Small Cap Diversified Value Fund (HWVAX)

I SHARES    A SHARES   

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Click quarter-end or month-end to obtain the most recent fund performance.

Characteristics
As of 09/30/2018
TOP TEN STOCKS (%)1
Steelcase Inc.
0.5
Renewable Energy Group Inc.
0.5
Clearwater Paper Corp.
0.5
Armstrong Flooring Inc.
0.5
SM Energy Co.
0.5
Caesarstone Ltd.
0.5
QEP Resources Inc.
0.5
Luxoft Holding Inc.
0.5
Kosmos Energy Ltd.
0.5
Global Brass & Copper Holdings
0.5
0% 0.2% 0.4% 0.6% 0.8% 1%
TOP TEN INDUSTRIES (%)1
Banks
10.4
Oil, Gas & Consumable Fuels
6.7
Machinery
5.0
Insurance
4.9
Electronic Equipment & Instruments
4.3
Household Durables
4.2
Capital Markets
4.2
Thrifts & Mortgage Finance
3.8
Specialty Retail
3.7
Auto Components
3.2
0% 3% 6% 9% 12% 15%
SECTOR BREAKDOWN (%)1
  Portfolio Russell 2000 Value2 Russell 20002
Financials 26.2 28.4 18.0
Industrials 17.9 11.5 14.9
Consumer Discretionary 15.0 11.5 13.3
Information Technology 10.3 10.6 14.8
Energy 9.7 7.6 5.0
Utilities 4.2 6.2 3.4
Materials 4.2 4.4 4.3
Communication Services 3.0 0.5 0.7
Health Care 3.0 4.6 15.6
Consumer Staples 1.5 2.7 2.8
Real Estate 1.4 11.9 7.2
STATISTICS
  Portfolio Russell 2000 Value Russell 2000
Projected P/E (FY2) 11.4x 13.6x 15.5x
Price/Normal Earnings 9.7x 15.2x 17.3x
Price/Book 1.5x 1.5x 2.2x
Price/Sales 0.7x 1.2x 1.4x
Weighted Average Market Capitalization (millions) $1,558 $2,157 $2,451
Median Market Capitalization (millions) $1,180 $830 $957
Standard Deviation 14.03 13.39 12.93
Beta 1.02 -- --
Alpha 2.39 -- --
R-Squared 0.95 -- --

Mutual fund investing involves risk. Principal loss is possible. Investing in smaller and/or newer companies involves greater risks than those associated with investing in larger companies, such as business risk, significant stock price fluctuations and illiquidity.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Diversification does not assure a profit nor protect against loss in a declining market.

Information on the Fund’s holdings, portfolio characteristics and attribution reports are subject to its portfolio holdings disclosure policy. Such information may be obtained through the Funds’ website or by calling 800-796-5606. Fund holdings and/or sector allocations are subject to change and are not buy/sell recommendations. Information presented based on proprietary or third-party estimates are subject to change and cannot be guaranteed.

% of Total Portfolio includes total investments, cash and cash equivalents, and accrued investment income on a trade date basis. 
2 As of 6/30/18

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Glossary of financial terms