Westcore Large-Cap Dividend Fund

Quantitative Equity

Style: Large-Cap Value Retail Class: WTEIX Institutional Class: WILGX

Investment Strategy

The Westcore Large-Cap Dividend Fund invests primarily in large well-established, dividend-paying domestic companies.

We combine our proprietary quantitative screening and independent fundamental research to identify and thoroughly assess the ability of companies to pay and consistently grow their dividends. We build this portfolio of 25 to 30 stocks with an emphasis on achieving a balance between current yield, dividend-growth, capital appreciation, and capital preservation.

The Westcore Growth Fund was repositioned to become the Westcore Large-Cap Dividend Fund on December 27, 2016.

This Fund is available in both the retail and institutional class.

Management Team

We build this portfolio with the goal of helping investors preserve their capital while also growing income over time. – Alex A. Ruehle, CFA

Derek R. Anguilm, CFA

Derek R. Anguilm, CFA

Partner, Co-Director of Value Research, Portfolio Manager

Troy Dayton, CFA

Troy Dayton, CFA

Partner, Co-Director of Value Research, Portfolio Manager

Mark M. Adelmann, CFA, CPA

Mark M. Adelmann, CFA, CPA

Partner, Portfolio Manager, Analyst

Lisa Z. Ramirez, CFA

Lisa Z. Ramirez, CFA

Partner, Portfolio Manager, Analyst

Paul A. Kuppinger, CFA

Paul A. Kuppinger, CFA

Vice President, Portfolio Manager, Quantitative Analyst

Alex A. Ruehle, CFA

Alex A. Ruehle, CFA

Partner, Portfolio Manager, Analyst

Fund Information & Investment Minimums

Retail Class Institutional Class2
Ticker WTEIX WILGX
CUSIP 957904667 957904634
Inception Date 6/1/1988 9/28/2007
Distribution Frequency Quarterly Quarterly
Minimum to open a new regular account: $2,500 $250,000
Minimum to open a new retirement, education1 or UGMA/UTMA account: $1,000 $250,000
Minimum to open an Automatic Investment Plan Account: $1,000 $250,000
Automatic Investments: $25 -
Minimum to add to any type of account: $25 -
Retail Class
Ticker WTEIX
CUSIP 957904667
Inception Date 6/1/1988
Minimum to open a new regular account: $2,500
Minimum to open a new retirement, education1 or UGMA/UTMA account: $1,000
Minimum to open an Automatic Investment Plan Account: $1,000
Automatic Investments: $25
Minimum to add to any type of account: $25
Institutional Class2
Ticker WILGX
CUSIP 957904634
Inception Date 9/28/2007
To open a new regular account: $250,000
To open a new retirement, education1 or UGMA/UTMA account: $250,000
To open an Automatic Investment Plan Account: $250,000
Effective 12/27/2016, the Westcore Growth Fund has been renamed the Westcore Large-Cap Dividend Fund.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 3/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

CFA is a trademark owned by CFA Institute.
Lisa Z. Ramirez, CFA is a registered representative of ALPS Distributors, Inc.
Please see the prospectus for more detailed information regarding investment minimums. The Funds reserve the right to change the amount of these minimums from time to time or to waive them in whole or in part, including the right to waive the Institutional Class minimums, if in the Advisor’s sole opinion, the investor has adequate intent and availability of assets to reach a future level of investment in the Fund that is equal to or greater than the minimum.
1 A description of the retirement and education accounts available for investment in the Westcore Funds may be found in the SAI for the Funds. Please call 800.392.CORE (2673) to request a free copy of the SAI or click here to download.
2 The minimum investment in the Institutional Class shares is $250,000. Investors generally may meet the minimum investment amount by aggregating multiple accounts with common ownership within the Fund. Common ownership includes individual and joint accounts as well as accounts where an investor has beneficial ownership through acting as a custodian for a minor account or as a beneficiary to a trust account. In addition, Institutional Class accounts offered through a financial intermediary may meet the $250,000 minimum investment amount by aggregating multiple accounts within the Fund, however each separate account must meet a minimum investment requirement of $10,000. Exceptions to the Institutional Class minimums may apply for qualified requirement plans and other account types with lower or no networking and/or omnibus fees charged to the Funds.

