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Salient International Small Cap Fund

Daily NAV

Updated: 6/26/17

Symbol
PTSCX
NAV
$19.56
Change
$0.01
Inception Date
Feb 7, 1996
Net Assets (All Classes)
$119.6 M
Overview

Overview

The fund employs an active bottom-up approach to invest in a focused portfolio of diverse international small cap companies with earnings growth potential at attractive valuations that are identified through in-depth fundamental research.

Three Things to Know

The fund employs a bottom-up and value-oriented approach to identify and invest in international small cap companies that have low valuations and increasing profit levels.

  • Actively managed, systematic approach to international small cap investing focused on companies that demonstrate earnings growth potential at attractive valuations
  • International small cap stocks can help diversify an international equity portfolio and offer additional growth potential
  • The dedicated small cap investment team members are highly experienced in their regions and conduct over 800 company meetings each year combined

Process

Objective: The fund seeks to achieve long-term growth of capital

  • The team uses a combination of qualitative and quantitative analysis for a top-down assessment and bottom-up approach to select the top 100–120 companies for investment
  • A proprietary analytical framework categorizes companies based on their growth stage within the economic lifecycle. Potential candidates for investment are identified in each category: emerging growth, established growth, restructuring growth and cyclical growth
  • Ιn-depth research analysis is undertaken, including meetings with the management teams of potential portfolio companies to fully understand their business models

Prior to May 1, 2016, Salient International Small Cap Fund was named Forward International Small Companies Fund.

Team

Bill Barker

Head and Senior Investment Manager, Small Cap Equities Team, PAM Ltd.
London

Justin Hill

Senior Investment Manager, PAM Ltd.
London

Performance

Performance (%)

  May'171 Q12 YTD2 1 YR2 3 YR2 5 YR2 10 YR2 SINCE
INCEPTION2
Institutional NAV 4.05 7.58 7.58 7.14 2.26 8.04 1.25 8.00
Investor NAV 3.99 7.50 7.50 6.79 1.91 7.67 0.90 8.52

1. As of 05/31/2017
2. As of 03/31/2017

On March 29, 2017, Advisor Class shares were closed and outstanding shares were exchanged for Institutional Class shares.

Returns for periods greater than one year are annualized.

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Calendar Year Performance (%)

  2016201520142013201220112010200920082007
Institutional-2.3812.41-8.1728.4222.03-19.1821.1029.37-46.422.04
Investor-2.7412.10-8.5127.9521.70-19.4920.6928.89-46.601.78
MSCI EAFE Small Cap Index2.559.94-4.6329.6920.42-15.6622.3947.32-46.781.79

Growth of $10,000*** as of 03/31/2017

*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Expense Ratio as of 05/01/2017

  Gross Net Cap
Investor 1.77% 1.65% 1.64%
Institutional 1.42% 1.30% 1.29%

The fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2017, in amounts necessary to limit the fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the fund’s average daily net assets) of 1.64% and 1.29%, respectively. This expense limitation arrangement may not be terminated by the fund’s investment advisor prior to such date under any circumstances.

Portfolio

Top 10 Holdings (% of Net Assets) as of 03/31/2017

A Temp Holdings Co., Ltd. 1.89
B Informa Plc 1.73
C Kinden Corp. 1.72
D Teleperformance 1.67
E JD Sports Fashion Plc 1.57
F Link Administration Holdings, Ltd. 1.57
G Sumco Corp. 1.49
H TKH Group NV 1.42
I Glory, Ltd. 1.36
J Melrose Industries Plc 1.32

These holdings may not reflect the current or future positions in the portfolio.

Sector Allocation (%) as of 03/31/2017

A Industrials 30.22
B Consumer Discretionary 19.64
C Information Technology 16.04
D Financials 10.45
E Materials 7.25
F Real Estate 5.00
G Consumer Staples 4.70
H Healthcare 3.32
I Telecommunication Services 2.23
J Utilities 0.68
K Energy 0.47

These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.

Regional Allocation (%) as of 03/31/2017

A Europe 57.17
B Japan 31.09
C Asia ex-Japan 11.74

These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.

Fund Details as of 03/31/2017

Annual Portfolio turnover 63%
# of holdings 109

Risk Characteristics as of 03/31/2017

Beta 0.98
Correlation 0.96
Standard Deviation 18.57
Distributions & Tax Information

Distributions

Share Class Type Record Date Distribution
Rate
Ex-Dividend /
Reinvest /
Payable Date
Institutional Income Dividend 12/23/2016 $0.696 12/27/2016
Investor Income Dividend 12/23/2016 $0.623 12/27/2016
Related Resources


You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.

Click here for fund-specific risks and definitions.

Fund Specific Risks

Salient International Small Cap Fund

RISKS

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.

Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.

Investing in exchange-traded funds (ETFs) will subject a fund to substantially the same risks as those associated with the direct ownership of the securities or other property held by the ETFs.

Foreign securities, especially emerging or frontier markets, will involve additional risks including, exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.

Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies.

MSCI EAFE Small Cap Index is an unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada. One cannot invest directly in an index.

Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.

Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.

Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.

Effective November 2011, Forward Management directly manages the fund’s cash portion.

In order to reduce transaction costs, Forward Management may purchase futures and ETFs to equitize cash flows into the portfolio, and may purchase high-grade, short-term fixed-income securities to serve as collateral for futures purchased.

Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.

Prior to May 1, 2016, Salient International Small Cap Fund was named Forward International Small Companies Fund.