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Value Fund (WVALX)

NAV
$41.06
as of 04/09/2020
1 Day Change
$0.64 /(1.58%)
as of 04/09/2020
YTD Return
-12.41%
as of 04/09/2020
Morningstar Rating™
Overall as of 03/31/2020
  
out of 1231 funds
Based on risk-adjusted returns

Fund Facts

  • Ticker
    WVALX
  • CUSIP
    94904P203
  • Fund
    Inception
    05/09/1986
  • Class
    Inception
    05/09/1986
  • Net
    Assets
    $846 Million
    as of 12/31/2019
  • 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 03/31/2020

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
5/9/1986
Value Fund -18.98% -13.68% -5.77% 3.92% 2.53% 8.27% 9.61%
S&P 500® -19.60% -12.35% -6.98% 5.10% 6.73% 10.53% 9.72%
Russell 1000® -20.22% -13.21% -8.03% 4.64% 6.22% 10.39% 9.69%
Russell 1000® Value -26.73% -17.09% -17.17% -2.18% 1.90% 7.67% 9.13%

Growth of a $10,000 Investment Since Inception
as of 03/31/2020

Summary of Returns

Year Value Fund S&P 500®Relative Results
2020 (03/31/2020) -18.98% -19.60% 0.62%
2019 34.13% 31.49% 2.64%
2018 -4.87% -4.38% -0.49%
2017 15.55% 21.83% -6.28%
2016 2.88% 11.96% -9.08%
2015 -4.47% 1.38% -5.85%
2014 9.54% 13.69% -4.15%
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 Fund Inception (5/9/1986) Value Fund S&P 500®Relative Results
Cumulative Return 2,147.63% 2,226.47% -78.84%
Average Annual Return 9.61% 9.72% -0.11%

Morningstar Ratings™
as of 03/31/2020

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Large Growth   
out of 1231
 
out of 1086
  
out of 812
  
out of 1231
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 03/31/2020

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Large Growth 962 / 1358
69
1094 / 1231
88
1043 / 1086
96
751 / 812
91
Morningstar Rankings are based on total returns.

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

Gross Expense Ratio 1.23%
Net Expense Ratio 1.09%
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 12/31/2019

Versus Russell 1000 3 Year 5 Year
R-Squared 87.2 84.8
Beta 0.91 0.87
Alpha 0.39 -1.83
Upside Capture Ratio 88.7 80.5
Downside Capture Ratio 85.1 94.1
Standard Deviation 11.8 11.3
Sharpe Ratio 1.05 0.61

Source: Factset

Portfolio

Asset Allocation
% of Net Assets as of 12/31/2019

Sector Allocation
% of Common Stock as of 12/31/2019

Communication Services 27.9%
Information Technology 20.1%
Financials 18.7%
Consumer Discretionary 12.2%
Health Care 11.5%
Materials 7.2%
Consumer Staples 2.4%

Top 10 Holdings
% of Net Assets as of 12/31/2019

Liberty Broadband Corp. - Series C 7.4%
Berkshire Hathaway Inc. - Class B 7.4%
Alphabet, Inc. - Class C 6.6%
Booking Holdings Inc. 4.4%
Facebook, Inc. - Class A 4.4%
Laboratory Corp. of America Holdings 3.9%
Visa Inc. - Class A 3.9%
Thermo Fisher Scientific Inc. 3.8%
Linde plc 3.8%
JPMorgan Chase & Co. 3.7%
% of Net Assets in Top Holdings 49.3%
View Full Portfolio Holdings as of 12/31/2019

Capitalization
% of Common Stock as of 12/31/2019

> $50 Billion 67.0%
$10 - $50 Billion 33.0%
$2.5 - $10 Billion 0.0%
< $2.5 Billion 0.0%
Weighted Average Market Cap $249.0 Billion

Portfolio Characteristics
as of 12/31/2019

Number of Companies 26
Active Share vs. Russell 1000 85.4%
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
12/16/19 12/17/19 n/a n/a 0.9500 0.9500 46.47
06/17/19 06/18/19 n/a n/a 1.2534 1.2534 43.60
12/26/18 12/27/18 n/a n/a 2.0400 2.0400 36.47
06/26/18 06/27/18 n/a n/a 1.9793 1.9793 41.68
12/26/17 12/27/17 n/a n/a 1.3500 1.3500 42.70
06/27/17 06/28/17 n/a n/a 1.7051 1.7051 41.56
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 38.68
06/25/15 06/26/15 n/a n/a 3.0634 3.0634 43.89
12/26/14 12/29/14 n/a n/a 2.0450 2.0450 45.77
06/25/14 06/26/14 n/a n/a 1.7395 1.7395 45.39
06/27/12 06/28/12 0.0341 n/a n/a 0.0341 31.87
06/27/11 06/28/11 0.0700 n/a n/a 0.0700 29.69
06/25/09 06/26/09 0.0564 n/a n/a 0.0564 19.61
06/26/08 06/27/08 0.1916 n/a n/a 0.1916 25.80
12/27/07 12/28/07 0.1000 0.3324 2.1448 2.5772 31.68
06/27/07 06/28/07 0.1821 0.0682 1.8680 2.1183 39.73
12/27/06 12/28/06 0.1000 0.1708 2.0825 2.3533 40.40
06/28/06 06/29/06 0.1842 0.0958 0.1979 0.4779 36.75
12/27/05 12/28/05 0.1000 0.3841 0.4655 0.9496 35.47
06/27/05 06/28/05 0.2730 n/a 0.0151 0.2881 36.64
12/29/04 12/30/04 0.1000 0.0746 1.5779 1.7525 37.73
06/28/04 06/29/04 0.1068 n/a 1.6519 1.7587 35.40
12/29/03 12/30/03 0.0860 n/a n/a 0.0860 35.74
06/26/03 06/27/03 0.0677 n/a n/a 0.0677 32.00
12/27/02 12/30/02 0.1603 n/a n/a 0.1603 27.72
06/26/02 06/27/02 0.0366 0.1580 0.1583 0.3529 28.86
12/27/01 12/28/01 0.2518 n/a n/a 0.2518 34.43
06/26/01 06/27/01 0.1149 0.1814 0.4922 0.7885 35.68
12/31/00 12/31/00 0.4887 0.4772 2.9434 3.9093 1.00
12/31/99 12/31/99 0.3694 0.1389 1.5325 2.0408 1.00
12/31/98 12/31/98 0.1716 0.1455 2.8695 3.1866 1.00
12/31/97 12/31/97 0.3124 0.5308 2.0785 2.9217 1.00
12/31/96 12/31/96 0.1252 0.4124 0.6895 1.2271 1.00
12/31/95 12/31/95 0.4180 0.2880 0.7932 1.4992 1.00
12/31/94 12/31/94 n/a 0.0284 0.6997 0.7281 1.00
12/31/93 12/31/93 0.0228 0.0869 0.5040 0.6137 1.00
12/31/92 12/31/92 0.2747 n/a 0.5450 0.8197 1.00
12/31/91 12/31/91 0.3239 0.0100 0.3866 0.7205 1.00
12/31/90 12/31/90 0.3795 0.0187 0.0495 0.4477 1.00
12/31/89 12/31/89 0.4297 n/a 0.6292 1.0589 1.00
12/31/88 12/31/88 0.3185 n/a n/a 0.3185 1.00
12/31/87 12/31/87 0.4874 0.1124 n/a 0.5998 1.00

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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