Portfolio

MOATX::Investor Shares

CASTX::Class C Shares

Castle Focus Fund Logo

Sector Weightings (%)1

As of 12/31/19

Sector Fund S&P 500
Cash & Cash Equivalents2 25.83 0.00
Financials 18.30 13.00
Materials 11.69 2.70
Energy 9.78 4.30
Consumer Staples 8.52 7.20
Health Care 8.27 14.20
Consumer Discretionary 7.39 9.80
Utilities 3.88 3.30
Real Estate 4.25 2.90
Industrials 2.09 9.10
Information Technology 0 23.20
Communication Services 0 10.40

Top Ten Holdings (%)1

As of 12/31/19

Cash & Cash Equivalents2 25.83
Berkshire Hathaway Inc. – Class B 6.94
Enbridge Inc. (Canada) 6.44
Sanofi -ADR 5.24
Loews Corporation 5.15
Brookfield Asset Management Inc. – Class A (Canada) 4.92
CVS Health Corp. 4.43
Anheuser-Busch InBev SA/NV -ADR 4.09
Agnico Eagle Mines 4.07
Dominion Energy, Inc. 3.88

Fund Data

As of 12/31/19

Total Net Assets $117.4M
Inception Date 6/30/10
Number of Holdings 23
Distribution Frequency Annually
Ticker – Investor Class
Ticker – Class C
MOATX
CASTX
Benchmark S&P 500 TR

Portfolio Characteristics3

For the five years ending 12/31/19

Alpha -0.17
Beta 0.52
Standard Deviation 7.19
Up Capture 53.00
Down Capture 52.00
R Squared 74.84

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.