Private Capital Management Value Fund
- Investment
Philosophy - Investment
Objective - Risk
Considerations - Fund
Information - Performance
Graph - Performance
Returns
- Top Ten Holdings
Sector Breakdown - Prospectus
and Documents
Investment Philosophy
From our founding in 1986, PCM has achieved long-term capital appreciation by investing in companies that are out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to our estimation of their long-term intrinsic value. We rigorously analyze a host of factors to fully understand a company"s ability to create value in the future. We couple our quantitative assessment with an in-depth qualitative appraisal. Our long-term investment horizon matched with our in-depth knowledge of various industries developed over more than 20 years of investing in public companies can provide insights into what is being overlooked, misunderstood or underappreciated and how a company may unlock that hidden value for its shareholders.
Investment Objective
The fund seeks to achieve long-term capital appreciation by investing in companies that are out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to PCM"s estimation of long-term intrinsic value.
Risk Considerations
Mutual Fund investing involves risk and it is possible to lose money by investing in a fund. The Fund is non-diversified and may invest in a larger portion of its assets in the securities of a single issuer than a more diversified fund causing its value to fluctuate more widely. The fund may engage in strategies that are considered risky or invest in stocks of companies that are undervalued which may cause greater volatility and less liquidity.
Fund Information
Share Class |
Class A |
Class I |
|---|---|---|
Ticker |
VFPAX |
VFPIX |
CUSIP |
360873848 |
360873822 |
Net Expense Ratio* |
1.25% |
1.00% |
Gross Expense Ratio |
2.11% |
1.86% |
Sales Load |
5.00% Max** |
None |
Minimum Initial Investment |
$25,000 |
$750,000 |
Investor Profile |
Investors with an investment time horizon of 5 years |
|
Redemption Fee |
2% if within 30 days |
|
* The advisor has contractually agreed to waive and/or reimburse fees until August 31, 2014, unless the Board of Trustees approves its earlier termination.
|
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Trailing Returns as of September 30, 2011
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On 5/28/2010, a corporate defined contribution plan (the "Predecessor Account") was converted into Class I Shares of the Fund. The Predecessor Account's performance has been included for the period January 1, 1987 to May 28, 2010 and has been adjusted to reflect the monthly deduction of fees and expenses applicable to Class I Shares of the Fund. The Predecessor Account was not registered as a mutual fund under the Investment Company Act of 1940, as amended ("1940 Act"), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and Internal Revenue Code. If the Predecessor Account had been registered under the 1940 Act its performance may have been different. The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Fund's Gross Expense Ratio is 1.86%. The Fund's Net Expense Ratio is 1.00% (does not include "Acquired Fund Fees and Expenses") as the Adviser has contractually agreed to waive and/or reimburse fees until August 31, 2014. The performance shown reflects fee waivers/reimbursements in effect, without these waivers, performance would have been lower. Total returns are based on net change in NAV with reinvestment of all dividends. Current performance may be higher or lower than the performance data quoted. The Fund has experienced relatively high performance which may not be sustainable into the future. For performance current to the most recent month-end, please call 1-800-763-0337. The S&P 500 Index and the Russell 2000 Index are unmanaged indices. Individuals cannot invest in an index. |
Annual Returns as of September 30, 2011
| Year | PCM Value Fund |
S&P 500 |
Russell 2000 |
Year | PCM Value Fund |
S&P 500 |
Russell 2000 |
|
|---|---|---|---|---|---|---|---|---|
| 2011(YTD) | -12.4% | -8.7% | -17.0% | 1998 | 9.9% | 28.6% | -2.6% | |
| 2010 | 15.9% | 15.1% | 26.9% | 1997 | 31.4% | 33.4% | 22.4% | |
| 2009 | 44.6% | 26.5% | 27.2% | 1996 | 23.4% | 23.0% | 16.5% | |
| 2008 | -47.5% | -37.0% | -33.8% | 1995 | 40.5% | 37.6% | 28.5% | |
