Sterling Capital Stratton Small Cap Value Fund
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1 Performance Update: March 31, 2018 Investment Objective Sterling Capital Stratton Small Cap Value Fund seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stock of small capitalization companies (those with market capitalizations that are below the market capitalization of the largest company in the Russell 2000 Index). We believe that undervalued companies with good earnings prospects have superior appreciation potential with reasonable levels of risk. Quantitatively, we focus on a stock s fundamental valuation relative to its peers. Qualitatively, we seek to identify business catalysts which will serve to drive future earnings growth, increase investor interest and expand valuation. Fund Information Portfolio Manager Ticker Fund Net Assets Minimum Investment Gerald M. Van Horn, CFA STSCX $1.27 billion $1 million Total Operating Expenses (1) 1.02% Inception Date April 12, 1993 (1) As per the prospectus dated 2/1/18 The performance shown prior to the close of business on November 13, 2015 is that of the Stratton Small Cap Value Fund (the Predecessor Fund ) which reorganized into the Sterling Capital Stratton Small Cap Value Fund Institutional Shares (the Fund ). Because the Fund had no investment operations prior to the closing of the reorganization, based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. The inception date of the Predecessor fund is 04/12/1993. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most rec e n t m o n t h - e n d m a y b e o b t a i n e d a t : or call The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance Sterling Capital Stratton Small Cap Value Fund Instl. Annualized Q YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. 15 Yrs % -2.36% 10.32% 8.45% 10.68% 9.51% 12.32% Russell 2000 Value Index -2.64% -2.64% 5.13% 7.87% 9.96% 8.61% 10.85% Key Quarterly Performance Notes The Fund posted a total return of 2.36% during the three month period ended March 31, Holdings within the, and Financial Services sectors performed best on an absolute basis within the portfolio. Holdings within the Discretionary and Materials & Processing sectors posted the weakest absolute performance within the portfolio. The Fund outperformed the Russell 2000 Value Index by 28 basis points during the quarter. Relative performance: Positive stock selection within the, Financial Services,, and Staples sectors was partially offset by negative stock selection within the Discretionary,, and Materials & Processing sectors. This information must be preceded or accompanied by the current Prospectus for the Funds. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Prospectus should be read carefully before investing. Shares of the Sterling Capital Funds are distributed by Sterling Capital Distributors, LLC. 1
2 First Quarter 2018 Market Commentary & Outlook Performance Update: March 31, 2018 Small Cap Market Review The broad small cap equity market posted a 0.08% return for the first quarter of The market came full circle during the first quarter, beginning with a continuation of leadership trends that drove positive performance in In February a spike in volatility related to investor concerns around rising interest rates and a potential trade war caused stocks to erase those gains and more. Those fears calmed some in March, allowing the market to recover to nearly flat for the period. and were the lone Russell 2000 economic sectors to post positive returns during the period, both benefitting from a continuation of the higher growth leadership seen in Interest rate sensitive groups such as and REITs were hampered by a pickup in yields early in the quarter. Factor performance highlighted investors continued preference for growth. Equities with high earnings growth rates, high relative strength, and high valuation outperformed within the broad small cap market during the period. The Russell 2000 Growth Index outperformed the Russell 2000 Value for the fifth consecutive quarter. Outlook While corporate earnings and macro data continue to be supportive of equity prices, it appears as though global trade policy will be the headline driver as we progress through the calendar year. As the market progresses through the latter stages of the profit cycle, investors will likely continue their preference for higher quality and higher/morepredictable earnings growth. A pick-up in inflation remains a notable threat to the current bull market. Continued macro growth, a tightening labor market, and the Fed s desire to shrink its balance sheet combine to create an interesting backdrop for the equity market. Factor Performance: Small Cap Equity Market 3-5 Year Est Growth Beta Dividend Yield Leverage Liquidity Market Cap Price Relative Strength ROE % Short Interest Valuation (P/BV) Russell 2000 Index % Return: High Quintile minus Low Quintile Risk Considerations: Value investing involves risk that the Fund s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated. This chart depicts the performance of the constituents of the Russell 2000 Index based on relative fundamental characteristics. For each characteristic the constituents of the index are sorted and grouped into quintiles. The bar adjacent to each characteristic listed shows the performance of the stocks in the highest quintile relative to the performance of the those in the lowest quintile. Terms and definitions can be found on page 5. 2
