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Value Fund (WVAIX)

NAV
$48.02
as of 12/13/2019
1 Day Change
-$0.03/(-0.06%)
as of 12/13/2019
YTD Return
33.11%
as of 12/13/2019
Morningstar Rating™
Overall as of 11/30/2019
 
out of 1223 funds
Based on risk-adjusted returns

Fund Facts

  • Ticker
    WVAIX
  • CUSIP
    94904P856
  • Fund
    Inception
    05/09/1986
  • Class
    Inception
    05/09/1986
  • Net
    Assets
    $818 Million
    as of 09/30/2019
  • Dividend
    Frequency
    Semi-annually
  • Morningstar
    Category
    Large Growth
  • Portfolio
    Manager(s)
      Bradley Hinton, CFA

Investment Approach

The Value Fund is a large-cap focused, no-load, concentrated stock fund. The investment objective of the Fund is capital appreciation.

Strategy and Process

High-conviction large-cap portfolio

There are a limited number of great investment ideas.

We take a long-term view and construct a high active share portfolio.

Value driven, private-buyer mindset

The value of a business is a function of the cash flows it will generate over time.

We think about and value a business like a private buyer and look to buy shares at a discount to our calculation of intrinsic value.

Focus on bottom-up, fundamental research

Human behavior and market sentiment are more volatile than the intrinsic value of a business.

We use bottom-up research to build a concentrated portfolio and may invest in companies that many other traditional value investors may not.

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Historical Returns
as of 11/30/2019

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 3 MO 1 YR 3 YR 5 YR10 YR Since
Inception
5/9/1986
Value Fund 32.05% 2.63% 4.84% 21.37% 13.58% 7.39% 11.93% 10.38%
S&P 500® 27.63% 3.63% 5.87% 16.11% 14.88% 10.98% 13.44% 10.44%
Russell 1000® 27.74% 3.78% 5.98% 16.10% 14.67% 10.80% 13.49% 10.44%
Russell 1000® Value 23.15% 3.09% 4.53% 11.33% 9.59% 7.83% 11.69% 10.16%

Growth of a $10,000 Investment
as of 11/30/2019

Summary of Returns

Year Value Fund S&P 500®Relative Results
2019 (11/30/2019) 32.05% 27.63% 4.42%
2018 -4.67% -4.38% -0.29%
2017 15.80% 21.83% -6.03%
2016 3.13% 11.96% -8.83%
2015 -4.30% 1.38% -5.68%
2014 9.63% 13.69% -4.06%
2013 31.75% 32.39% -0.64%
2012 13.17% 16.00% -2.83%
2011 6.12% 2.11% 4.01%
2010 19.94% 15.06% 4.88%
2009 27.62% 26.46% 1.16%
2008 (06/30/2008) -26.90% -28.48% 1.58%
Swipe/scroll vertically for full history

Since Inception Returns

Since Inception (5/9/1986) Value Fund S&P 500®Relative Results
Cumulative Return 179.23% 213.15% -33.92%
Average Annual Return 9.40% 10.51% -1.11%

Morningstar Ratings™
as of 11/30/2019

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Large Growth   
out of 1223
 
out of 1089
  
out of 817
 
out of 1223

Morningstar Rankings™
as of 11/30/2019

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Large Growth 246 / 1363
18
1070 / 1223
87
1040 / 1089
95
n/a

Fees & Expenses
as of most recent prospectus dated 07/31/2019

Gross Expense Ratio 1.08%
Net Expense Ratio 0.99%
Contractual Expiration Date 7/31/2020
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 09/30/2019

Versus Russell 1000 3 Year 5 Year
R-Squared 87.4 84.5
Beta 0.92 0.88
Alpha 0.02 -1.71
Upside Capture Ratio 88.5 81.8
Downside Capture Ratio 87.5 95.0
Standard Deviation 12.0 11.4
Sharpe Ratio 0.88 0.57

Source: Factset

Portfolio

Asset Allocation
% of Net Assets as of 09/30/2019

Sector Allocation
% of Common Stock as of 09/30/2019

Communication Services 27.2%
Information Technology 20.7%
Financials 17.3%
Consumer Discretionary 13.8%
Health Care 11.5%
Materials 7.1%
Consumer Staples 2.4%

Top 10 Holdings
% of Net Assets as of 09/30/2019

Berkshire Hathaway Inc. - Class B 7.0%
Liberty Broadband Corp. - Series C 6.8%
Alphabet, Inc. - Class C 6.5%
Booking Holdings Inc. 4.3%
Laboratory Corp. of America Holdings 4.2%
Mastercard Inc. - Class A 4.2%
Visa Inc. - Class A 4.0%
Facebook, Inc. - Class A 3.9%
Thermo Fisher Scientific Inc. 3.6%
Linde plc 3.6%
% of Net Assets in Top Holdings 48.1%

Capitalization
% of Common Stock as of 09/30/2019

> $50 Billion 65.8%
$10 - $50 Billion 34.2%
$2.5 - $10 Billion 0.0%
< $2.5 Billion 0.0%
Weighted Average Market Cap $224.3 Billion

Portfolio Characteristics
as of 09/30/2019

Number of Companies 26
Active Share vs. Russell 1000 85.5%
Annual Turnover*
32%
5-Year Avg. Annual Turnover* 31%

*as of most recent Annual Report

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
06/17/19 06/18/19 n/a n/a 1.2534 1.2534 44.16
12/26/18 12/27/18 n/a n/a 2.0400 2.0400 36.88
06/26/18 06/27/18 n/a n/a 1.9793 1.9793 42.08
12/26/17 12/27/17 n/a n/a 1.3500 1.3500 43.04
06/27/17 06/28/17 n/a n/a 1.7051 1.7051 41.84
12/27/16 12/28/16 n/a n/a n/a n/a n/a
06/27/16 06/28/16 n/a n/a n/a n/a n/a
12/28/15 12/29/15 n/a n/a 1.9200 1.9200 38.80
06/25/15 06/26/15 n/a n/a 3.0634 3.0634 43.97
12/26/14 12/29/14 n/a n/a 2.0450 2.0450 45.80

Literature

Fact Sheet Commentary Summary Prospectus
Annual Report Semi-Annual Report Prospectus SAI XBRL*

Risks

An investment in a mutual fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors, and it is possible to lose money by investing.

Value Investing Risk
Value investors seek to invest in companies whose stock prices are low in relation to their real worth or future prospects. Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor.

Concentration Risk
The chance that the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. The Fund tends to invest a high percentage of assets in its largest holdings.

Large Company Risk
Large-capitalization securities tend to have less overall volatility than those issued by smaller capitalization companies, however, large-capitalization securities may underperform securities of smaller capitalization companies during periods when such stocks are in favor.

Non-U.S. Securities Risk
The Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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