIPS®). A GIPS Report is available upon request by contacting RRAMCompliance@riverroadam.com.

Composite Description: The Small Cap Value composite contains fully discretionary small cap value equity accounts that seek capital appreciation by investing primarily in small cap value domestic equity securities that trade at a discount to our valuation as determined using RRAM’s proprietary Absolute Value® approach. For this composite, RRAM defines a small cap company as one whose market capitalization is less than $4 B. RRAM selects securities from a universe of companies with a market capitalization at the time of initial purchase typically between $150 MM and $4 B, employing a value-driven, bottom-up fundamental approach.

Benchmark Description: The official benchmarks for the composite are the Russell 2000 Value and the Russell 2000 indices. All other indices are shown for additional information only. Composite performance may differ materially from the indices as the composite only invests in a subset of the securities contained in the indices and also invests insecurities not contained in the indices.

Performance and Fees: The U.S. dollar is the currency used to express performance and includes the reinvestment of income. Composite performance is presented gross of foreign withholding taxes on dividends, interest income, and capital gains. All composite performance is after the deduction of trading costs. Net of fee performance is calculated using actual management fees, which includes performance fees for some periods. Unless otherwise noted, performance provided for periods greater than one year is annualized.

Performance presented prior to April 1, 2005 occurred while the original members of the portfolio management team were affiliated with a prior firm and those portfolio management team members were the only individuals primarily responsible for selecting the securities to buy and sell. A review of this track record for compliance with portability requirements of the GIPS® standards was conducted by Ashland Partners & Company.

Trademark: GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Holdings: The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in our portfolio at the time you receive this report or that securities sold have not been repurchased. Characteristics and sector weightings of our portfolio are shown and may not be indicative of this strategy’s current or future investments. It should not be assumed that any of the holdings discussed herein were or will be profitable or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. This information is shown as supplemental information only and complements the full disclosure presentation.

Characteristics: Unless otherwise noted, share-related characteristics are provided by FactSet. Portfolio and index characteristics are based on companies’ most recent filings as of this report date (values for many companies may be as of the prior period). Most company share-related characteristics exclude outliers. Outlier exclusion methods include interquartile and inverse interquartile; the universe for determining outliers is the Russell 3000. For more information, please contact RRAM.

Attribution: Sector, Industry Group, Industry, or Sub-industry group levels are determined at the beginning of each month according to the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), unless otherwise stated that they have been reclassified or classified by RRAM. Reclassifications/classifications by RRAM are not supported by S&P or MSCI. All GICS data is provided “As Is” with no warranties. RRAM may classify securities that are not automatically classified by MSCI and S&P.

Contribution: Top and bottom contributors are calculated gross of fees for the most recent quarter and based on portfolio contribution to active return, which is calculated as the portfolio-weighted return relative to the overall index. For the purpose of assessing top and bottom contributors, the contribution of child securities is aggregated with that of the parent for corporate actions that occurred during the most recent calendar quarter. The performance numbers included in parentheses behind a stock’s name refer to that stock’s total gross return (dividends reinvested)and contribution to active return for the representative portfolio during the period. Unless otherwise noted, total effect is used to assess the contribution to relative return. The holdings identified do not represent all of the securities purchased, sold, or recommended. To receive information regarding the methodology for calculating the top/bottom contributors or a list showing every holding’s contribution to the overall composite and/or representative portfolio performance contact RRAMCompliance@riverroadam.com.

Representative Portfolios: Unless otherwise noted as composite, the information presented is based on a representative portfolio. If no single representative portfolio is available to represent the strategy since inception, different representative portfolios and/or the composite are used for different periods to create a continuous representative portfolio. The representative portfolio is selected by the firm as a representative account that is deemed to best represent this management style using a pre-defined, objective set of criteria. All representative portfolio data is shown as supplemental information to the composite presentation. Each client portfolio is individually managed and may vary from the information shown for the representative portfolio.