The Smead Value Fund is a no-load mutual fund that invests in large capitalization stocks with a value-oriented investment style. The Fund currently offers an Investor Share Class (SMVLX) and an Institutional Share Class (SMVMX).
Smead Capital Management is the adviser of the Fund. The firm’s investment philosophy is:
- Valuation matters dearly.
- We are business owners on behalf of our clients.
- We seek out high-quality businesses.
The Fund is managed by Lead Portfolio Manager Bill Smead and Co-Portfolio Manager Tony Scherrer, CFA. The portfolio managers execute this philosophy through the long-term ownership of common stocks based on the firm's eight investment criteria.
The Fund’s investment objective is long-term capital appreciation.
The Fund will seek long-term capital appreciation through concentrated positions, therefore the fund will maintain approximately 25-30 companies in its portfolio. The Fund will invest in U.S. large capitalization ("large cap") companies through the ownership of common stock.
Required over entire holding period
- Meets an economic need
- Strong competitive advantage (wide moats or barriers to entry)
- Long history of profitability and strong operating metrics
- Generates high levels of free cash flow
- Available at a low price in relation to intrinsic value
Favored, but not required
- Management's history of shareholder friendliness
- Strong balance sheet
- Strong insider ownership (Preferably with recent purchases)
Average Annualized Total Returns as of March 31, 2013
Investor Shares Net Expense Ratio 1.40%*
Investor Shares Gross Expense Ratio 1.50%
Institutional Shares Net Expense Ratio 1.15%*
Institutional Shares Gross Expense Ratio 1.20%
*The Adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses do not exceed 1.40% and 1.15% of the Fund's average annual net assets, for the Investor Class shares and the Institutional Class shares, respectively, through March 30, 2014, subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1.877.807.4122. Investment performance reflects fee waivers. In the absence of such waivers, total returns would be reduced.
Below are the Smead Value Fund's top 10 holdings and the Top 5 Sectors. For more holdings information, refer to the Fund Fact Sheet.
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
While the fund is no-load, management and other expenses still apply. Please refer to the prospectus for further details.
Click here for a Fund Prospectus or Application. Please refer to the prospectus for important information about the investment company including objectives, risks, charges, and expenses. Read and consider it carefully before investing. You may also obtain a hard copy of the prospectus by calling 1.877.807.4122.
Mutual fund investing involves risk. Principal loss is possible.
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Click here for fund holdings.
The Smead Value Fund is offered to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Smead Value Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
Free Cash Flow (FCF): measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.
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