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Grandeur Peak Global Contrarian Fund

(GPGCX)

Overview

Investment Objective

The Fund's investment objective is long-term growth of capital.

Investment Strategy

The Fund invests primarily in foreign and domestic small- and micro-cap companies.

Under normal market conditions, the Adviser will invest the Fund's assets primarily in equity securities of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund may invest a significant portion of its total assets in micro-cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions) at the time of purchase. The Fund may also invest a meaningful portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria at the time of purchase.

The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are domiciled outside the United States. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority the majority of its revenue. The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

Fund Manager

Mark Madsen, CFA, MACC

Portfolio Manager & Sr. Research Analyst

Mr. Madsen is a portfolio manager of the Global Contrarian Fund, Global Reach Fund and the International Opportunities Fund. He is our primary analyst on the Industrials, Energy & Materials sectors. Mr. Madsen has been a research analyst since 2004, beginning his career at Wasatch Advisors. He most recently managed equity and income portfolios for a family office. Mr. Madsen holds the CFA designation and a Master’s in Accounting.

Keefer Babbitt, CFA

Portfolio Manager & Sr. Research Analyst

Mr. Babbitt is a Portfolio Manager of the Grandeur Peak Global Contrarian Fund (GPGCX) and the Grandeur Peak Global Reach Fund (GPROX). He is a Sr. Research Analyst with a specialty focus on Energy & Materials and Industrials industry team. He joined Grandeur Peak Global Advisors in 2012 and holds the CFA designation.

Guardian Portfolio Manager

Robert Gardiner, CFA

Chairman & Portfolio Manager

Mr. Gardiner is a portfolio manager of the Global Opportunities Fund. Mr. Gardiner is a guardian portfolio manager of the International Opportunities Fund, Global Micro Cap Fund, Global Stalwarts Fund, and Global Contrarian Fund. Mr. Gardiner is a distinguished portfolio manager who has been managing micro and small cap portfolios since 1986, including the Wasatch Micro Cap Fund (’95-’06), Wasatch Small Cap Value Fund (’97-’01), and Wasatch Global Opportunities Fund (‘08-’11).

Performance

Monthly Performance as of 06/30/2016

  Cumulative Annualized Status
Fund 1 Month 3 Month YTD 1 Year 3 Year 5 Year Since Inception Open/Closed
< Swipe table for more info >

Quarterly Performance as of 06/30/2016

  Cumulative Annualized Status
Fund 1 Month 3 Month YTD 1 Year 3 Year 5 Year Since Inception Open/Closed
< Swipe table for more info >

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For the most current month-end performance data please visit www.grandeurpeakglobal.com.

Diversification does not eliminate the risk of experiencing investment loss.

Calendar Year Inception vs. Benchmark

Hypothetical Growth of $10,000

as of

 

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested. The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Portfolio Detail

Portfolio Characteristics

Top 10 Holdings

View Full Holdings

Sector Weights

Market Cap

Regions

View Countries

Top 7 Countries

Holdings subject to change.

1 Estimated weighted average annual increase in Earnings Per Share (EPS) of the fund's holdings over the next 3 years. These returns are not guaranteed. Actual EPS growth may be higher or lower.

2 The trailing 12-month Price/Earnings (P/E) of the portfolio, calculated as a weighted harmonic average.

3 Weighted average Return on Assets (ROA) of the portfolio's holdings, calculated by dividing a company's annual returns by its total assets.

4 Operating Margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. It is calculated by dividing Operating Income by Net Sales.

5 Debt/Equity is a measure of a company's financial leverage. It is calculated by dividing its total liabilities by stockholders' equity.

6 The average market capitalization of companies held by the fund, weighted in proportion to their percentage of net assets in the fund.

7 A measure of annual trading activity in the fund's portfolio, expressed as a percentage of the fund's average total assets.

8 The median market cap is the midpoint of market capitalization of companies held by the fund.