Fund Information

HOME | IN THE NEWS | SEARCH | SITE MAP | GLOSSARY
Fund Information
RCB Small Cap Value Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The RCB Small Cap Value Fund seeks to provide capital appreciation through investment in primarily smaller U.S. corporations which are considered undervalued.

Investment Philosophy and Principal Strategy

We invest in a diversified portfolio of equity securities of smaller U.S. corporations. Smaller corporations are defined for this purpose as companies with market capitalizations at the time of purchase in the range of those market capitalizations of companies included in the Russell 2000 Index. Under normal circumstances, at least 80% of the RCB Small Cap Value Fund’s net assets consist of these securities.

The overall investment philosophy of the RCB Small Cap Value Fund involves a value-oriented focus on preservation of capital over the long term and a “bottom-up” approach, analyzing companies on their individual characteristics, prospects and financial conditions. We determine the universe of potential companies for investment through a systematic screening of companies for attractive valuation characteristics and the prospects of fundamental changes, as well as information we derive from a variety of sources. We evaluate companies within this universe for fundamental characteristics such as:

  • Return on capital trends
  • Cash flow and/or earnings growth
  • Free cash flow
  • Balance sheet integrity
  • Intrinsic value analysis

Investor Profile

This fund is designed for investors who can assume the risks and volatility involved with investing in small capitalization value stocks.

Trading Symbol

RCBAX

Inception Date

September 30, 1998

Composition as of 7/31/2010
Equities 96.6%
Cash Equivalents 3.4%


Sector Diversification as of 7/31/2010
Insurance Carriers 18.6%
Business Services 10.6%
Electronic and Other Electric Equipment 6.1%
Holding and Other Investment Offices 5.3%
Wholesale Trade - Nondurable Goods 5.0%
Miscellaneous Retail 4.7%
Eating and Drinking Places 4.6%
Chemicals and Allied Products 4.6%
Industrial Machinery and Equipment 4.5%
Food and Kindred Products 4.2%
Other 31.7%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
WHITE MTNS INSURANCE GRP. 6.5%
CHIMERA INVESTMENT CORP 5.3%
CENTRAL GARDEN & PET CL A 5.0%
WENDY'S/ARBY'S GROUP - A 4.6%
GLOBAL CASH ACCESS INC 4.5%
SPARTECH CORP 4.2%
TELEFLEX INCORPORATED 4.2%
RALCORP HOLDINGS INC 4.2%
ALLEGHANY CORP 4.1%
UNITED ONLINE 4.1%
Holdings are subject to change.


[Back to Top]



PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$18.84

Total Net Assets
$4,412,881

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
-8.77% 2.17% 8.40% -8.67% -3.35% 8.94%
 
Disclosure

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 click here or call 1-888-889-0799.

In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility.

*If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

[Back to Top]



TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
1.45%

Gross Expense Ratio
1.45%

For more information on fund expenses, click here.


[Back to Top]



FUND MANAGEMENT

Reed, Conner, and Birdwell, LLC (the “Investment Advisor”), a wholly owned subsidiary of City National Asset Management, Inc. ("CNAM"). currently serves as the Fund’s sub-advisor, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with CNAM. CNAM is a wholly owned subsidiary of City National Bank ("CNB"), a federally chartered commercial bank that has provided investment management services to institutions and individuals for over 40 years.

Jeffrey Bronchick, Executive Vice President, Principal and Chief Investment officer of the Investment Advisor, and Thomas D. Kerr, Vice President, Portfolio Management and Research of the Investment Advisor, are principally responsible for the management of the Fund. They have been associated with the Investment Advisor or its predecessor since 1989 and 1994, respectively.


Disclosure

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by clicking here or by calling 1-888-889-0799. Please read the prospectus carefully before investing.

Mutual Funds involve risk, including possible loss of principal. CNI Charter Funds are distributed by SEI Investments Distribution Co., Oaks, PA 19456, which is not affiliated with CNAM or CCMA and is not a bank.

[Back to Top]