The Berwyn Fund (BERWX) offers investors a diversified portfolio of small-cap stocks selected in accordance with the Advisor’s value style, which emphasizes undervalued, temporarily out-of-favor securities such as turnaround situations, companies selling below their intrinsic worth and stocks that may be overlooked by Wall Street. We believe BERWX's diversified portfolio of such securities will, over time, provide superior long term performance while reducing market volatility.
The investment objective of the Berwyn Fund (BERWX) is long-term capital appreciation; current income is a secondary consideration.
Chartwell Investment Partners, LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.22% of the average daily net assets of the Fund’s shares. This agreement is in effect until July 17, 2019, and it may be terminated prior to this time only by the Trust’s Board of Trustees, or if the investment advisory agreement is terminated (i) by The Chartwell Funds upon 60 days’ notice to the advisor provided such termination was directed or approved by a vote of a majority of the Trustees of The Chartwell Funds or by the vote of the holders of a majority of the voting securities of the Fund at the time outstanding or entitled to vote; (ii) by the advisor upon 60 days’ notice to The Chartwell Funds; or (iii) by an assignment of the investment advisory agreement. After April 29, 2018, the advisor will be permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three years after the date of the waiver or payment, provided that no reimbursement will cause the Fund’s annual expense ratio to
exceed the lesser of the (i) expense limitation amount in effect at the time such fees were waived or payments made, and (ii) the expense limitation amount in effect at the time of the reimbursement.
Fund Portfolio Composition
AS OF MARCH 31, 2018
Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data cited. Current month end data is available at www.chartwellip.com. Returns for less than a year are not annualized. A redemption fee of 1.00% will be imposed on redemptions of Fund shares owned less than 30 days.
The Fund acquired the assets and liabilities of the Berwyn Fund (the "IMST Predecessor Fund"), a series of investment Managers Series Trust, on July 17, 2017. The IMST Predecessor Fund acquired the assets and liabilities of the Berwyn Fund (the "Berwyn Funds Predecessor Fund", and together with the IMST Predecessor Fund, the "Predecessor Funds"), a series of the Berwyn Funds, on April 29, 2016. As a result of the reorganizations, the Fund is the accounting successor of the Predecessor Funds. Performance results shown reflect the performance of the IMST Predecessor Fund for the period from April 29, 2016 through July 17, 2017, and the performance of the Berwyn Funds Predecessor Fund for the period prior to April 29, 2016. The Predecessor Funds' past performance is not necessarily an indication of how the Fund will perform in the future.
Russell 2000: Russell 2000 Index, an index which measures the performance of 2000 small-cap companies and is designed to represent the small-cap segment of the U.S. Equity universe.
Russell 2000 Value: The Russell 2000 Value Index, measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.
Investors cannot invest directly in an index.
Top Ten Holdings
AS OF MARCH 31, 2017
Figures unaudited. For informational purposes only. Holdings are subject to change at any time.
Fund Dividend Information
Please visit our dedicated Fund Distributions Page for more information on the Berwyn Fund’s annual dividends. Learn more about the fund at Morningstar.
Investing in any mutual fund involves risk, including the risk that you may lose all or part of the money you invest. The Fund is a non-diversified fund which may present greater risks than investing in a diversified fund. It invests in equity securities which carry the potential for unpredictable drops in value and periods of lackluster performance. The Fund typically invests in securities that are considered undervalued by the Advisor. This may result in the Fund being invested in lesser-known companies or those currently out of favor with other investors. There is the chance these securities remain out of favor or not generally recognized by the market. In addition, the Fund invests primarily in small capitalization companies. Small capitalization companies are generally more volatile and less liquid than larger capitalization companies.
Check the background of these investment professionals on FINRA's BrokerCheck.