Centerstone Investors Fund

At A Glance

Objective

Seeks to generate long-term growth of capital by investing across the globe

Universe

Global investments across industries, market capitalizations and capital structure

Focus

Invest in global equities and fixed income, with a bottom-up value approach. Weightings will vary depending on opportunities

Tickers

Class I

CENTX

Class A

CETAX

Class C

CENNX

Portfolio Manager

Abhay Deshpande, CFA

Chief Investment Officer

Independent Service Providers

Transfer Agent Gemini Fund Services, LLC
Auditor Cohen & Company, Ltd.
Custodian State Street Bank and Trust Company
Legal Counsel Alston & Bird, LLP

Performance

Daily Performance

As of: 11/16/18
NAV Change $ Return YTD
Centerstone Investors Fund Class I 11.21 0.02 0.18% -3.36%
NAV Change $ Return YTD
Centerstone Investors Fund Class A 11.16 0.03 0.27% -3.46%
NAV Change $ Return YTD
Centerstone Investors Fund Class A w/Load 11.75 0.03 -4.78% -8.30%
NAV Change $ Return YTD
Centerstone Investors Fund Class C 11.03 0.03 0.27% -4.09%

Performance

As of: 10/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class A -6.35% -5.71% -4.24% -1.64% 4.81%
MSCI ACWI IndexA -7.49% -6.36% -3.96% -0.52% 10.18%
MSCI World IndexB -7.34% -5.67% -2.31% 1.16% 10.36%
As of: 10/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class A w/Load -11.01% -10.44% -9.04% -6.57% 2.66%
MSCI ACWI IndexA -7.49% -6.36% -3.96% -0.52% 10.18%
MSCI World IndexB -7.34% -5.67% -2.31% 1.16% 10.36%
As of: 10/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class I -6.31% -5.60% -4.05% -1.41% 5.11%
MSCI ACWI IndexA -7.49% -6.36% -3.96% -0.52% 10.18%
MSCI World IndexB -7.34% -5.67% -2.31% 1.16% 10.36%
As of: 10/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class C -6.41% -5.85% -4.78% -2.37% 4.25%
MSCI ACWI IndexA -7.49% -6.36% -3.96% -0.52% 10.18%
MSCI World IndexB -7.34% -5.67% -2.31% 1.16% 10.36%
As of: 09/30/18
3Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class A 3.50% 2.25% 5.48% 7.88%
MSCI ACWI IndexA 4.28% 3.83% 9.77% 14.18%
MSCI World IndexB 4.98% 5.43% 11.24% 14.30%
As of: 09/30/18
3Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class A w/Load -1.66% -2.88% 0.17% 5.59%
MSCI ACWI IndexA 4.28% 3.83% 9.77% 14.18%
MSCI World IndexB 4.98% 5.43% 11.24% 14.30%
As of: 09/30/18
3Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class I 3.57% 2.41% 5.79% 8.18%
MSCI ACWI IndexA 4.28% 3.83% 9.77% 14.18%
MSCI World IndexB 4.98% 5.43% 11.24% 14.30%
As of: 09/30/18
3Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class C 3.36% 1.74% 4.78% 7.31%
MSCI ACWI IndexA 4.28% 3.83% 9.77% 14.18%
MSCI World IndexB 4.98% 5.43% 11.24% 14.30%
Class A Maximum Sales Charge is 5.00%.
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s total annual operating expenses, including acquired fund fees of 0.02%, gross of any fee waivers or expense reimbursements, is 1.61%, 2.36% and 1.36%, for Class A, Class C and Class I shares, respectively. The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2020, to ensure that the net annual Fund operating expenses will not exceed 1.35%, 2.10% and 1.10% of the Investors Fund’s average net assets, for Class A, Class C and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 877.314.9006.

A – The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is not available for direct investment.
B – The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index is not available for direct investment.

Both indices provide total returns in US dollars with net dividends reinvested.

Investors are not able to invest directly in the indices referenced in the illustration above and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons.

 

