Mutual Fund Summary Prospectus (497k)
01 Março 2013 - 5:43PM
Edgar (US Regulatory)
ASTON/Barings International Fund
|
|
|
Summary Prospectus March 1, 2013
|
|
Ticker:
Class NABARX, Class IABIIX
|
Before you invest, you may want to review the Funds prospectus, which contains more information about
the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at
www.astonfunds.com/forms-prospectuses
. You can also get this information at no cost by calling 800-992-8151 or by sending an e-mail
to contactfunds@astonasset.com. The Funds prospectus and statement of additional information, each dated February 28, 2013, are incorporated by reference to this summary prospectus.
INVESTMENT OBJECTIVE
The Fund seeks to provide total return.
FEES AND EXPENSES
The table below describes the fee and expenses that you may pay if you buy and hold shares of the Fund.
SHAREHOLDER FEES
(fees paid directly from
your investment)
|
|
|
|
|
|
|
|
|
|
|
Class N Shares
|
|
|
Class I Shares
|
|
Redemption Fee on Shares Held Less Than 90 Days
(as a percentage of amount
redeemed)
|
|
|
2.00
|
%
|
|
|
2.00
|
%
|
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
Class N Shares
|
|
|
Class I Shares
|
|
Management Fees
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
Distribution and Service (12b-1) Fees
|
|
|
0.25
|
%
|
|
|
None
|
|
Other Expenses
|
|
|
0.35
|
%
|
|
|
0.35
|
%
|
Total Annual Fund Operating Expenses
|
|
|
1.60
|
%
|
|
|
1.35
|
%
|
Fee Waiver and/or Expense Reimbursement
|
|
|
(0.20
|
)%
(a)
|
|
|
(0.20
|
)%
(a)
|
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
|
|
1.40
|
%
(a)
|
|
|
1.15
|
%
(a)
|
(a)
|
The adviser is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including investment-related costs
(such as brokerage commissions), interest, taxes, extraordinary expenses and acquired fund fees and expenses, through February 28, 2014, to the extent that operating expenses exceed 1.40% of the Funds average daily net assets with respect
to Class N shares and 1.15% of the Funds average daily net assets with respect to Class I shares (the Operating Expense Limit). Prior to February 28, 2014, the arrangement may be amended or terminated for a class only by a
vote of the Board of Trustees of Aston Funds. For a period of up to three years from the fiscal year end during which such amount was waived or reimbursed, the adviser is entitled to be reimbursed by the Fund for fees waived and expenses reimbursed
from the commencement of operations through the completion of the first three full fiscal years to the extent that the Funds Total Annual Operating Expenses for a class, not including investment-related costs (such as brokerage commissions),
interest, taxes, extraordinary expenses and acquired fund fees and expenses remains at or below the Operating Expense Limit after such reimbursement.
|
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 shows the operating expenses you would incur as a shareholder if you invested $10,000 in the Fund over the time periods shown and you redeem all your shares at the end of those periods. The
example assumes that the average annual return was 5%, operating expenses remained the same, and expenses were capped for one year in each period.
Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
Class N Shares
|
|
$
|
143
|
|
|
$
|
485
|
|
|
$
|
852
|
|
|
$
|
1,883
|
|
Class I Shares
|
|
|
117
|
|
|
|
408
|
|
|
|
720
|
|
|
|
1,606
|
|
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. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 33.48%.
|
|
|
|
|
Aston Funds
|
|
1
|
|
Summary Prospectus
|
PRINCIPAL INVESTMENT STRATEGIES
Under normal conditions, the Fund invests at least 80% of its assets in common stock and other equity securities of non-U.S. companies.
The portfolio managers employ a growth at a reasonable price (GARP) strategy. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a companys
earnings growth rate. The investment process combines bottom-up and top-down analysis. Bottom-up analysis is based on global company research that seeks to identify positive catalysts for outperformance or earnings surprise based on both growth and
value factors. Top-down analysis seeks to assess the relative attractiveness of countries and sectors.
