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Since inception of the investor class, 10/26/1993 to 3/31/2015
The above chart represents a hypothetical example of an investment in the Value Plus Fund representing historical returns.
Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance information for institutional class shares of Funds that existed prior to 5/1/2008, is based on the performance of investor class shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days (90 days for the International Value Fund) of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.
In the prospectus (pdf) dated 5/1/2014, the gross expense ratio for the Value Plus Fund was 1.14% for investor class shares and 0.84% for institutional class shares. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class, to the extent necessary to maintain the institutional class “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. This voluntary waiver and/or reimbursement may be discontinued at any time.
The inception date for the Value Plus Fund is 10/26/1993 for the investor class.
Contact the Client Relations Team by email or at 800-432-7856 for historical NAVs. The Team is available Monday to Friday from 8 a.m. to 5 p.m. CT.
Historical NAVs also are available from third party websites, such as Bloomberg, Yahoo! Finance, or Google Finance.
Typically, 80% to 90% of the Value Plus Fund’s portfolio holdings are dividend-paying stocks.
Dividend-paying stocks historically have outperformed non-dividend payers, with dividend payers in the Russell 2000® Index outperforming non-dividend payers on average 2.1% since 1984.
Dividend Payers vs. Non-Dividend Payers
Source: Furey Research Partners, LLC, 12/31/1984 to 3/31/2015
Base value of 100 as of 12/31/1984 (log scale) for dividend payers and non-dividend payers in the Russell 2000® Index.
Past performance does not guarantee future results.
Dividend payers have outperformed more significantly, at 9.9%, during the nine calendar years when the Russell 2000® Value Index had negative returns, beginning with 1985.*
Dividend payers also can help lower volatility.
*Source: Furey Research Partners, LLC, FactSet Research Systems, Inc., and Heartland Advisors, Inc., 12/31/1984 to 12/31/2014
Volatility Over 5 Years: Dividend Payers vs. Non-Dividend Payers
Annualized Standard Deviation (%)
Dividend Payers in the Russell 2000® Value Index
Non-Dividend Payers in the Russell 2000® Value Index
Russell 2000® Value Index
Source: FactSet Research Systems, Inc., 4/1/2010 to 3/31/2015
Beta is versus the S&P 500 Index.
Source: FactSet Research Systems Inc., and Russell Investment Group