LEPAX — Levin Easterly Value Opportunities Fund

LEPAX Fund Overview

LEPAX — Levin Easterly Value Opportunities Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as Developed ex-US Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advisors' Inner Circle Fund III
• Category: Developed ex-US Value Equity
• Assets under management: $22.62M
• Ticker: LEPAX
• SEC CIK: 0001593547
• SEC series ID: S000066738
• Share class ID: C000215059

LEPAX Investment Objective and Strategy

Levin Easterly Value Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund III.

Investment objective

The Levin Easterly Value Opportunities Fund (the Fund) seeks long-term capital appreciation.

Principal investment strategy

Under normal circumstances, the Fund invests primarily in common stocks issued by domestic large-cap companies. The Fund also may invest in common stocks issued by foreign companies, American Depositary Receipts (ADRs) and initial public offerings (IPOs). The Adviser normally focuses primarily on companies with market capitalizations greater than $8 billion. However, the Fund may invest in companies of any market capitalization, including small- and mid-cap companies. The Fund typically invests in securities of approximately 30 to 45 companies. In selecting investments for the Fund, the Adviser utilizes a value style of investing and selects stocks of companies that appear to be undervalued at the time of purchase but that demonstrate the potential for capital appreciation. Generally, the Adviser seeks companies that, in the opinion of the Adviser, have the following characteristics: ?

Sustainable proprietary characteristics (e.g., technology, distribution and cost competitiveness); ? Strong financials as measured by debt ratios and free cash flow generation; ? Low stock price relative to a companys underlying asset values with potential events in the near-term that have potential to cause price appreciation; ? New products or developments that have the potential to unlock value; ? Established companies with high returns on capital and an advantageous market position over competition; ? Companies in cyclical industries that the Adviser believes have reached their lowest valuation point but that have favorable prospectus for recovery; ? Companies that may benefit from being restructured, reorganized, or operated by a new management team; and ? Companies with above-average historical yield.

In evaluating the potential sale of a security, the Adviser will conduct an analysis of the risk and return characteristics of securities in which the Fund invests. The Adviser will typically sell a company if the Adviser believes that the companys stock has reached its fair value; if the company has experienced a rapid appreciation in price that, in the opinion of the Adviser, may increase the risk of holding such companys stock; if the companys fundamentals deteriorate; if the Adviser identifies a more attractive investment opportunity; or to achieve certain tax efficiencies.

LEPAX Costs and Fees

LEPAX costs about $170 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.70%
• Gross expense ratio: 2.97%
• Portfolio turnover: 16%
• Brokerage commissions: 5.34 bps of average net assets (SEC N-CEN)

LEPAX Cashflows

Over the 12 months to 2020-06, Levin Easterly Value Opportunities Fund had net inflows of $34.92K, from monthly SEC N-PORT filings.

LEPAX Debt Constituents

No individual debt constituents are reported in Levin Easterly Value Opportunities Fund's latest SEC N-PORT filing.

LEPAX Prospectus and SEC Filings

Official Levin Easterly Value Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-05-15
• Prospectus (485BPOS) — filed 2019-10-30
• Portfolio holdings (N-PORT) — filed 2020-08-27
• Portfolio holdings (N-PORT) — filed 2020-05-28
• Annual census (N-CEN) — filed 2020-03-16

Related Funds

Other Developed ex-US Value Equity funds tracked on ABC INVEST:

• ICON International Equity Fund (IIQCX)
• Counterpoint Long-Short Equity Fund (CPQAX)
• Amana Equity Income ETF (AMEI)
• Aristotle Multi-Sector Income ETF (ARMS)
• Integrity Dividend Harvest ETF (DIVH)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.