The Fund may invest in companies of all
sizes and market capitalization levels. The Funds investment strategies may result in high portfolio turnover. The Fund invests primarily in companies in Europe, Australasia, Middle East and the Far East (EAFE) and emerging
markets. Under normal conditions, the Fund will invest in issuers from at least five countries excluding the U.S.
PRINCIPAL RISKS
You could lose money by investing in the Fund. There can be no assurance that the Funds investment objective will be achieved. The
following is a summary of the principal risks of investing in the Fund.
Emerging Market Risk.
In addition to the general foreign
securities risks, investing in emerging market countries is subject to a number of risks, including:
n
|
|
Economic structures which are less diverse and mature than those of developed countries
|
n
|
|
Less stable political systems and less developed legal systems
|
n
|
|
National policies that may restrict foreign investment
|
n
|
|
Wide fluctuations in the value of investments
|
n
|
|
Smaller securities markets, making investments less liquid
|
n
|
|
Special custody arrangements
|
Foreign Securities Risk.
Investing in the securities of foreign issuers involves special risks and considerations not typically associated with
investing in U.S. companies. The securities of foreign companies may be less liquid and may fluctuate more widely than those traded in U.S. markets. Foreign companies and markets may also have less governmental supervision. There may be
difficulty in enforcing contractual obligations and little public information about the companies. Trades typically take more time to settle and clear, and the cost of buying and selling foreign securities is generally higher than similar costs
associated with securities traded in U.S. markets.
The value of the securities held by the Fund may be affected by changes in exchange rates or
control regulations. If a local currency gains against the U.S. dollar, the value of the holding increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the holding decreases in U.S. dollar terms.
Changes in economic, tax or foreign investment policies, or other political, governmental or economic actions can adversely affect the value of the securities in the Fund. In foreign countries, accounting, auditing and financial reporting standards
and other regulatory practices and requirements are generally different from those required for U.S. companies. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes.
GARP Style Risk.
GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a companys earnings
growth rate. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Funds performance may suffer.
Geographic Concentration Risk.
To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a
single country or geographic region, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically
diversified fund, and may result in increased volatility and greater losses.
Liquidity Risk.
When there is no willing buyer and
investments cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Funds value or prevent the Fund
from being able to take advantage of other investment opportunities. Less liquid securities are more difficult to dispose of at their recorded values and are subject to increased spreads and volatility.
Manager Risk.
The performance of the Fund is dependent upon the investment advisers skill in selecting managers and the portfolio
managers skill in making appropriate investments. As a result, the Fund may underperform its benchmark or its peers.
Market
Risk.
The Funds share price can move down in response to stock market conditions, changes in the economy or changes in a particular companys stock price. An individual stock may decline in value even when the value of stocks in
general is rising.
Portfolio Turnover Risk.
Frequent trading of the Funds portfolio holdings may result in a higher than average
level of capital gains, including short-term gains, and will result in greater transaction costs to the Fund. To the extent distributions to shareholders are made from net short-term capital gains (i.e., net capital gain on securities held or
treated as held by the Fund for one year or less minus any net capital losses on securities held or treated as held by the Fund for more than one year), the distributions will be taxed at ordinary income rates for federal income tax purposes, rather
than at the lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Funds performance.
Small-Cap and Mid-Cap Company Risk.
Investing in securities of small-cap and mid-cap companies may involve greater risks than investing in securities of larger, more established issuers. Small-cap and
mid-cap companies generally have limited product lines, markets and financial resources. Their securities may
|
|
|
|
|
Aston Funds
|
|
2
|
|
Summary Prospectus
|
trade less frequently and in more limited volume than the securities of larger, more established companies. Also, small-cap and mid-cap companies are typically subject to greater changes in
earnings and business prospects than larger companies. As a result, their stock prices may experience greater volatility and may decline significantly in market downturns.
FUND PERFORMANCE
The bar chart shows how the performance of the Class I shares of the Fund has
varied from year to year over the periods shown. Class I shares and Class N shares are invested in the same portfolio of securities, so the annual returns would differ only to the extent that the classes have different expenses. The annual
returns of the Class N shares would be lower than the returns of the Class I shares due to 12b-1 fees paid by Class N shares. This information may help illustrate the risks of investing in the Fund. The Fund makes updated performance
information available on the Funds website, www.astonfunds.com, or by calling 800-992-8151. As with all mutual funds, past performance (before and after taxes) does not guarantee future performance.
