Hickory Fund : Portfolio

As of March 31, 2018
Hickory Fund

Top 10 Stock Holdings

Net Assets
Security
9.2%
Liberty Broadband Corp. - Series A & C
5.3%
LICT Corp.
5.0%
Laboratory Corp. of America Holdings
4.3%
Liberty SiriusXM Group - Series A & C
4.2%
Colfax Corp.
4.0%
GCI Liberty, Inc. - Class A
4.0%
Redwood Trust, Inc.
3.7%
ACI Worldwide, Inc.
3.6%
QVC Group - Series A
3.4%
Allison Transmission Holdings, Inc.
46.7% Total

Common Stocks Industry Breakdown

47.8%
Consumer Discretionary
13.3%
Industrials
9.7%
Information Technology
7.2%
Materials
6.6%
Telecommunication Services
6.3%
Health Care
5.1%
Financials
4.0%
Real Estate
100.0% Total

Capitalization :

0.0%
> $50 Billion
31.8%
$10 - $50 Billion
37.9%
$2.5 - $10 Billion
30.3%
< $2.5 Billion
$7.1B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
24
Annual Turnover
(3/31/18)
20%
5-Year Avg. Annual Turnover
(3/31/18)
22%

Characteristics and Volatility Measures :

Versus Russell 2500
3 Year
5 Year
R-Squared
67.2
72.2
Beta
0.69
0.71
Alpha
-4.12
-2.61
Upside Capture Ratio
57.2
63.5
Downside Capture Ratio
88.9
84.6
Standard Deviation
10.1
10.0
Sharpe Ratio
0.07
0.50
Active Share: 98.85%
Source:  FactSet
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk. An investment in the Fund involves certain risks, such as: The Fund may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Fund may be a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund has a greater impact upon the overall portfolio, which increases risk. See the Fund’s Prospectus for a further discussion of risks related to the Fund.

Active Share: measures the Fund's weighted stock holdings against a benchmark's weighted stock holdings.
R-Squared: portfolio’s movements that can be explained by movements in its benchmark.
Beta: measure of systematic risk with respect to a benchmark.
Alpha: difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta.
Upside Capture Ratio: manager’s performance in up markets relative to the benchmark.
Downside Capture Ratio: manager’s performance in down markets relative to the benchmark.
Standard Deviation: measure of how widely the returns varied over a certain period of time from the average.
Sharpe Ratio: measure to determine reward per unit of risk.