Portfolio

MOATX::Investor Shares

CASTX::Class C Shares

Castle Focus Fund Logo

Sector Weightings (%)1

As of 6/30/22

Sector Fund S&P 500
Financials 22.10 10.80
Materials 16.52 2.60
Cash & Cash Equivalents2 13.27 0.0
Communication Services 8.42 8.90
Consumer Staples 8.16 7.00
Health Care 7.46 15.10
Energy 7.33 4.40
Real Estate 5.15 2.90
Information Technology 3.97 26.80
Utilities 3.88 3.10
Consumer Discretionary 3.74 10.50
Industrials 0.00 7.80

Top Ten Holdings (%)1

As of 6/30/22

Cash & Cash Equivalents2 13.27
Berkshire Hathaway Inc. – Class B 8.29
Loews Corporation 5.44
Agnico Eagle Mines Limited (Canada) 5.06
Enbridge Inc. (Canada) 5.02
Unilever PLC 4.95
Verizon Communications 4.93
Merck & Co., Inc. 4.43
Alleghany Corporation 4.27
Equity Commonwealth 4.16

Fund Data

As of 6/30/22

Total Net Assets $37.1M
Inception Date 6/30/10
Number of Holdings 24
Distribution Frequency Annually
Ticker – Investor Class
Ticker – Class C		 MOATX
CASTX
Benchmark S&P 500

Portfolio Characteristics3

For the five years ending 6/30/22

Alpha -2.76
Beta 0.65
Standard Deviation 12.37
Up Capture 57.00
Down Capture 66.00
R Squared 79.00

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.