CHICAGO, Sept. 8, 2011 /PRNewswire/ -- Aston Asset Management, LP (Aston) is pleased to announce that the ASTON/River Road Independent Value Fund (Tickers: ARIVX, ARVIX), has exceeded $300 million in assets under management as of August 31, 2011. Since inception, the Fund has surpassed its benchmark and Morningstar category. Year-to-date performance as of August 31, 2011 for the N-Class was 5.92% versus -8.54% for the Russell 2000 Value Index and -7.43% for the Morningstar Small Value Category.
The Fund seeks to provide attractive returns using a bottom-up fundamental approach to undervalued small capitalization stocks. The Fund has been rapidly gaining momentum, as of July 31, 2011, the Fund ranked 2nd out of 108 in the Morningstar Small Value Category for net cash flow*.
"We are delighted with investor response to the ASTON/River Road Independent Value Fund which only opened on December 31, 2010," said Stuart D. Bilton, Chairman and Chief Executive Officer of Aston. "Eric Cinnamond has a proven record of delivering exceptional value-oriented equity strategies. If inflows into the Fund continue at the current rate and today's market levels remain, we would expect to soft close the Fund at or before year end."
The Fund's portfolio manager is Eric Cinnamond, Vice President and Portfolio Manager at River Road Asset Management LLC (River Road). Mr. Cinnamond leads the Independent Value strategy at River Road, his investment approach is opportunistic. Prior to joining River Road he served as lead Portfolio Manager for Intrepid Capital Management's Small Cap strategy. Mr. Cinnamond has over 17 years of investment experience and has earned significant professional recognition including being named MarketWatch's 2008 Stockpicker of the Year.
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Aston Asset Management, LP
Aston Asset Management, LP, headquartered in Chicago, Illinois, is a diversified institutional investment management firm. Aston offers investment management services to the mutual fund and separately managed account markets. Aston is the advisor to twenty-four mutual funds with total net assets of approximately $9.6 billion as of June 30, 2011. For more information on the funds managed by Aston please call 800-597-9704.
About River Road Asset Management, LLC
River Road Asset Management, LLC is an institutional asset management firm based in Louisville, KY. The firm specializes in value-oriented equity investment management. With $4.8 billion in assets, as of June 30, 2011, River Road provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. River Road's strategies are available to retail investors through five mutual funds in the Aston Funds family. River Road is an Aviva Investors company.
Note: Small- and Mid-cap stocks are considered riskier than large-cap stocks due to greater potential volatility and less liquidity. Value investing often involves buying the stocks of companies that are currently out of favor that may decline further.
As of June 30, 2011, the ASTON/River Road Independent Value Fund (N-Class) total return was 9.13% year-to-date and 8.80% since inception on December 31, 2010. The gross expense ratio is 2.15% and the net expense ratio is 1.27% excluding acquired fund fees. The Fund's I-Class gross expense ratio was 1.67% and the net was 1.17% excluding acquired fund fees.
The Russell 2000 Value Index is comprised of securities in the Russell 2000 Index. Companies in this index tend to exhibit lower book to price ratios and lower cost to growth values. Indices are adjusted for the reinvestment of capital gains and income dividends. Individuals cannot invest in an index.
The Morningstar Small Value Category figures allow for a direct comparison of a fund's performance within its Morningstar Category.
*Year-to-date as of 7/31/2011 - US Open-end Stock Funds ex Money Market Funds and ex Fund of Funds, Morningstar Category Small Value.
The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, upon redemption, may be worth more or less than their original cost. Some of the returns quoted reflect fee waivers or expense reimbursements. Returns for certain periods would have been lower without the waivers/reimbursements. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit our website at www.astonfunds.com.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please call 800 597-9704 for a prospectus which contains this and other information about the Fund. Read it carefully before you invest or send money. Aston Funds are distributed by BNY Mellon Distributors Inc.
SOURCE Aston Asset Management, LP