3 First Quarter 2018 Performance Attribution Analysis Performance Update: March 31, 2018 Top Contributors PTC ON Semiconductor Bottom Contributors Thor Industries U.S. Concrete Relative Return: Sector Allocation (%) Relative Return: Stock Selection (%) CACI International Ryman Hospitality Oshkosh Southwest Gas 0.50 Callon Petroleum West Pharmaceutical -- Relative Contributors Positive stock selection within the sector led by strong performance of Fund holdings PTC, ON Semiconductor, and CACI International Positive stock selection within the Financial Services sector led by Fund holdings Ryman Hospitality, Hanover Insurance, Wintrust Financial, and SVB Financial Discretionary Staples Financial Services Materials & Processing Producer Durables Positive sector allocation driven by the Fund s underexposure to the sector combined with positive stock selection within the sector driven by Fund holding Callon Petroleum. Positive stock selection within the Staples sector led by Fund holding Casey s General Stores. Relative Detractors Negative stock selection within the Discretionary sector driven by Fund holdings Thor Industries and Cooper Tire & Rubber. Negative stock selection within the sector driven by Fund holding West Pharmaceutical. In addition, the Fund s underexposure to the Biotechnology subsector was a detractor. Negative stock selection within the Materials & Processing sector driven by Fund holdings U.S. Concrete, AdvanSix, and Belden Relative Return: Total Effect (%) Negative stock selection within the Producer Durables sector driven by Fund holdings Oshkosh and JetBlue Discretionary Staples Financial Services Materials & Processing Producer Durables 3
4 Portfolio Characteristics Performance Update: March 31, 2018 Sector Allocation Relative Sector Exposures Financial Services : 39.46% Producer Durables : 17.17% : 13.90% Materia ls & Processing : 6.80% : 5.57% Cash : 4.97% Discretionary : 3.55% : 3.42% : 2.76% Staples : 2.40% Producer Durables Materials & Processing S taples Financial Services Discretionary % Over/Underweighting Versus Russell 2000 Value Top 10 Holdings % of Net Assets (1) MasTec, Inc. 2.85% CACI International, Inc. 2.72% Ryman Hospitality Properties, Inc. 2.56% Crane Co. 2.54% Wintrust Financial Corp. 2.50% United Rentals, Inc. 2.49% Moog, Inc. 2.49% PTC, Inc. 2.46% Casey s General Stores, Inc. 2.40% ON Semiconductor Corp. 2.40% (1) Current and future portfolio holdings subject to change and risk at any time. Portfolio Characteristics Stratton SCV Russell 2000 Value Number of Holdings 50 1,398 Median Market Cap $3,909mm $727mm Wgt. Avg. Market Cap $5,155mm $2,018mm Forward Price/Earnings 16.9x 21.6x Price/Cash Flow 14.1x 15.6x Estimated 3-5 Year EPS Growth Rate 12.8% 11.8% Historic 3 Year EPS Growth Rate 8.6% 4.3% Return on Equity 14.0% 4.7% Beta (3 Year, Weekly)
5 Risk Considerations: The Fund may invest in strategies that are considered risky or invest in stocks of companies that are undervalued which may cause greater volatility and less liquidity. The Fund may invest in REITs, which may be negatively affected by conditions in the real estate industry, such as declining property values due to unanticipated economic developments. Terms and Definitions Factor performance on page 2 is measured by the following calculations and methodologies as of the beginning of the period under discussion: 3-5 Year Estimated Growth: FactSet mean consensus estimate of 3-5 year EPS growth Beta: 52 week beta versus the NYSE Composite Index, which is a broad, commonly cited US stock index. Beta is a measure of volatility, or systematic risk. Dividend Yield: Expressed as the current annual dividend rate, as a percentage of the company s common stock price Leverage: Amount of debt used to finance a firm s operations, expressed as the company s debt divided by its total capital Liquidity: Average dollar amount of stock traded per day, in any particular issue, based on 60 day average trading volume Market Cap: Total value of shares outstanding Price: Common stock price Relative Strength: 12 month relative price strength, measured by the price at the beginning of the period, relative to the previous 12 month average price Return on Equity: A measure of a company s profitability, expressed as the amount of income returned as a percentage of shareholder equity for the most recently completed fiscal year Short Interest: Percentage of a company s shares that are currently sold short, as a percentage of total shares outstanding The Russell 2000 Value Index: An unmanaged index (with no defined investment objective) that measures the performance of the small-cap value segments of the U.S. equity universe. Indices are not securities that can be purchased or sold, and their total returns are reflective of unmanaged portfolios. The returns include reinvestment of interest, capital gains and dividends Valuation: Represented by the price-to-book ratio, a commonly cited measure of valuation, which is calculated by dividing the market price of a stock the company s book value per share Sterling Capital Management LLC, a separate subsidiary of BB&T Corporation, serves as investment adviser to the Sterling Capital Funds and is paid a fee for its services. Shares of the Sterling Capital Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds are distributed by Sterling Capital Distributors LLC, which is not affiliated with Branch Banking and Trust Company or its affiliates. 5
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