MVEBX — Meritage Value Equity Fund

MVEBX Fund Overview

MVEBX — Meritage Value Equity Fund is a US mutual fund managed by Capitol Series Trust, categorised as Emerging Markets Large Cap 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: Capitol Series Trust
• Category: Emerging Markets Large Cap Value Equity
• Assets under management: $13.95M
• Ticker: MVEBX
• SEC CIK: 0001587551
• SEC series ID: S000043366
• Share class ID: C000134271

MVEBX Investment Objective and Strategy

Meritage Value Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Capitol Series Trust.

Investment objective

The investment objective of the Meritage Value Equity Fund (the “Value Equity Fund” or the “Fund”) is to seek growth of capital.

Principal investment strategy

Under normal circumstances, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity securities (80% Policy). The Fund must provide shareholders with 60 days prior written notice if it changes its 80% Policy. The Fund principally invests in exchange-traded common stocks of domestic companies. Up to 35% of the Funds total assets may be invested in the common stock (or its equivalent) of and American Depositary Receipts (ADRs) relating to foreign companies (including those located in emerging markets) that trade in the U.S. ADRs are issued by U.S. banks (depositories) and represent ownership interests in securities of foreign companies that are deposited with those banks. The Fund may invest in sponsored ADR arrangements wherein the foreign issuer assumes the obligation to pay some or all of the depositorys transaction fees or unsponsored ADR arrangements wherein the foreign issuer assumes no obligations and the depositarys transaction fees are paid directly by the ADR holders.

With respect to 10% of its total assets, the Fund may use exchange-traded funds (ETFs) to invest in particular sectors instead of investing directly in companies comprising those sectors. The Fund seeks to consistently outperform the Russell 1000 Value Index over rolling three-year investment time horizons and to do so with lower volatility by building a portfolio of 40 75 companies that the Adviser believes will provide a better investment opportunity than a portfolio of companies comprising the index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity market and includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Fund invests in large capitalization companies (e.g. companies with market capitalizations of greater than $10 billion) but it may also invest in medium capitalization companies (e.g.

companies with market capitalizations in the range of $2 billion to $10 billion) and in small capitalization companies (e.g. companies with market capitalizations of less than $2 billion. The Advisers investment selection method is based on its quantitative process and qualitative research and is designed to identify companies that it believes (1) are selling for less than what the Adviser believes they are worth, (2) represent a better value than buying the corresponding benchmark as a whole, and (3) are the most attractive investment opportunities in the Advisers investment universe. The Fund will invest in 40-75 companies to strike what the Adviser believes to be an appropriate balance between investments in the Advisers best ideas and risk exposure to any one company or sector. The Adviser regularly monitors the companies in the portfolio in the context of other opportunities that are available and may sell a security or reduce its position in a security for specific reasons.

Some examples include: (1) the position has appreciated thus reducing its quantitative score and return potential, (2) the position has become oversized and the Adviser believes it should be reduced to decrease risk, and (3) the Adviser develops concerns about the underlying companys business prospects.

MVEBX Holdings

Top 10 holdings of Meritage Value Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all MVEBX holdings

MVEBX Portfolio Allocation

Asset-class allocation of Meritage Value Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.

MVEBX Costs and Fees

MVEBX costs about $104 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.04%
• Gross expense ratio: 1.76%
• Portfolio turnover: 166%
• Brokerage commissions: 21.73 bps of average net assets (SEC N-CEN)

MVEBX Cashflows

Over the 12 months to 2020-05, Meritage Value Equity Fund had net outflows of $856.18K, from monthly SEC N-PORT filings.

MVEBX Debt Constituents

No individual debt constituents are reported in Meritage Value Equity Fund's latest SEC N-PORT filing.

MVEBX Prospectus and SEC Filings

Official Meritage Value Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-01-17
• Prospectus (485BPOS) — filed 2019-01-16
• Prospectus (485BPOS) — filed 2018-06-21
• Portfolio holdings (N-PORT) — filed 2020-07-27
• Annual census (N-CEN) — filed 2019-11-14
• Annual census (N-CEN) — filed 2018-11-14

Related Funds

Other Emerging Markets Large Cap Value Equity funds tracked on ABC INVEST:

• Lazard Emerging Markets Equity Portfolio (LZOEX)
• T. Rowe Price Emerging Markets Value Stock Fund (PRIJX)
• Cullen Emerging Markets High Dividend Fund (CEMGX)
• ARGA Emerging Markets Value Fund (ARMVX)
• Cambria Global Value ETF (GVAL)

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.