Summary Prospectus July 29, 2021
Phaeacian Accent
International Value Fund
Ticker: PPIVX
Before you invest, you may want to review the Fund's Prospectus, which contains more
information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at www.phaeacianpartners.com. You
can also get this information at no cost by calling (800) 258-9668 (toll free) or (312) 557-3523, by sending an email request to PhaeacianPartners@ntrs.com, or by asking any financial advisor,
bank, or broker-dealer who offers shares of the Fund.
The Fund's Prospectus
and Statement of Additional Information, each dated July 29, 2021, as supplemented, and the audited financial statements on pages 12-24 of the Fund’s shareholder report dated
March 31, 2021 are incorporated into this Summary Prospectus by reference and may be obtained free of charge at the website, phone number, or e-mail address noted
above.
Investment
Objective
The Fund seeks to provide above-average capital appreciation over
the long-term while attempting to minimize the risk of capital loss.
Fees and Expenses
These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The tables and example below do not reflect commissions that a shareholder may be
required to pay directly to a broker or other financial intermediary when buying or selling shares of the
Fund.
Shareholder Fees (Fees paid directly from your investment)
| |
|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
None |
| Maximum Deferred Sales Charge (Load) (as a percentage of amount redeemed) |
None |
| Redemption Fee (as a percentage of amount redeemed) |
None |
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
| |
|
| Management Fee |
1.00% |
| Other Expenses(1) |
0.24% |
| Total Annual Fund Operating Expenses |
1.24% |
| Fee Waivers and Reimbersements(2) |
0.00% |
| Total Annual Fund Operating Expenses After Fee Waivers and Reimbursement |
1.24% |
(1)
Other Expenses are based on estimated amounts for the current fiscal year.
(2)
Phaeacian Partners LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to
waive Management Fees and to reimburse Other Expenses
to the extent Total Annual Fund Operating Expenses (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in
underlying investment companies) exceed 1.29% of the average daily net assets of the Fund through October
31, 2023. Amounts waived or reimbursed in a particular contractual period may be recouped by the Adviser for 36 months following the waiver or reimbursement, however, such recoupment will be limited to the
lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the
“Board”) or upon termination of the Investment Management Agreement.
Expense Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in
other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The
Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The
Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and
the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
| 1 year |
3 years |
5 years |
10 years |
| $126 |
$393 |
$681 |
$1,500 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result
in higher taxes when Fund shares are held in a taxable account.
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Phaeacian Accent International Value Fund
These costs, which are not reflected
in Annual Fund Operating Expenses or in the Expense Example, affect the predecessor fund’s performance.
During its most recent fiscal period ended March 31, 2021, the Fund’s portfolio turnover rate was
35% of the average value of its portfolio.
The Fund’s portfolio turnover rate may vary from year to year as well as within a year. For more information
regarding the predecessor fund, please see the discussion under Performance Information.
Principal Investment Strategies
The Fund primarily seeks to identify investment opportunities across international markets, including both
developed and emerging countries. It typically invests in equity securities of companies of all market
capitalizations domiciled in jurisdictions outside of the United States. The portfolio manager does not restrict
potential investments by market capitalization and the Fund may invest in small, mid and large capitalization companies.
The Fund typically invests in a small selection of companies the portfolio manager believes are high quality and financially strong, and that the portfolio manager believes have management
teams that run the business well operationally and allocate capital in a way that builds share value over time.
The portfolio manager seeks to invest in these companies when their stock prices are significantly less than the
portfolio manager’s estimate of their intrinsic values per share. The portfolio manager defines the “intrinsic value” of a business to mean the discounted value of the sum of all the free cash flows that can be generated by the business during its
remaining life. The Fund may invest in a variety of types of equity securities, including common stocks,
preferred stocks, convertible securities, rights and warrants.
