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First Trust/Confluence Small Cap Value Fund (FOVAX)
Investment Objective/Strategy - The Fund seeks to provide long-term capital appreciation by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of U.S. listed companies with small market capitalizations at the time of investment.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Fund Overview
Fund TypeSmall-Cap Value
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorConfluence Investment Management LLC
Share ClassClass A
Fiscal Year-End10/31
Inception Date2/24/2011
Minimum Investment Amount$2,500
Minimum Subsequent Investment Amount$50
Maximum Initial Sales Charge5.50%
Gross Expense Ratio*2.69%
Net Expense Ratio*1.60%
* As of 3/1/2021
Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of any class of shares of the fund from exceeding 1.35% per year, excluding 12b-1 distribution and service fees, acquired fund fees and expenses and certain other expenses as described in the prospectus, through 2/28/2022, and to not exceed 1.70% per year from 3/01/2022 through 2/28/2031. Net expense ratio shown above includes 12b-1 service fees, acquired fund fees and certain other expenses as described in the prospectus.
Current Fund Data (as of 3/4/2021)
Net Asset Value1$35.06
Total Net Assets$50,566,726
Outstanding Shares125,324
NAV 52-Week High/Low$36.30 / $20.25
Fund Characteristics (as of 2/26/2021)3,4
Maximum Market Cap.$12,948
Median Market Cap.$1,660
Minimum Market Cap.$246
Price/Cash Flow15.77
Top 10 Holdings (as of 1/29/2021)4
Holding Percent
frontdoor, Inc. 4.64%
Movado Group, Inc. 3.96%
Kadant, Inc. 3.89%
Cannae Holdings, Inc. 3.88%
Morningstar, Inc. 3.88%
Healthcare Services Group 3.78%
RBC Bearings, Inc. 3.55%
BRP Group, Inc., Class A 3.43%
Winnebago Industries, Inc. 3.40%
Avanos Medical, Inc. 3.39%
NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend FrequencySemi-Annual
Dividend per Share Amt (as of 3/5/2021)2$3.7825
Industry Breakdown (as of 1/29/2021)4
  Industry Percent
Machinery 10.74%
Insurance 8.87%
Banks 6.19%
Equity Real Estate Investment Trusts 6.05%
Electrical Equipment 5.50%
IT Services 5.43%
Health Care Equipment & Supplies 5.01%
Diversified Consumer Services 4.64%
Textiles, Apparel & Luxury Goods 3.96%
Capital Markets 3.88%
Diversified Financial Services 3.88%
Commercial Services & Supplies 3.78%
Automobiles 3.40%
Real Estate Management & Development 3.36%
Electronic Equipment, Instruments & Components 3.18%
Food Products 3.10%
Water Utilities 3.08%
Personal Products 3.03%
Gas Utilities 2.91%
Paper & Forest Products 2.74%
Pharmaceuticals 2.62%
Air Freight & Logistics 1.93%
Professional Services 1.71%
Hotels, Restaurants & Leisure 1.01%
Month End Performance (as of 2/26/2021)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Without Sales Charge 14.42% 6.45% 20.71% 7.87% 12.06% 9.51% 9.65%
With Sales Charge 8.12% 0.59% 14.07% 5.85% 10.80% 8.89% 9.03%
Index Performance **
Russell 2000® Value Index 24.27% 15.15% 41.06% 10.14% 14.22% 9.65% 9.93%
Russell 2000® Index 21.23% 11.58% 51.00% 14.87% 17.92% 11.86% 12.11%
Quarter End Performance (as of 12/31/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Without Sales Charge 24.50% 1.53% 1.53% 4.10% 10.22% N/A 9.12%
With Sales Charge 17.66% -4.05% -4.05% 2.16% 8.98% N/A 8.50%
Index Performance **
Russell 2000® Value Index 33.36% 4.63% 4.63% 3.72% 9.65% N/A 8.53%
Russell 2000® Index 31.37% 19.96% 19.96% 10.25% 13.26% N/A 11.08%

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

**Index performance information is for illustrative purposes only. Indexes do not charge management fees or brokerage expenses and no such fees or expenses were deducted from the performance shown. All Index returns assume that dividends are reinvested when they are received. Indexes are unmanaged and an investor cannot invest directly in an index.

Russell 2000® Value Index - The Index measures the performance of the small-cap segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

Russell 2000® Index - The Index is comprised of the smallest 2000 companies in the Russell 3000 Index.

1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares .
2 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
3 All market capitalization numbers are in USD$ Millions.
4 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.
5 Inception Date is 2/24/2011

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

The Fund is subject to the following risks:

You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Because the Fund invests in equity securities, the value of the Fund's shares will fluctuate with changes in the value of these equity securities.

In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result.

Industrials companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

The Fund is subject to market risk which is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

The Fund may invest in securities issued by companies concentrated in a particular asset, sector, industry or region which involves additional risks including limited diversification.

There can be no assurance that the securities held by the Fund will stay within the Fund's intended market capitalization range.

The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

The Fund invests in small capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

As the use of Internet technology has become more prevalent in the course of business, the Fund has become more susceptible to potential operational risk through breaches in cyber security.

Please see the Fund's prospectus for a complete description of the risks of investing in the Fund.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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