BROADVIEW OPPORTUNITY FUND

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CONTACT BROADVIEW CUSTOMER SERVICE

broadviewfunds@alpsinc.com

(855) 846-1463

BVAOX NAV NAV Day Change
CUSIP: 111328100 $38.03 +$0.45   +1.20%
 
Assets ($Mil) YTD Performance
$603 +7.70%
 
As of Day: 12/15/17 | USD

OVERVIEW

Investment Objective

The Broadview Opportunity Fund seeks capital appreciation.

Investment Strategy

The Broadview Opportunity Fund invests in stocks of companies of all sizes, but primarily invests in smaller capitalization (namely, less than $5 billion market capitalization) United States companies, that have substantial capital appreciation potential. Many of these companies have little or no following by the major stock brokerage firms. The investment team seeks to purchase equity of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects.

Investment Process

Pure bottom-up ideas are internally generated.  The investment team exploits industry experience and contacts with suppliers, customers and competitors to identify companies that might be candidates for the portfolio.  If a company meets most, but not all of our criteria, they are added to an extensive list of similar companies which are continuously monitored.

Broadview uses Five Pillar Analysis to determine if a company will be added to the portfolio.  The five points are as follows:

(1) STRONG BUSINESS TRAITS
             Highly recurring revenue, return on investment capital, controllable destiny
 
(2) DEFENDABLE MARKET NICHE
             Strategic value, barriers to entry, difficult to duplicate
 
(3) ATTRACTIVE GROWTH POTENTIAL
             Focus on 2-3 year time horizon, we own companies don’t rent stocks, across all industries
 
(4) CAPABLE MANAGEMENT
             History of successful strategic decisions, effective use of free cash flow, aligned with shareholders
 
(5) DISCOUNT TO PRIVATE MARKET VALUE (PMV)
             Substantial discount at purchase, risk control, requires patience and discipline
 
Companies meeting all Five Pillars are added to the portfolio.  While not an automatic sell, any company in the portfolio can be removed for violation of any of the Five Pillars.
 

Fund Information

Ticker: BVAOX   Minimum Initial Purchase: $1,000   Load: No-Load   Management Fee: 1.00%
CUSIP: 111328100 Minimal Additional Purchase: $100 Sales Charge: 0 Other Expenses: 0.27%
Inception Date: 12/16/1996   Minimum Auto Investment: $50 Redemption Fee: 0 Total Expense Ratio: 1.27%

Performance

Month-End Annualized Returns

As of 11/30/17  
  1 Year 3 Year 5 Year 10 Year 15 Year Since Inception
Broadview Opportunity Fund 10.05% 5.90% 12.79% 9.19% 10.25% 14.39%

Quarter-End Annualized Returns

As of 09/30/17  
  1 Year 3 Year 5 Year 10 Year 15 Year Since Inception
Broadview Opportunity Fund 12.81% 6.52% 12.22% 8.39% 11.29% 14.33%

Annual Returns

  2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Broadview Opportunity Fund 18.04% -7.90 3.06% 43.48% 13.33% -3.37% 29.55% 40.16% -30.47% 3.38%

Total return includes reinvestment of dividends and capital gains. Performance data quoted represent 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. Call 1-855-846-1463 for current month-end performance.

 

Growth of a $10,000 Investment from Inception (12/16/96) to September 30, 2017




The Fund’s portfolio may differ significantly from the securities held in the index. You cannot invest directly in an index; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio. For comparative purposes, benchmark “since inception” returns are as of December 16, 1996.  Past performance is no guarantee of future results

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DATA & STATISTICS

As of 9/30/17

Sector Diversification (as % of equity position)
 
Consumer Discretionary 7.19%
Consumer Staples 2.76%
Energy 3.31%
Financials 23.09%
Health Care 14.23%
Industrials 18.61%
Information Technology 15.43%
Materials 15.37%
Telecommunication Services 0.00%
Utilities 0.00%
 
Characteristics
 
Median Market Cap ($Mil) 2,660
Growth Rate (3-5 Yr) 13.8%
P/E ratio (trailing one year) 24.8x
P/E ratio (forward 4 quarters) 19.8x
Enterprise Value to EBITDA 12.9x
Enterprise Value to Sales 2.0x
Number of Holdings 79
Portfolio Turnover Rate 40%
Cash (% of total portfolio) 9.80%
 
Top Ten Holdings (as % of Total Portfolio)
 
MTG MGIC Investment Corp. 5.64 Financials
HLS HealthSouth Corp. 2.73 Healthcare
COBZ CoBiz Financial, Inc. 2.51 Financials
ZION Zions Bancorporation 2.45 Financials
CVLT CommVault Systems, Inc. 2.41 Information Technology
WAL Western Alliance Bancorp. 2.34 Financials
VMC Vulcan Materials Co. 2.16 Materials
SUM Summit Materials, Inc. 2.16 Materials
MAS Masco Corp. 2.15 Industrials
FOE Ferro Corp. 2.04 Materials
 

Holdings and associated characteristics are subject to change without notice.

There is no assurance the stated objective will be met or the investment process will consistently lead to successful investing. Investing involves risk, including the possible loss of principal. An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-855-846-1463 or access the file here (pdf xbrl). Read the prospectus carefully before you invest. The Broadview Funds are distributed by ALPS Distributors, Inc. ALPS is not affiliated with Broadview Advisors.

 

Broadview Funds distributed by ALPS Distributors, Inc. (855) 846-1463

For complete information about the Fund, please read the prospectus (pdf xbrl) carefully.