Investment Team

Derek R. Anguilm, CFA
Derek R. Anguilm, CFA

Partner, Co-Director of Value Research, Portfolio Manager

2000 to Present: Denver Investments
1999: Everen Securities, Research Assistant
Education:

BS – Metropolitan State College of Denver
Member of CFA Institute and CFA Society Colorado

Troy Dayton, CFA
Troy Dayton, CFA

Partner, Co-Director of Value Research, Portfolio Manager

2002 to Present: Denver Investments
2001 to 2002: Jurika and Voyles, Equity Research Analyst
1998 to 2001: Dresdner RCM Global Investors, Equity Research Associate
1996 to 1998: Jurika and Voyles, Equity Research Associate
1996: Citibank, Trading Support Officer
Education:

BSBA – Colorado State University
Member of CFA Institute and CFA Society Colorado

Mark M. Adelmann, CFA, CPA
Mark M. Adelmann, CFA, CPA

Partner, Portfolio Manager, Analyst

1995 to Present: Denver Investments
1979 to 1995: Deloitte & Touche, Senior Manager
Education:

BS – Oral Roberts University
Member of CFA Institute and CFA Society Colorado
Member of the American Institute of CPAs and the Colorado Society of CPAs

Lisa Z. Ramirez, CFA
Lisa Z. Ramirez, CFA

Partner, Portfolio Manager, Analyst

1989 to Present: Denver Investments
Education:

BS – University of Colorado; MBA – Regis University
Member of CFA Institute and CFA Society Colorado

Paul A. Kuppinger, CFA
Paul A. Kuppinger, CFA

Vice President, Portfolio Manager, Quantitative Analyst

2006 to Present: Denver Investments
2003 to 2006: Rocky Mountain Wealth Advisors, Principal
2002 to 2003: Curian Capital, Vice President of Research
1998 to 2002: Prima Capital, Director of Research
1997 to 1998: KPMG, Research Analyst
1993 to 1995: Westcap Investors, Trader
1990 to 1993: Wilshire Associates, Supervisor of Performance Measurement
Education:

BA – The Colorado College; MBA – University of Colorado
Member of CFA Institute and CFA Society Colorado

Alex A. Ruehle, CFA
Alex A. Ruehle, CFA

Partner, Portfolio Manager, Analyst

2008 to Present: Denver Investments
2006 to 2007: First Western Financial Services, Inc., Intern
Education:

BS and MBA – University of Denver
Member of CFA Institute and CFA Society Colorado

Jennifer B. Oldland
Jennifer B. Oldland

Vice President, Analyst

2006 to Present: Denver Investments
Education:

BS – Colorado State University

Guangyan (Yan) Qin, CFA
Guangyan (Yan) Qin, CFA

Vice President, Analyst

2008 to Present: Denver Investments
2007: Investment Protection Services, Wealth Management Intern
2007: First Data Corporation, Treasury Analyst Intern
2005: China Construction Bank, Intern
Education:

BS – University of International Business and Economics, Beijing, China; MS – University of Denver
Member of CFA Institute and CFA Society Colorado

Robbie A. Steiner, CFA
Robbie A. Steiner, CFA

Vice President, Analyst

2014 to Present: Denver Investments
2012 to 2013: BMO Capital Markets, Investment Banking Associate
2008 to 2010: Transamerica Investments, Mutual Fund Wholesaler
Education:

BBA – University of Georgia, MBA – Emory University
Member of CFA Institute and CFA Society Colorado

Georgene L.A. Pedrie
Georgene L.A. Pedrie

Vice President, Senior Equity Trader

2002 to Present: Denver Investments
1987 to 2002: NDB Capital Market, Sales Trader
Education:

BA and MA – University of Northern Colorado

Effective 12/27/2016, the Westcore Growth Fund has been renamed the Westcore Large-Cap Dividend Fund.
CFA is a trademark owned by CFA Institute.
Georgene L.A. Pedrie and Lisa Z. Ramirez, CFA are registered representatives of ALPS Distributors, Inc.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 3/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

 