Class I Shares
Calendar Year Total Return
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best quarter:
|
|
|
06/09
|
|
|
|
20.89
|
%
|
|
Worst quarter:
|
|
|
09/08
|
|
|
|
(22.66
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table indicates how the Funds average annual returns of Class I shares for different calendar periods
compared to the returns of a broad-based securities market index.
Average Annual Total Returns
(For the periods ended December 31, 2012)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTON/Barings International Fund
|
|
|
|
1 Year
|
|
|
5 Years
|
|
|
Since Inception
|
|
Class I Shares
(Inception 11/02/07):
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
13.22
|
%
|
|
|
(4.70
|
)%
|
|
|
(5.40
|
)%
|
Return After Taxes on Distributions
|
|
|
12.75
|
%
|
|
|
(4.97
|
)%
|
|
|
(5.66
|
)%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
|
|
9.21
|
%
|
|
|
(3.96
|
)%
|
|
|
(4.53
|
)%
|
Class N Shares
(Inception 3/03/10):
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
12.96
|
%
|
|
|
N/A
|
|
|
|
4.89
|
%
|
MSCI EAFE Index
(Reflects no deduction for taxes, expenses or fees. Index return since
inception for Class I shares is computed from October 31, 2007. Index return for Class N shares, since inception, computed from February 28, 2010, is 5.69%)
|
|
|
17.32
|
%
|
|
|
(3.69
|
)%
|
|
|
(4.62
|
)%
|
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. In some instances, the Return After Taxes on Distributions and Sale of Fund Shares may be greater than Return Before Taxes because the investor is assumed to be able to use the capital
loss of the sale of Fund shares to offset other taxable gains. After-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares. After-tax returns for Class N shares will vary.
MANAGEMENT
Aston Asset Management, LP serves as investment adviser to the Fund. Baring International Investment Limited (Barings) serves as the subadviser to the Fund.
Mr. David Bertocchi, CFA, International & World Equity Investment Manager of Barings serves as Portfolio Manager of the Fund.
Mr. Bertocchi has served as Portfolio Manager of the Fund since April 2008.
PURCHASE AND SALE OF FUND SHARES
Shares of the Fund may be purchased, exchanged, or redeemed on any business day by written request (Aston Funds, P.O. Box 9765, Providence, RI 02940), wire
transfer, online access (www.astonfunds.com), or by telephone (800-992-8151). Investors who wish to purchase, exchange or redeem Fund shares through a broker-dealer should contact the broker-dealer directly.
|
|
|
|
|
Aston Funds
|
|
3
|
|
Summary Prospectus
|
|
|
|
|
|
|
|
|
|
Class and Account Type
|
|
Minimum Initial Investment
|
|
|
Subsequent Investments
|
|
Class N
Regular Accounts
|
|
$
|
2,500
|
|
|
$
|
50
|
|
Individual Retirement Accounts (IRAs)
|
|
$
|
500
|
|
|
$
|
50
|
|
Education Savings Accounts (ESAs)
|
|
$
|
500
|
|
|
$
|
50
|
|
Custodial Accounts for Minors (UGMA/UTMA)
|
|
$
|
500
|
|
|
$
|
50
|
|
Class I
Institutional Accounts
|
|
$
|
1 Million
|
|
|
$
|
50
|
|
TAX INFORMATION
The Funds distributions are generally taxable as ordinary income or capital gains for federal income tax purposes, unless you are investing through a
tax-deferred account such as a 401(k) or individual retirement account. Distributions on investments made through tax-deferred vehicles, such as 401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those plans or accounts.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related
services. 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 intermediarys
website for more information.
BAR313
|
|
|
|
|
Aston Funds
|
|
4
|
|
Summary Prospectus
|
Novation Companies (CE) (USOTC:NOVC)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Novation Companies (CE) (USOTC:NOVC)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024