Capital Value

as of 04/17/14
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Daily Price (04/17/14) $9.00 Daily Change: $+0.02 (+0.22%)  
Investment Objective: Growth Ticker Symbol: ACTIX
Fund Type: Value Stock Funds Fund Code: 103
Share Class: Investor Inception Date: 03/31/99
Total Assets: $144,432,140.42 Newspaper Symbol: CapVal  
Average Annual Total Return as of 03/31/2014
1 yr 5 yr 10 yr Life
Return Before Taxes 21.36% 19.54% 6.08% 6.15%
Return After Taxes on Distributions 20.97% 19.21% 5.68% 5.74%
Return After Taxes on Distributions
and Sale of Fund Shares
12.38% 16.00% 4.94% 5.02%
Russell 1000® Value Index
(reflects no deductions for fees, expenses, or taxes)
21.57% 21.74% 7.58% N/A

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or IRAs. Find index descriptions in this fund's semiannual report and annual report.

The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.


  3 yr 5 yr 10 yr 20 yr Life
M1:(as of 03/31/2014)
-- -- 4 out of 5 Stars3 out of 5 Stars3 out of 5 Stars--Overall
3 out of 5 Stars Overall
Funds rated in category:----1068 951 626 --1068
Morningstar Category: Large Value
Lipper Quartiles & Rankings:L1 --Quartile Ranking
Quartile Ranking
Quartile Ranking
Quartile Ranking
Ranking for Large-Cap Value Funds as of 03/31/2014, based on total returns.

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

Morningstar InfoM1

Overall Rating
rated among 1068 Large Value
(as of 03/31/2014 )
Equity Style BoxN1

The fund's current expense ratio is 1.10%

Investment Strategy:
  • Medium to large–sized, believed to be undervalued companies
  • Tax–managed techniques to reduce taxable distributions.K1
For Investors Who:
  • Seek long–term capital appreciation with lower potential annual distributions than traditional equity funds.K1
  • Want to diversify equity–heavy portfolios while maintaining a preference for higher–risk securities.
  • Can tolerate moderate share price fluctuations.
Risk Factors:

While Capital Value seeks to minimize tax distributions to shareholders, it may realize taxable gains and earn some dividends.

Fund Management

Brendan Healy, CFA
Brendan Healy, CFA
Vice President, Portfolio Manager

Matt Titus, CFA
Matt Titus, CFA
Vice President, Portfolio Manager


Long-term growth


(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semi-annual report for the most current information.

G1Fund performance may be subject to substantial short-term changes due to market volatility or other factors.

K1While Capital Value seeks to minimize tax distributions to shareholders, it may realize taxable gains and earn some dividends.

N1The Morningstar Style BoxTM reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

For a detailed description of any index referenced above, refer to our Glossary.

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