Small Cap Diversified Value Fund (HWVIX)

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.

LONG TERM     HISTORICAL
Performance (%) Average Annual Total Returns for periods greater than one year
As of latest:    MONTH-END     QUARTER-END    (03/31/2018)
  1 MONTH 3 MONTH YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE
06/30/2014
HWVIX 1.99 -1.83 -1.83 12.34 10.46 -- -- 9.35
Russell 2000 Value Index 1.24 -2.64 -2.64 5.13 7.87 -- -- 6.81
Russell 2000 Index 1.29 -0.08 -0.08 11.79 8.39 -- -- 8.34
HWVIX
Russell 2000 Value Index
Russell 2000 Index
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
GROWTH OF $10,000 SINCE FUND INCEPTION AS OF 03/31/2018
Initial Investment $
 Investment Date
   
  HWVIX
  Russell 2000 Value Index
EXPENSES
ANNUAL EXPENSES
As of 06/30/2017
Net Expense Ratio 1.07%
Gross Expense Ratio 1.87%
Management Fee 0.65%
12b-1 Fee None
MINIMUM INVESTMENT
Minimum Investment $250,000
Minimum Subsequent Investment $100
Minimum Investment IRA --
Minimum Subsequent Investment IRA --
Fiscal Year End June 30
Open To New Investors Yes

The Advisor has contractually agreed to waive advisory fees and/or reimburse expenses through October 31, 2018 so the net expense ratio does not exceed 0.90%.  Over the past 12 months, the Fund invested in business development companies, which produced acquired fund fees and expenses (“AFFE”) of 0.17%.  The reported net expense ratio is the expense ratio cap plus AFFE, or 1.07%. Net expense ratios were applicable to investors.

Mutual fund investing involves risk. Principal loss is possible.  Diversification does not assure a profit nor protect against loss in a declining market. 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.

The Growth of $10,000 Since Fund Inception chart reflects a hypothetical $10,000 investment in the class of shares noted with no sales charges applied. Assumes reinvestment of dividends and capital gains. Performance for other share classes will vary.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. 

Index definitions

Glossary of financial terms