Investment Process

The team believes the combination of a top-down thematic framework and bottom-up analysis, with a keen focus on risk management, positions the portfolio to deliver attractive risk-adjusted returns over the long term.

Thematic Framework

  • Identify multi-year thematic trends caused by shift in supply/demand dynamics, adoption of new technologies and business models, and changes in societal or governmental behaviors
  • Within these trends, identify companies with earnings power and valuation differentiation

Fundamental Analysis

  • Emphasize earnings power differentiation, return on invested capital and intrinsic discounted cash flow valuation
  • Focus on the quality of business models and management teams

Disciplined Portfolio Construction

  • Construct the portfolio based on industry and company-specific risk / reward analysis and expected outcome scenarios
  • Base risk-adjusted position sizes on analysis of earnings power and valuation differentiation

Proactive Risk Management

  • Identify risk at the portfolio and individual security level by analyzing sector dispersion and factor analysis
  • Monitor key macro elements that could impact market cycles
  • Allocate capital to the team’s best ideas

Investment Results (%)

As of 30 April 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTTX 1.10
S&P 500® Index 0.44
As of 31 March 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTTX
S&P 500® Index
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's return. IPO investments may not be available in the future. The Fund's returns may vary greatly over shorter periods due to the limited operating period since inception.

Expense Ratio

  Gross Net
Annual Report 30 September 2016
Prospectus 5 March 2017 1.56% 1.50%

Expense Ratio Disclosure

Net expenses reflect a contractual Fund expense reimbursement agreement in effect through 30 Jun 2018. Includes estimated expenses for the current fiscal year. See prospectus for more information. 

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Christopher Smith
  • Portfolio Manager
  • 14Years Investment
    Experience
A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. Private placement and restricted securities are subject to strict restrictions on resale and may not be able to be easily sold and are more difficult to value.  The use of derivatives may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested.  Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods.  Growth securities may underperform other asset types during a given period.  International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index is unmanaged; includes net reinvested dividends; does not reflect fees or expenses; and is not available for direct investment.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2017 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.