ASTON/Pictet International (N: APINX) (I: APCTX)

Transcription

1 ASTON/Pictet International (N: APINX) (I: APCTX) Fund Quarterly Commentary Coming soon...2nd Quarter 2016 Commentary

2 Fund Performance Average Annual Total Returns Monthly returns (%) Period ended 5/31/16 Annualized Returns (%) Period ended 3/31/16 Month 3 Months YTD 1 yr 3 yr 5 yr 10 yr Since Incept. Incept. Date Fund Class N Shares (APINX) N/A N/A N/A /14/2014 Fund Class I Shares (APCTX) N/A N/A N/A /14/2014 MSCI EAFE Index /15/2014 Category: Foreign Large Blend /15/2014 Calendar year-end returns Fund Class N Shares (APINX) 6.25 N/A N/A N/A N/A N/A N/A N/A N/A N/A Fund Class I Shares (APCTX) 6.75 N/A N/A N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Index N/A N/A The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. Certain expenses were subsidized. If these subsidies were not in effect, the returns would have been lower. The adviser is contractually obligated to waive management fees and/or reimburse expenses through February 29, Current performance may be lower or higher than the performance data quoted. For periods less than one-year, total returns are reported; for periods more than one-year, average annual total returns are reported. The MSCI EAFE Index (The Morgan Stanley Capital International Europe, Australasia and Far East Index), is designed to measure international equity performance, excluding the U.S. and Canada. Indices are adjusted for the reinvestment of dividends and capital gains. Individuals cannot invest in an index. The Morningstar Foreign Large Blend Category figures allow for a direct comparison of a fund s performance within its Morningstar Category.

3 Morningstar Rating (based on risk-adjusted returns) and Morningstar Rankings (based on total returns) Foreign Large Blend Category as of 5/31/2016 Overall 1 yr 3 yr 5 yr 10 yr Rating Rank Rating Rank Rating Rank Rating Rank Fund Class N Shares (APINX) N/A 8 N/A N/A N/A N/A N/A N/A Fund Class I Shares (APCTX) N/A 7 N/A N/A N/A N/A N/A N/A Total # funds in category N/A 806 N/A N/A N/A For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 is derived from a weighted-average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Morningstar, Inc. The highest or most favorable Morningstar percentile rank is 1 and the lowest percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Various rating agencies categorize funds differently. Past performance is no guarantee of future results.

4 Fund Overview Investment Strategy The ASTON/Pictet International Fund builds a diversified portfolio of companies based outside of the U.S. through bottom up fundamental analysis. The focus is on growth in cash flow, and value creation with the aim of buying stocks at a price below a conservative estimate of intrinsic value. Objective The Fund seeks to provide capital appreciation. Risk Considerations Investing in foreign markets involves the risk of social and political instability, market illiquidity, and currency volatility. Fund Stats (as of 3/31/16) N Shares I Shares Origin Of Information Factset Factset Sales Load None None Total Net Assets (7/8/16) $135, $908,188, Turnover 53% 53% Minimum Investment 2,500 1,000,000 Alpha (3 yr.) N/A N/A Beta (3 yr.) N/A N/A R-Squared (3 yr.) N/A N/A Standard Dev (3 yr.) N/A N/A Sharpe Ratio (3 yr.) N/A N/A Current Wtd Average P/E (trailing) Current Wtd Average P/B (trailing) Median Mkt Cap ($Mil) 6,877 6,877 Average Wtd Coupon N/A N/A Effective Maturity N/A N/A Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost. As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio. Fund Holdings Holdings as of: 5/31/16 Company Ticker CUSIP Number of Shares Market Value % of Net Assets Royal Dutch Shell PLC, Class B CASH EQUIVALENTS & OTHER RDSB B03MM40 1,273,033 $30,561, % 40,370,242 $27,033, % GlaxoSmithKline PLC GSK ,272,837 $26,600, % BBA Aviation PLC BBA B1FP891 8,595,280 $25,194, % Nestle SA NESN ,234 $24,551, % CK Hutchison Holdings Ltd 1 BW9P816 2,084,748 $24,184, % Nokia OYJ NOKIA ,167,544 $23,821, % ASML Holding NV ASML B929F46 237,702 $23,710, % Orpea ORP ,053 $21,483, % SoftBank Group Corp ,900 $20,942, % Sompo Japan Nipponkoa Holdings Inc 8630 B62G7K6 712,400 $19,928, % Vinci SA DG B1XH ,482 $19,767, % Inmarsat PLC ISAT B09LSH6 1,851,253 $19,255, % Anheuser-Busch InBev SA ABI ,657 $18,789, % Sony Corp ,400 $18,779, % Prudential PLC PRU ,657 $18,275, %

