The Summitry Equity Fund (the “Fund”) is managed by Summitry, an independent investment management firm established in 2003. In addition to the Fund, Summitry offers investment services to families, individuals, foundations, and endowments.

The Fund holds a diversified stock portfolio managed under the same strategy that Summitry uses for its private asset management clients.

At our core, we are value investors, who seek to invest in businesses that we believe have lower risk characteristics than the overall S&P 500 market average while also maintaining higher long-term upside potential versus the market.  In order to fulfill this objective, the investment team works to identify and purchase companies that have strong competitive advantages, that are operated by competent and shareholder-friendly managements, that have favorable long-term growth prospects, and that trade in the market at a price materially below the investment team’s estimate of underlying intrinsic value.

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The portfolio is diversified across a variety of industries but typically contains only 25 to 35 individual company holdings. We view this level of concentration as prudent, as a more focused portfolio increases, as it should, the intensity with which we study each investment and the comfort level we must feel before committing capital. Accordingly, our average position size typically equates to 4% and varies somewhat based on the risk-return potential of each investment. All else being equal, investments with lower risk and higher return potential have above-average weightings in the portfolio, although our maximum position size generally does not exceed 5%. Our maximum weighting in any one industry is 30%, although this level of exposure is atypical.

The vast majority of the fund is invested in large-cap companies ($10B in market capitalization or larger), but we will invest in companies as small as $2 billion in market cap if a company meets our stringent standards on quality and price.

Portfolio Construction Highlights:

The portfolio typically consists of 25 to 35 holdings

Maximum position size generally 5%*

Maximum of 30% industry concentration*

Minimum of $2 billion market capitalization*

*Limitations apply at the time of purchase. See prospectus for more details.

The Fund may be suitable for:

  • Long-term investors seeking a fund with an investment objective of long-term capital appreciation.
  • Investors seeking an investment that will provide moderate current income.


You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s Prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 1-866-954-6682.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against loss.

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