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Grandeur Peak International Opportunities Fund

(GPIOX/GPIIX)

Overview

Investment Objective

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

Investment Strategy

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

Under normal market conditions, the Adviser will invest the Fund's assets primarily in equity securities of foreign companies with market capitalizations of less than $2.5 billion at the time of purchase. Under normal market conditions, the Fund will invest in at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index.

Fund Managers

Mark Madsen, CFA, MAcc

Portfolio Manager & Sr. Research Analyst

Mr. Madsen is a portfolio manager of the Global Reach Fund and the International Opportunities Fund. He is our primary analyst on the Industrials, Energy & Materials sectors. Mr. Madsen is a key member of the team covering Israel, Central Asia, Australia, New Zealand, and Taiwan. Mr. Madsen has been a research analyst since 2004, beginning his career at Wasatch Advisors. He most recently worked as a Senior Equity Analyst for a family office. Mr. Madsen holds the CFA designation and a Master’s in Accounting.

Blake Walker

Chief Executive Officer & Portfolio Manager

Mr. Walker is a portfolio manager of the Global Opportunities, International Opportunities, and Emerging Markets Opportunities Funds. He is a guardian portfolio manager of the International Stalwarts Fund. He is a key member of the team covering Japan and Canada. Mr. Walker is Canadian and a veteran manager who has been investing globally in small- and micro-cap companies since 2001. Mr. Walker ran the Wasatch International Opportunities Fund (’05-’11) and co-managed the Wasatch Global Opportunities Fund (’08-’11).

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, and Global Stalwarts Fund. He is a key member of the team covering the United States. 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

 

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.

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.