Portfolio

Sector Weightings1

As of 3/31/18

Fund Data

As of 3/31/18

Total Net Assets $158.3M
Inception Date 6/30/10
Average Market Cap $36.4B
Number of Holdings 22
Distribution Frequency Annually
Ticker – Investor Class MOATX
Ticker – Class C CASTX

Portfolio Characteristics3

For the five years ending 3/31/18

Alpha -0.04
Beta 0.50
Standard Deviation 6.11
Up Capture 53.58
Down Capture 56.89
R Squared 66.12

Top Ten Holdings1

As of 3/31/18

Cash & Cash Equivalents2 33.19%
Enbridge, Inc. 5.75%
Sanofi SA (ADR) 5.06%
Royal Gold, Inc. 5.05%
Brookfield Asset Management, Inc. 4.19%
Berkshire Hathaway Inc. — Class B 4.03%
CVS Health Corp. 3.93%
Dominion Energy, Inc. 3.28%
The Bank of New York Mellon Corp. 3.26%
W.R. Berkley Corp. 3.22%

1. Percent of Fund’s total net assets

2. Represents cash equivalents and other assets less liabilities

3. Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its benchmark, given its level of risk (as measured by beta). Beta is a measure of the portfolios sensitivity to the market. Standard deviation is use to measure an investment’s historic volatility. The up capture and down capture ratios are statistical measures of a manager’s overall performance in upward moving and downward moving markets, respectively. R-Squared is a statistical measure that represents the percentage of a fund or security’s movements that can be explained by movements in a benchmark index.