View Performance as of:
Month-End   Quarter-End
  Monthly Returns (%)
Periods Ended: 10/31/2017
Annualized Returns (%)
Periods Ended: 10/31/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Large-Cap Dividend Fund 1.15 4.85 11.20 12.41 5.76 10.72 4.85 8.72
Westcore Large-Cap Dividend Fund Institutional 1.12 4.69 11.47 12.66 6.02 10.97 5.03 8.79
Russell 1000® Index 2.29 4.80 16.78 23.67 10.58 15.18 7.61 10.61
Westcore Large-Cap Dividend Fund Custom Index 2.29 4.80 16.78 20.80 10.49 15.18 8.36 10.14
Russell 1000® Growth Index 3.87 7.15 25.40 29.71 13.15 16.83 9.13 10.41
  Monthly Returns (%)
Periods Ended: 9/30/2017
Annualized Returns (%)
Periods Ended: 9/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Large-Cap Dividend Fund 2.13 3.81 9.93 8.79 5.95 9.56 5.25 8.71
Westcore Large-Cap Dividend Fund Institutional 2.07 3.98 10.24 9.25 6.22 9.83 5.44 8.77
Russell 1000® Index 2.13 4.48 14.17 18.54 10.63 14.27 7.55 10.54
Westcore Large-Cap Dividend Fund Custom Index 2.13 4.48 14.17 15.32 10.62 13.98 8.48 10.08
Russell 1000® Growth Index 1.30 5.90 20.72 21.94 12.69 15.26 9.08 10.29
Westcore Large-Cap Dividend Fund
Monthly Returns(%) as of 10/31/2017
1 Month 1.15
3 Months 4.85
YTD 11.20
Annualized Returns(%) as of 10/31/2017
1 Year 12.41
3 Years 5.76
5 Years 10.72
10 Years 4.85
Since Inception 8.72
Westcore Large-Cap Dividend Fund Institutional
Monthly Returns(%) as of 10/31/2017
1 Month 1.12
3 Months 4.69
YTD 11.47
Annualized Returns(%) as of 10/31/2017
1 Year 12.66
3 Years 6.02
5 Years 10.97
10 Years 5.03
Since Inception 8.79
Russell 1000® Index
Monthly Returns(%) as of10/31/2017
1 Month 2.29
3 Months 4.80
YTD 16.78
Annualized Returns(%) as of 10/31/2017
1 Year 23.67
3 Years 10.58
5 Years 15.18
10 Years 7.61
Since Inception 10.61
Westcore Large-Cap Dividend Fund Custom Index
Monthly Returns(%) as of10/31/2017
1 Month 2.29
3 Months 4.80
YTD 16.78
Annualized Returns(%) as of 10/31/2017
1 Year 20.80
3 Years 10.49
5 Years 15.18
10 Years 8.36
Since Inception 10.14
Russell 1000® Growth Index
Monthly Returns(%) as of10/31/2017
1 Month 3.87
3 Months 7.15
YTD 25.40
Annualized Returns(%) as of 10/31/2017
1 Year 29.71
3 Years 13.15
5 Years 16.83
10 Years 9.13
Since Inception 10.41
Westcore Large-Cap Dividend Fund
Monthly Returns(%) as of 9/30/2017
1 Month 2.13
3 Months 3.81
YTD 9.93
Annualized Returns(%) as of9/30/2017
1 Year 8.79
3 Years 5.95
5 Years 9.56
10 Years 5.25
Since Inception 8.71
Westcore Large-Cap Dividend Fund Institutional
Monthly Returns(%) as of 9/30/2017
1 Month 2.07
3 Months 3.98
YTD 10.24
Annualized Returns(%) as of 9/30/2017
1 Year 9.25
3 Years 6.22
5 Years 9.83
10 Years 5.44
Since Inception 8.77
Russell 1000® Index
Monthly Returns(%) as of 9/30/2017
1 Month 2.13
3 Months 4.48
YTD 14.17
Annualized Returns(%) as of 9/30/2017
1 Year 18.54
3 Years 10.63
5 Years 14.27
10 Years 7.55
Since Inception 10.54
Westcore Large-Cap Dividend Fund Custom Index
Monthly Returns(%) as of 9/30/2017
1 Month 2.13
3 Months 4.48
YTD 14.17
Annualized Returns(%) as of 9/30/2017
1 Year 15.32
3 Years 10.62
5 Years 13.98
10 Years 8.48
Since Inception 10.08
Russell 1000® Growth Index
Monthly Returns(%) as of 9/30/2017
1 Month 1.30
3 Months 5.90
YTD 20.72
Annualized Returns(%) as of 9/30/2017
1 Year 21.94
3 Years 12.69
5 Years 15.26
10 Years 9.08
Since Inception 10.29
Retail Class Annual Expense Ratio -- Gross: 1.30%, Net: 0.89%
Institutional Class Annual Expense Ratio -- Gross: 1.49%, Net: 0.67%