Portfolio

Top 10 Holdings*

% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 3.28% 6. Vopak (NLD) 1.74%
2. Coast Capital Mercury Fund LP (GBR) 2.54% 7. Kerry Logistics (HKG) 1.70%
3. Henry Schein (US) 2.31% 8. Air Liquide (FRA) 1.61%
4. ICA Gruppen (SWE) 1.86% 9. Colgate-Palmolive (US) 1.56%
5. Merlin Entertainments (GBR) 1.77% 10. Mekonomen (SWE) 1.53%
Total 19.90%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 3.58% 6. ICA Gruppen (SWE) 1.68%
2. Henry Schein (US) 2.21% 7. Kerry Logistics (HKG) 1.59%
3. TransCanada (CAN) 1.78% 8. Vopak (NLD) 1.48%
4. Air Liquide (FRA) 1.72% 9. Brenntag (DEU) 1.43%
5. Colgate-Palmolive (US) 1.70% 10. Mekonomen (SWE) 1.40%
Total 18.57%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.32% 6. TransCanada (CAN) 1.68%
2. Grainger (US) 1.93% 7. Kerry Logistics (HKG) 1.63%
3. Vopak (NLD) 1.79% 8. Not Yet Disclosed (US) 1.48%
4. Colgate-Palmolive (US) 1.77% 9. ICA Gruppen (SWE) 1.45%
5. Air Liquide (FRA) 1.76% 10. Loomis (SWE) 1.45%
Total 19.26%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.85% 6. Air Liquide (FRA) 1.72%
2. Target (US) 2.17% 7. Tapestry (US) 1.70%
3. Grainger (US) 2.04% 8. Vopak (NLD) 1.68%
4. Mosaic (US) 1.75% 9. TransCanada (CAN) 1.60%
5. Colgate-Palmolive (US) 1.73% 10. Matas (DNK) 1.51%
Total 20.75%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.91% 6. TransCanada (CAN) 1.67%
2. Grainger (US) 1.98% 7. Ichiyoshi Securities (JPN) 1.61%
3. Air Liquide (FRA) 1.85% 8. ICA Gruppen (SWE) 1.53%
4. Mosaic (US) 1.78% 9. CVS Health (US) 1.52%
5. Colgate-Palmolive (US) 1.72% 10. Target (US) 1.47%
Total 20.04%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.95% 6. Mosaic (US) 1.79%
2. Grainger (US) 2.54% 7. ICA Gruppen (SWE) 1.75%
3. Air Liquide (FRA) 1.88% 8. TransCanada (CAN) 1.74%
4. 3M (US) 1.85% 9. Coach (US) 1.54%
5. Colgate-Palmolive (US) 1.80% 10. Target (US) 1.53%
Total 19.37%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.27% 6. TransCanada (CAN) 1.60%
2. Schneider Electric (FRA) 1.87% 7. Loomis (SWE) 1.60%
3. Air Liquide (FRA) 1.78% 8. ICA Gruppen (SWE) 1.58%
4. Colgate-Palmolive (US) 1.74% 9. Xilinx 2.125% 3/15/2019 (US) 1.52%
5. 3M (US) 1.67% 10. Siam City Cement (THA) 1.50%
Total 17.13%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.59% 6. 3M (US) 1.81%
2. Loomis (SWE) 2.11% 7. TransCanada (CAN) 1.64%
3. Schneider Electric (FRA) 2.01% 8. ICA Gruppen (SWE) 1.57%
4. Colgate-Palmolive (US) 1.97% 9. CVS Health (US) 1.54%
5. Air Liquide (FRA) 1.97% 10. Nagaileben (JPN) 1.44%
Total 18.65%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.97% 6. 3M (US) 1.66%
2. Loomis (SWE) 2.29% 7. TransCanada (CAN) 1.65%
3. Schneider Electric (FRA) 2.28% 8. Monmouth Real Estate Investment (US) 1.60%
4. Colgate-Palmolive (US) 1.90% 9. Nagaileben (JPN) 1.55%
5. Air Liquide (FRA) 1.82% 10. Matas (DNK) 1.49%
Total 19.21%

Sector Allocation

As of: 09/30/18
Industrials 20.05%
Consumer Discretionary 17.68%
Consumer Staples 12.23%
Materials 11.44%
Financials 5.58%
Real Estate 5.43%
Energy 4.68%
Health Care 4.63%
Gold 3.31%
Information Technology 1.79%
Reserve Management 13.18%
Total
100%

Asset Allocation

As of: 09/30/18
Foreign Equity 81.52%
Gold 3.31%
US Equity 1.99%
Reserve Management 13.18%
Treasury Notes 9.32%
Money Market 3.11%
Treasury Bills 0.75%
Total
100%

Market Cap Allocation*

As of: 09/30/18
> $10 billion 46.06%
$2 billion - $10 billion 40.46%
$300 million - $2 billion 13.48%
Total
100%

Region Allocation

As of: 09/30/18
49% Europe
16% Asia ex-Japan
8% Japan
3% Gold
2% United States
13% Reserve Management
9% Other

Portfolio Characteristics

As of: 09/30/18
Total Net Assets $384.1M
Number of Equity Holdings 87
Number of Fixed Income Holdings 24
Active ShareC 95.79%
Weighted Market CapitalizationD 27.7B
Median Market CapitalizationE 10.5B
Price to BookF 2.10
Price to EarningsG 16.16
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 20.55%*
Morningstar Category World Allocation
Lipper Classification Flexible Portfolio
Inception Date May 3, 2016

Fees & Expenses

Shareholder Fees

Minimum Investment $2,500
Maximum Sales Load None
Maximum CDSC None
Distribution & Service (12b-1) Fees None
Redemption Fees1 2.00%
Management Fees 0.90%
Total Operating Expenses 1.36%
Net Total Expense Ratio2 1.12%
Minimum Investment $2,500
Maximum Sales Load 5.00%
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 0.25%
Redemption Fees2 2.00%
Management Fees 0.90%
Total Operating Expenses 1.61%
Net Total Expense Ratio3 1.37%
Minimum Investment $2,500
Maximum Sales Load None
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 1.00%
Redemption Fees2 2.00%
Management Fees 0.90%
Total Operating Expenses 2.36%
Net Total Expense Ratio3 2.12%

Distributions

Capital Gains Distributions

Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.038
Total Ordinary Income Distribution (% of Nav) 0.334%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.685%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.055
Total Ordinary Income Distribution (% of Nav) 0.482%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.683%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.007
Total Ordinary Income Distribution (% of Nav) 0.062%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.688%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.049
Total Ordinary Income Distribution (% of Nav) 0.476%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.054
Total Ordinary Income Distribution (% of Nav) 0.520%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.052
Total Ordinary Income Distribution (% of Nav) 0.501%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%

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