Summary

The Adviser

Grisanti Brown & Partners LLCThe Fund's Adviser is Grisanti Brown & Partners LLC, 45 Rockefeller Plaza, 17th Floor, New York, NY 10111. The Adviser is a SEC registered independent investment advisory firm that currently manages assets for institutional and individual clients, including high net worth individuals, nationwide. The Adviser has provided investment advisory services to clients continuously since 1999.

Investment Objective

The primary objective of the Grisanti Brown Value Fund (the “Fund”) is to seek to achieve capital appreciation, primarily through the purchase of U.S. equity securities, with an emphasis on absolute (positive) returns without regard to a specific benchmark.

Principal Investment Strategies

Under normal circumstances, the Fund invests primarily in equity securities of domestic companies with large market capitalizations (e.g., market capitalizations of $5 billion and over). The Fund may also invest, to a lesser extent, in equity securities of domestic companies with mid-sized and small capitalizations. Grisanti Brown & Partners LLC (the “Adviser”) defines mid-sized and small capitalization companies as $1 – $5 billion and less than $1 billion, respectively. The Adviser intends to weight the Fund’s portfolio investments disproportionately in one or more particular sectors, industries (subject to a limit of 25% of the Fund’s assets) or securities.

A central premise of the Fund is to construct an actively managed value-based portfolio of companies. The Fund is non-diversified and, as a result, may invest a greater percentage of its assets in a particular issuer. The Fund is also not subject to formal sector limitations and may make significant investments in one or more sectors. The Adviser emphasizes specific stock selection rather than asset allocation, as central to its management philosophy.

Portfolio Construction

  • Concentration of stocks – 18 to 25 holdings
  • Predominantly large cap
  • Do not mimic benchmarks
  • Not market timers, but will hold cash as a residual
  • Partial positions initiated at time of purchase
  • No one position to exceed 8% at the time of purchase
  • Assess correlation risk among portfolio holdings

Important Risk Considerations

As a non-diversified fund, the Fund may focus a larger percentage of its assets in the securities of fewer issuers. Concentration of the Fund in a limited number of securities exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. In addition, the Fund's portfolio may be overweighted in an industry sector in which any negative development affecting that sector will have a greater impact on the Fund's performance. Investments in small- and medium-sized companies may involve greater risk than investing in larger, more established companies such as increased volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.