| 2007 | -3.3% | 5.5% | -1.6% | 1994 | 8.6% | 1.3% | -1.8% | |
| 2006 | 16.9% | 15.8% | 18.4% | 1993 | 28.7% | 10.1% | 18.9% | |
| 2005 | 2.5% | 4.9% | 4.6% | 1992 | 25.3% | 7.6% | 18.4% | |
| 2004 | 20.7% | 10.9% | 18.3% | 1991 | 20.2% | 30.5% | 46.0% | |
| 2003 | 38.8% | 28.7% | 47.3% | 1990 | -0.9% | -3.1% | -19.5% | |
| 2002 | -7.5% | -22.1% | -20.5% | 1989 | 13.8% | 31.7% | 16.3% | |
| 2001 | 16.2% | -11.9% | 2.5% | 1988 | 16.1% | 16.6% | 25.0% | |
| 2000 | 16.0% | -9.1% | -3.0% | 1987 | 0.9% | 5.2% | -8.8% | |
| 1999 | 119.1% | 21.0% | 21.3% | |||||
On 5/28/2010, a corporate defined contribution plan (the "Predecessor Account") was converted into Class I Shares of the Fund. The Predecessor Account's performance has been included for the period January 1, 1987 to May 28, 2010 and has been adjusted to reflect the monthly deduction of fees and expenses applicable to Class I Shares of the Fund. The Predecessor Account was not registered as a mutual fund under the Investment Company Act of 1940, as amended ("1940 Act"), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and Internal Revenue Code. If the Predecessor Account had been registered under the 1940 Act its performance may have been different. The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Fund's Gross Expense Ratio is 1.86%. The Fund's Net Expense Ratio is 1.00% (does not include "Acquired Fund Fees and Expenses") as the Adviser has contractually agreed to waive and/or reimburse fees until August 31, 2014. The performance shown reflects fee waivers/reimbursements in effect, without these waivers, performance would have been lower. Total returns are based on net change in NAV with reinvestment of all dividends. Current performance may be higher or lower than the performance data quoted. The Fund has experienced relatively high performance which may not be sustainable into the future. For performance current to the most recent month-end, please call 1-800-763-0337. The S&P 500 Index and the Russell 2000 Index are unmanaged indices. Individuals cannot invest in an index. |
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TOP TEN HOLDINGS* (as of September 30, 2011) |
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1. CA Technologies |
4.8% |
6. Pope Resources LP |
2.6% |
2. Symantec Corp. |
4.5% |
7. Nu Skin Enterprises LP |
2.4% |
3. Triumph Group Inc. |
3.2% |
8. Golar LNG Limited |
2.4% |
4. Qualcomm Inc. |
2.8% |
9. EZCORP Inc. |
2.3% |
5. Valeant Pharmaceuticals International Inc.. |
2.7% |
10. Universal Health Services Inc. CL B |
2.3% |
Percentage of Portfolio |
30.0% |
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* Top holdings exclude cash, money market funds and cash equivalents. Holdings are subject to change. |
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SECTOR BREAKDOWN (as of September 30, 2011) |
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 *Sectors are subject to change |
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| Prospectus / SAI / Reports | Description | Date |
|---|---|---|
| PCM Value Fund Summary Prospectus | PCM Value Fund Summary Prospectus | 9/1/2011 |
| PCM Value Fund Prospectus | PCM Value Fund Prospectus | 9/1/2011 |
| PCM Value Fund SAI | PCM Value Fund Statement of Additional Information | 9/1/2011 |
| Semi-Annual Report October 2010 | PCM Value Fund Semi-Annual Investment Advisor's Report | 10/31/2010 |
| Annual Report April 2011 | PCM Value Fund Annual Investment Advisor's Report | 4/30/2011 |
| XRBL Data Files (zip) | XRBL Data Files (zip) | 9/15/2011 |
| Fund Materials | Description | Date |
|---|---|---|
| PCM Value Fund Fact Sheet | PCM Value Fund Fact Sheet | 9/30/2011 |
| PCM Value Fund Historical Performance | PCM Value Fund Historical Performance | 9/30/2011 |
| Legal Notices | Description | Date |
|---|---|---|
| PCM Code of Ethics | PCM Code of Ethics | 6/1/2011 |
| PCM Privacy Policy | PCM Privacy Policy |
Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus contains this and other important information about the Private Capital Management Value Fund, and it may be obtained by clicking here. Read it carefully before investing. Shares of the Private Capital Management Value Fund are distributed by BNY Mellon Distributors Inc., (760 Moore Road, King of Prussia, PA 19406), not an adviser affiliate.