Calendar Year Returns (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Westcore Large-Cap Dividend Fund -0.38 4.43 6.79 32.93 15.13 -0.64 15.26 39.54 -45.33 22.48
Westcore Large-Cap Dividend Fund Institutional -0.14 4.68 6.98 33.13 15.37 -0.48 15.44 39.81 -45.33 22.48
Russell 1000® Index 12.05 0.92 13.24 33.11 16.42 1.50 16.10 28.43 -37.60 5.77
Westcore Large-Cap Dividend Fund Custom Index - - - - - - - - - -
Russell 1000® Growth Index 7.08 5.67 13.05 33.49 15.26 2.63 16.72 37.21 -38.44 11.81
Westcore Large-Cap Dividend Fund
2016 -0.38
2015 4.43
2014 6.79
2013 32.93
2012 15.13
2011 -0.64
2010 15.26
2009 39.54
2008 -45.33
2007 22.48
Westcore Large-Cap Dividend Fund Institutional
2016 -0.14
2015 4.68
2014 6.98
2013 33.13
2012 15.37
2011 -0.48
2010 15.44
2009 39.81
2008 -45.33
2007 22.48
Russell 1000® Index
2016 12.05
2015 0.92
2014 13.24
2013 33.11
2012 16.42
2011 1.50
2010 16.10
2009 28.43
2008 -37.60
2007 5.77
Westcore Large-Cap Dividend Fund Custom Index
2016 -
2015 -
2014 -
2013 -
2012 -
2011 -
2010 -
2009 -
2008 -
2007 -
Russell 1000® Growth Index
2016 7.08
2015 5.67
2014 13.05
2013 33.49
2012 15.26
2011 2.63
2010 16.72
2009 37.21
2008 -38.44
2007 11.81

Effective 12/27/2016, the Westcore Growth Fund has been renamed the Westcore Large-Cap Dividend Fund.
Effective January 1, 2017, the benchmark for the Westcore Large-Cap Dividend Fund is the Russell 1000® Index.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.
Performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception is based on the performance of the retail class. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 800.392.CORE(2673). Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements.  If imposed, the fee would reduce the performance quoted. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Westcore fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.
Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s financial statements, will be no more than a fixed percentage for the Fund’s Retail Class for such period. Please see the Fund’s Prospectus for more information. The second waiver/reimbursement applies so that Fund level Other Expenses (as defined in the Fund’s financial statements) for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified prior to April 30, 2018 without the approval of the Board of Trustees.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.
Standard & Poor’s is the source and owner of the S&P Index data. See Terms of Use for additional disclosure.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 3/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

Manager Commentary as of 9/30/2017

 

Market Overview

After a weak start to the quarter, domestic value stocks experienced a bounce as the potential for tax reform fueled optimism that lower corporate and individual taxes would boost economic growth. In addition, the Federal Reserve left rates unchanged and, despite recent inflation data remaining low, did not appear to alter its policy rate plans, which include at least one more rate hike in 2017. The continuation of gradual economic growth and the Fed’s normalization of monetary policy were additional drivers of economically sensitive domestic stocks. Importantly, the market’s historically high valuation levels, combined with the backdrop of weak earnings growth, has appeared to increase investors’ skittishness. This has resulted in a lack of tolerance for companies that fail to hit financial targets or reduce earnings estimates. While stocks that disappointed were hit hard, stocks that met expectations were bid up, regardless of valuation levels.

Fund Performance

Although value stocks began a rebound in September, the Westcore Large-Cap Dividend Fund’s 3.81% return for the third quarter lagged the 4.48% return of its benchmark, the Russell 1000® Index. Our strategy tends to lag in momentum-driven markets such as we’ve seen recently. This quarter’s return was consistent with that pattern and, unfortunately, we exacerbated the downside with mistakes in fundamental projections for a handful of stocks. 

Contributors to Return

The sectors that contributed most to the Fund’s return relative to its benchmark in the quarter were consumer discretionary, health care, and industrials. From an individual stock perspective, Fund holding AbbVie Inc. added most to the Fund’s performance. During the quarter, this global biopharmaceutical company reported solid financial results and favorable product pipeline news. AbbVie also received a successful legal decision on its largest product and reached a favorable agreement with Amgen Inc. regarding a patent dispute. Ralph Lauren Corp., a designer, marketer, and distributor of premium lifestyle products, contributed to performance in the quarter. The company executed on its rationalization program, which is designed to generate greater operating efficiencies and improve overall profit margins. Biotechnology company Gilead Sciences Inc. was another driver of the Fund’s performance. The company produced quarterly results that substantially surpassed expectations and increased guidance for earnings estimates. Additionally, the company announced the acquisition of Kite Pharma Inc., a company engaged in the emerging field of cellular therapy. Investors appeared to view this as a favorable deployment of Gilead’s excess cash. L3 Technologies Inc., a communications and electronic systems service provider to defense and commercial markets, performed well in the third quarter. Better-than-expected financial results, supported by strong government sales and savings from restructuring, prompted management to raise guidance for earnings estimates. Further contributing to Fund performance was Target Corp., an owner and operator of general merchandise stores. The company reported sales that were better than had been predicted, driven by improvements in both store and online traffic, which led to an upside surprise in earnings.