The Fund’s universe of potential investments primarily includes companies domiciled in jurisdictions
where the portfolio manager believes reasonable business practices exist. In investing the Fund’s assets,
the portfolio manager focuses on countries with established rules of law and political systems that allow for transparent and unbiased enforcement of those laws, although there can be no assurance that the Fund’s assets will in all cases be
invested in countries that offer such protections. The Fund will primarily invest in companies domiciled in
Continental Europe, Japan, the United Kingdom, emerging Asian markets, the Americas (which typically excludes the
United States), Australia and New Zealand, and developing EMEA (Europe, Middle East and Africa) countries. There
are no geographic limits on the Fund’s non-U.S. investments. The portfolio manager does not expect to
invest more than 35% of the Fund’s assets in securities of companies domiciled in emerging markets,
however, the Fund’s investments in emerging markets may exceed this amount depending on market opportunities. The Fund considers emerging markets to be markets located in countries that have an emerging stock market as defined by MSCI, countries
or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets
with similar emerging characteristics. Given the Fund’s broad investment universe, the portfolio manager
expects to be able to deploy a large part of the Fund’s assets under normal circumstances. However, the Fund will seek to remain true to its investment disciple at all times and in all market conditions, and may at time hold cash in lieu of
equities if the portfolio managers cannot find sufficient investment opportunities that meet all of its key
investment criteria. In addition, the portfolio manager may invest in depositary receipts, which are receipts
that represent interests in non-U.S. securities that may be sponsored or unsponsored.
The portfolio manager believes that the Fund’s investment goals are best achieved by taking a long-term approach. The portfolio manager considers himself as owner of businesses and believes the
intrinsic value of a business is not decided by what happens in a given quarter, but rather by what will happen
over a multi-year period. However, the portfolio manager is also valuation-driven. As such, what ultimately
dictates the Fund’s holding period of any security is how much time it takes for the discount to fair value to unwind.
Key Investment Criteria. The portfolio manager expects to consider the
following investment criteria, among others, under normal circumstances.
1. Business Quality. The
portfolio manager seeks to invest in businesses with high barriers to market entry, low threat of substitutes,
sustainable competitive advantages, and power over customers as well as suppliers. The portfolio manager believes that such businesses can expand revenue over time, generate industry leading margins, realize high levels of free cash flow, and
earn attractive returns on capital employed.
2. Financial Strength.
The portfolio manager considers the overall financial strength of businesses. The portfolio manager seeks to
avoid companies with excessive leverage on their balance sheet relative to the free cash flow profile of the
business. The portfolio manager believes that a strong balance sheet can help a company withstand temporary
disruptions or adverse economic circumstances, and put it in a position to gain strength though challenging
times.
3. Strong Management. The portfolio manager seeks to invest in companies with shareholder-aligned management teams that have histories of both operational excellence and capital allocation
that builds shareholder value.
4. Low Absolute
Valuation. The portfolio manager only makes investments when he believes the investment offers a high margin
of safety, i.e., when the issuer’s shares trade at a significant discount to the portfolio manager’s
estimate of their intrinsic value.
Given the portfolio manager’s strict
investment criteria, a broad potential investment universe, a limited number of holdings in the portfolio, and a
benchmark-agnostic approach are all important aspects of the Fund’s strategy. While there are thousands of publicly listed companies across international markets, the portfolio manager believes that only a limited number of them combine
strong business fundamentals, financial strength, and shareholder-friendly management teams while trading at a
significant discount to intrinsic value, which leads the portfolio manager to run a concentrated portfolio. The
portfolio manager’s benchmark-agnostic approach focuses on whether an opportunity meets all of the
investment criteria, rather than where the company is domiciled or which sector or industry it operates in.
The portfolio manager is cognizant of macro-economic factors, but center his analyses around, and selects stocks based on the fundamentals of the underlying businesses. The portfolio manager
performs security selection on a bottom-up basis and conducts extensive research on individual investment
candidates, focusing on business fundamentals. The portfolio manager eschews businesses that do not lend
themselves to appraisal. The portfolio manager uses research findings to estimate the intrinsic value of businesses.
The Fund’s portfolio construction is the product of this research and valuation process. The portfolio manager selects companies that meet his qualitative investment criteria and in his view
offer a significant margin of safety. The portfolio manager ranks all portfolio securities according to the
relative discount to his estimate of intrinsic value and usually allocates the largest portfolio weightings
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Phaeacian Accent International Value Fund
to those investments that he
believes offer the greatest opportunity for appreciation. The portfolio manager believes that this approach
allows his best ideas to have a meaningful impact on the Fund’s performance.
The portfolio manager may sell a portfolio holding when the holding’s market price appreciates and approaches the portfolio manager’s estimate of intrinsic value; when the
portfolio manager finds an opportunity to reallocate the Fund’s assets to other investments with greater
reward potential; or when the original investment thesis no longer holds.
Principal Risks
It is possible to lose money on an investment in the
Fund.