5 Banco Bilbao Vizcaya Argentaria SA BBVA ,658,652 $17,603, % Japan Tobacco Inc ,100 $16,685, % Computershare Ltd CPU ,035,331 $15,776, % Bandai Namco Holdings Inc 7832 B0JDQD4 626,800 $15,461, % Bollore SA BOL ,130,034 $14,936, % Distribuidora Internacional de Alimentac DIA B55ZR92 2,498,007 $14,936, % LivaNova PLC LIVN BYZB5M2 284,657 $14,086, % Millicom International Cellular SA MIC B00L2M8 239,643 $13,964, % Grifols SA ADR GRFS ,739 $13,947, % Linde AG LIN ,959 $13,475, % Finmeccanica SpA LDO B0DJNG0 1,093,105 $12,955, % Rakuten Inc ,209,300 $12,861, % UBS Group AG UBSG BRJL ,244 $12,842, % William Hill PLC WMH ,789,747 $12,573, % Cheung Kong Property Holdings Ltd 1113 BWX52N2 2,003,248 $12,554, % NGK Spark Plug Co Ltd ,200 $12,497, % Koninklijke DSM NV DSM B0HZL93 209,744 $12,485, % Sumitomo Mitsui Financial Group Inc ,200 $11,573, % Standard Chartered PLC STAN ,495,968 $11,427, % LIXIL Group Corp ,600 $11,419, % Rubis SCA RUI ,896 $11,367, % Jardine Matheson Holdings Ltd JM ,706 $10,699, % ABC-Mart Inc ,400 $10,465, % Vivendi SA VIV ,865 $10,377, % AstraZeneca PLC AZN ,702 $10,312, % Erste Group Bank AG EBS ,823 $10,294, % Inpex Corp 1605 B10RB15 1,248,900 $10,178, % FANUC Corp ,400 $9,808, % Ageas AGS B86S2N0 242,328 $9,789, % Samsung Electronics Co Ltd ,944 $9,680, % Merlin Properties Socimi SA MRL BNGNB77 852,850 $9,382, % Ontex Group NV ONTEX BNBNNH6 287,024 $9,340, % Com Hem Holding AB COMH BN7PJ67 1,071,977 $9,281, % Primary Health Care Ltd PRY ,278,432 $9,172, % Alfa Laval AB ALFA ,900 $9,101, % PCCW Ltd ,837,355 $9,023, % Petrofac Ltd PFC B0H2K53 795,736 $8,940, % Elis SA ELIS BVSS ,248 $8,832, % Obrascon Huarte Lain SA OHL ,481,081 $8,646, % Cie Financiere Richemont SA CFR BCRWZ18 136,803 $8,063, % MGM China Holdings Ltd 2282 B4P8HQ1 5,515,200 $7,933, % CyberAgent Inc ,300 $7,852, % Miraca Holdings Inc ,700 $7,421, % Gategroup Holding AG GATE B4JPM52 131,006 $6,725, % Trade Me Group Ltd TME B76CYL7 1,840,972 $6,102, % Ansell Ltd ANN ,318 $6,000, % Estia Health Ltd EHE BSSWC52 1,433,310 $5,996, % Cerved Information Solutions SpA CERV BNGN ,063 $5,937, % Matas A/S MATAS BBL4QM1 306,563 $5,388, % Oil Search Ltd OSH ,093,849 $5,343, % Fujitec Co Ltd ,400 $5,337, % Saga PLC SAGA BLT1Y08 1,708,658 $5,320, % Tate & Lyle PLC TATE ,337 $5,231, % SKY Perfect JSAT Holdings Inc 9412 B1TK ,700 $4,040, %

6 Enterprise Inns PLC ETI B1L8B62 1,691,496 $2,413, % Bollore SA BOLNV BZ0G $2, % $916,753, % Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost. As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.