Detractors from Return

The Fund’s weakest sectors relative to the benchmark for the quarter were information technology, consumer staples, and financials. From an individual stock perspective, Cardinal Health Inc., a pharmaceutical and medical product distribution company, was the Fund’s largest detractor. Although the company announced quarterly results that were in-line with expectations, earnings were at the low end of estimates. This, coupled with a reduction in future earnings estimates, as the company steps up spending on investments, pressured the company’s stock price. Kimberly-Clark Corp., a paper-based consumer products and cleaning solutions manufacturer, was another drag on the Fund’s performance in the quarter. The company was negatively impacted by increased competition and a shift to consumers purchasing more items online. This resulted in a more promotional retail environment, which has pressured both sales and profitability. Shares of General Mills Inc., a manufacturer and marketer of branded consumer foods, lagged during the quarter as management missteps and ongoing operating challenges impacted financial performance. International Business Machines Corp., a global provider of mainframes, software, and services, was another disappointing performer. Its quarterly revenues missed expectations as stagnant demand for its legacy business products continued and hindered the company’s transitions to cognitive and cloud based solutions. Digital telecommunication product and service provider QUALCOMM Inc. was also a detractor. Despite market share gains and strong execution, the lingering effects of license disputes continued to weigh on QUALCOMM’s stock.  

Outlook and Positioning

Historically, valuation has been the largest factor that dictates stock performance over time. However, in shorter periods, that is often not the case, and this year, so far, has been an example. We believe it is important to take a longer-term view as these types of momentum-driven markets tend to be relatively short lived. In the current market, which may be overdue for a correction, we believe our strategy is positioned well for the future. In the meantime, we remain focused on our value-oriented, dividend-focused process. We continue to work on sharpening our execution and seeking opportunities that are being created by the short-term mentality of the market.

 

Stock Performance (3 months ended 9/30/2017)
Top 5 Stocks Average Weight Contribution to Return
AbbVie Inc. 4.16% 0.92%
Ralph Lauren Corp. 3.67 0.70
Gilead Sciences Inc. 4.22 0.66
L3 Technologies Inc. 4.03 0.51
Target Corp. 3.15 0.42
Bottom 5 Stocks Average Weight Contribution to Return
QUALCOMM Inc. 3.29% -0.18%
International Business Machines Corp. 3.58 -0.18
General Mills Inc. 3.61 -0.21
Kimberly-Clark Corp. 3.90 -0.34
Cardinal Health Inc. 3.64 -0.55
Top 5 Stocks
AbbVie Inc.
Average Weight 4.16%
Contribution to Return 0.92%
Ralph Lauren Corp.
Average Weight 3.67
Contribution to Return 0.70
Gilead Sciences Inc.
Average Weight 4.22
Contribution to Return 0.66
L3 Technologies Inc.
Average Weight 4.03
Contribution to Return 0.51
Target Corp.
Average Weight 3.15
Contribution to Return 0.42
Bottom 5 Stocks
QUALCOMM Inc.
Average Weight 3.29%
Contribution to Return -0.18%
International Business Machines Corp.
Average Weight 3.58
Contribution to Return -0.18
General Mills Inc.
Average Weight 3.61
Contribution to Return -0.21
Kimberly-Clark Corp.
Average Weight 3.90
Contribution to Return -0.34
Cardinal Health Inc.
Average Weight 3.64
Contribution to Return -0.55

 

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. To obtain current performance as of the most recent month-end, please call 800.392.CORE (2673) or visit the Performance tab.
The Top 5 and Bottom 5 performing stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. The methodology used to construct this chart took into account the weighting of every holding in the Fund that contributed to the Fund’s performance during the measurement period. The contribution of each Fund holding was consistently determined by calculating the weight of each holding multiplied by the rate of return for that holding during the measurement period. To request a complete list of the contribution of each Fund holding to overall Fund performance, please call 800-392-CORE (2673) or visit the Performance tab.
The Manager Commentaries contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 9/30/16. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

Distributions

The Westcore Large-Cap Dividend Fund pays income distributions quarterly and capital gains distributions at least annually, generally in December.

To view the Fund’s most recent distributions click here.

To view historical distribution information for all of the Westcore Funds click here.

 

Past performance does not guarantee future results.
A fund’s income from dividends and interest and any net realized short-term capital gains are paid to shareholders as income dividends. A fund realizes capital gains whenever it sells securities for a higher price than it paid for them. Net realized long-term gains are paid to shareholders as capital gain dividends. A dividend will reduce the net asset value of a fund share by the amount of the dividend on the ex-dividend date. View the prospectus for more information.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 3/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

Request More Information

captcha

Are you an investment professional:YesNo