The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Adviser
and there is no guarantee that the Fund will achieve its investment objective. Any of the following risks, among
others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other
funds.
Risks Associated with Investing in Equities. Equity securities, generally common stocks and/or
depositary receipts, held by the Fund may experience sudden, unpredictable drops in value or long periods of
decline in value. This may occur because of factors that affect the securities markets generally, such as adverse
changes in economic or political conditions, the general outlook for corporate earnings, interest rates or
investor sentiment. Sustained periods of market volatility, either globally or in any jurisdiction in which the
Fund invests, may increase the risks associated with an investment in the Fund. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related
to a specific company, such as decisions made by its management. Equity securities generally have greater price
volatility than debt securities. The Fund’s shares are not bank deposits and are not guaranteed, endorsed
or insured by any financial institution, government authority or the FDIC.
Risks Associated with Investing in Large-Capitalization
Companies. Returns
on investments in securities of large capitalization companies could trail the returns on investments in
securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller
and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market
conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by
well-managed smaller and mid-sized companies.
Risks
Associated with Investing in Smaller-Cap and
Mid-Cap
Companies. The prices of securities of mid-cap and smaller-cap companies tend to fluctuate more widely than those of larger, more established companies. Mid-cap and smaller-cap
companies may have limited product lines, markets or financial resources or may depend on the expertise of a few
people and may be subject to more abrupt or erratic market movements than securities of larger, more established
companies or market averages in general. In addition, these companies often have shorter operating histories and
are more reliant on key products or personnel than larger companies. The securities of smaller or medium-sized
companies are often traded over-the-counter, and may not be traded in volumes typical of securities traded on a
national securities exchange. Securities of such issuers may lack sufficient market liquidity to effect sales at
an advantageous time or without a substantial drop in price.
Risks Associated with Investing in Non-U.S. Securities.
Non-U.S.
investments (including depositary receipts) can be riskier, more volatile and less liquid than investments in the United States. Adverse political, social and economic developments or instability, or changes in the value of non-U.S. currency, can make it
more difficult for the Fund to sell its securities and could reduce the value of the Fund’s shares.
Differences in regulatory, tax and accounting standards and differences in reporting standards may cause
difficulties in obtaining information about non-U.S. companies and may negatively affect investment decisions.
Investments in non-U.S. securities may be affected by restrictions on receiving investment proceeds from outside
the U.S. confiscatory tax laws, and potential difficulties in enforcing contractual obligations. Transactions may be subject to less efficient settlement practices, including extended clearance and settlement periods. In addition, global
economies are increasingly interconnected, which increases the possibility that conditions in one country, region
or financial market might adversely impact a different country, region or financial market.
Risks Associated with Investing in Emerging Markets.
The Fund’s
investments in non-U.S. issuers in developing or emerging market countries may involve increased exposure to
changes in economic, social and political factors as compared to investments in more developed countries. The
economies of most emerging market countries are in the early stage of capital market development and may be
dependent on relatively fewer industries. As a result, their economic systems are still evolving. Their legal and
political systems may also be less stable than those in developed economies. Securities markets in these
countries can also be smaller, and there may be increased settlement risks. The Public Company Accounting
Oversight Board, which regulates auditors of U.S. companies, is unable to inspect audit work papers in certain
foreign countries. Investors in emerging markets often have limited rights and few practical remedies to pursue
shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange
Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign
issuers or foreign persons is limited. Emerging market countries often suffer from currency devaluation and higher rates of inflation. Due to these risks, securities issued in developing or emerging countries may be more volatile, less liquid, and
harder to value than securities issued in more developed countries.
Risks Associated with Value Investing. Value stocks, including those selected by the portfolio manager for the Fund, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In
addition, value style investing may fall out of favor and underperform growth or other styles of investing during
given periods. The Fund’s value discipline may result in a portfolio of stocks that differs materially from
its benchmark index.
Securities selected by the portfolio manager using a
value strategy may never reach their intrinsic value because the market fails to recognize what the portfolio
manager consider to be the true business value or because the portfolio manager has misjudged those values. There
may be periods during which the investment performance of the Fund suffers while using a value strategy.
Market Risk. The market price of investments owned by the Fund
may go up or down, sometimes rapidly or unpredictably. Fund investments may decline in value due to factors affecting the overall markets, or particular industries or sectors. The value of a holding may decline due to general market conditions that are not
specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in
the general outlook for an issuer’s financial condition, changes in interest or currency rates, domestic or
international monetary policy or adverse investor
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Phaeacian Accent International Value Fund
sentiment generally. The value of a holding may also decline due to factors that affect a particular industry or industries, such as competitive conditions within an industry or government
regulations. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at
inopportune times or at a loss or depressed value, which could cause the value of an investment in the Fund to
unexpectedly decline. The Fund may rely on various third-party sources to calculate its net asset value. Errors
or systems failures and other technological issues may adversely impact the Fund’s calculation of its net
asset value, and such net asset value calculation issues may result in inaccurately calculated net asset values,
delays in net asset value calculation and/or the inability to calculate net asset values over extended periods. The
Fund may be unable to recover any losses associated with such failures.
Liquidity Risk. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may not be able to sell the illiquid securities at an advantageous time or
price.
Large Investor Risk. Ownership of shares of the Fund may be concentrated
in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis.
Redemptions by a large investor may affect the performance of the Fund, may increase realized capital gains, may
accelerate the realization of taxable income or gains for shareholders and may increase transaction costs. These
transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset
future realized capital gains (if any). Such transactions may also increase the Fund’s expenses. In addition, the Fund may be delayed in investing new cash after a large shareholder purchase, and under such circumstances may be required to maintain a
larger cash position than it ordinarily would.
Management Risk.
The Fund is subject to management risk as an actively managed investment portfolio. The portfolio manager will apply investment techniques and risk analyses in making
investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The
portfolio manager's opinion about the intrinsic worth or creditworthiness of a company or security may be
incorrect, the portfolio manager may not make timely purchases or sales of securities for the Fund, the Fund’s investment objective may not be achieved, or the market may continue to undervalue the Fund’s securities. In addition,
the Fund may not be able to quickly dispose of certain securities holdings. The frequency of trading within the
Fund impacts portfolio turnover rates, which are shown in the financial highlights table. A higher rate of
portfolio turnover could produce higher trading costs and taxable distributions, which would detract from the Fund’s performance. Moreover, there can be no assurance that all of the Adviser’s personnel will continue to be associated with
the Adviser for any length of time. The loss of services of one or more key employees of the Adviser, including
the portfolio manager, could have an adverse impact on the Fund’s ability to achieve its investment
objective. Certain securities or other instruments in which the Fund seeks to invest may not be available in the
quantities desired. In such circumstances, the portfolio manager may determine to purchase other securities or
instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could
result in losses to the Fund.
Key Person Risk. The Fund is heavily dependent upon Mr. Pierre O. Py
for its operation and for the execution of its investment strategy. The Fund would likely find it more difficult to
execute its investment strategy and to continue its operation in the event he were no longer involved in the
management of the Fund.
Risks Associated with Non-Diversification. The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the
risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund
more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the
Fund’s value will likely be more volatile than the value of a more diversified fund. In addition, due to
its relatively low number of holdings, the Fund will be more susceptible to company-specific events and risks
impacting the particular securities held by the Fund than a fund with a greater number of holdings.
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
Performance Information
The following information is intended to help you understand the risks of investing in the Fund. The Fund is the successor to FPA International Value Fund (the “International
Predecessor Fund”), a mutual fund with substantially similar investment objectives, policies, and
restrictions, as a result of the reorganization of the International Predecessor Fund into the Fund on October 19, 2020. The performance provided in the bar chart and table is that of the International Predecessor Fund. The following bar chart shows the changes in the International Predecessor Fund’s performance from year to year, and the table compares the International Predecessor Fund’s performance to the performance of a
broad-based securities market index/indices for the same period.
The Fund’s performance information reflects applicable fee waivers/expense limitations, if any, during
the period shown and, absent such fee waivers/expense limitations performance would have been lower. The chart
and table reflect the reinvestment of dividends and distributions.
The MSCI All Country World (ACWI) ex-USA NTR Index is a float-adjusted market capitalization index that is
designed to measure the combined equity market performance of developed and emerging market countries excluding
the United States and is included as a broad-based comparison to the capitalization characteristics of the
Fund’s portfolio.
The Fund’s past performance
(before and after taxes) is no guarantee of future results. For the most
recent performance figures, go to www.phaeacianpartners.com or call (800) 258-9668 (toll free) or (312) 557-3523.
(as
of December 31 of each year)
The Fund’s highest/lowest quarterly results during this time period were:
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Phaeacian Accent International Value Fund
| Highest |
Q2
2020 |
18.62% |
| Lowest |
Q1 2020 |
-16.73% |
| Year to Date Total Return |
June 30,
2021 |
8.01% |
Average Annual Total Return
This table compares the International Predecessor Fund’s average total returns for the periods ended
December 31, 2020 to those of an appropriate broad based index. In addition, the table shows how the
International Predecessor Fund’s average annual total returns compare with the returns of an index designed to represent the performance of mid cap representation across developed and emerging markets.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will
depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual
retirement accounts (“IRAs”).
(For the period
ended December 31, 2020)
| |
1-Year |
5-Year |
Since Inception |
| Before taxes |
19.63% |
12.91% |
9.65% |
| After Taxes on Distributions(1) |
19.13% |
12.29% |
8.99% |
| After Taxes on Distributions and Sale of Fund Shares(1)
|
11.69% |
10.16% |
7.64% |
| MSCI ACWI ex-USA Index (reflects no deductions for fees, expenses or taxes) |
10.65% |
8.93% |
6.92% |
(1)
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor’s tax
situation and may differ from those shown. After-tax returns presented here are not relevant to investors
who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual
retirement accounts (“IRAs”). Early withdrawal from a 401(k) account or an IRA could lead to
taxation of the withdrawn amount as ordinary income and could be subject to an additional tax penalty. The
after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to
the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.
Management of the Fund
Investment Adviser
Phaeacian Partners LLC is the Fund’s investment adviser.
Portfolio Managers
Pierre O. Py who is a Managing Partner of the Adviser, has served as the portfolio
manager of the International Predecessor Fund’s since the International Predecessor Fund’s
inception in 2011 and is primarily responsible for the day-to-day management of the Fund’s portfolio.
Purchase and Sale of Fund Shares
Shares of the Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of the Fund through
a broker-dealer or other financial intermediary; by writing to us at
Standard
Phaeacian Funds
c/o The Northern Trust Company
P.O. Box 4766
Chicago, IL 60680-4766
c/o The Northern Trust Company
P.O. Box 4766
Chicago, IL 60680-4766
Overnight
Phaeacian Funds
c/o The Northern Trust Company
333 S Wabash, WB-38
Chicago, IL 60604;
c/o The Northern Trust Company
333 S Wabash, WB-38
Chicago, IL 60604;
or by calling us at (800) 258-9668 (toll free) or (312) 557-3523.
Purchase Minimums
Minimum Initial Investment: $1,500
Minimum Additional Investment: No Minimum
The Fund
reserves the right to modify or waive purchase and investment minimums, without prior notice, or to waive minimum
investment amounts in certain circumstances in its discretion. For example, the minimums listed above may be
waived or lowered for (i) investors who are customers of certain financial intermediaries that hold the
Fund’s shares in certain omnibus accounts, (ii) current and former Trustees of the Trust; and (iii) officers, directors and employees of the Trust, the Adviser and the Adviser’s affiliates, in each case at the discretion of the officers of the
Fund. In addition, financial intermediaries may impose their own minimum investment and subsequent purchase
amounts.
Tax Information
The Fund’s distributions are generally taxable to you as ordinary income, capital gains, or a combination
of the two, unless you are investing through a tax advantaged arrangement, such as an IRA or 401(k) plan. If you
are investing through a tax advantaged arrangement, you may be taxed upon withdrawals from that
arrangement.
Payments to Broker-Dealers and Other Financial Intermediaries
Shareholders may be required to pay a commission directly to their broker or other financial intermediary when
buying or selling shares of the Fund. Shareholders and potential investors may wish to contact their broker or
other financial intermediary for information regarding applicable commissions, transaction fees or other charges
associated with transactions in shares of the Fund.
In addition, brokers, dealers, banks, trust companies and other financial intermediaries may receive
compensation from the Fund and/or its related companies for providing a variety of services, which may include
recordkeeping, transaction processing for shareholders’ accounts and certain shareholder services not
currently offered to shareholders that deal directly with the Fund. These payments may create a conflict of
interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over
another investment. Ask your salesperson or visit your financial intermediary’s website for more
information.
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Prospectus July 29, 2021
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Phaeacian Accent International Value Fund