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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
TickerFOVAX
Fund TypeSmall-Cap Value
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorConfluence Investment Management LLC
CUSIP33731W106
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*3.04%
Net Expense Ratio*1.60%
* As of 3/1/2024
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 2/28/2025, and to not exceed 1.70% per year from 3/01/2025 through 2/28/2034. 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 3/18/2024)
Net Asset Value1$29.09
Total Net Assets$24,288,981
Outstanding Shares72,873
NAV 52-Week High/Low$29.61 / $24.69
Fund Characteristics (as of 2/29/2024)2
Maximum Market Cap.$24,067
Median Market Cap.$1,880
Minimum Market Cap.$102
Price/Earnings25.81
Price/Book2.10
Price/Cash Flow11.67
Price/Sales1.49
Top 10 Holdings (as of 2/29/2024)3
Holding Percent
Tripadvisor, Inc. 4.51%
Cavco Industries, Inc. 4.29%
Brown & Brown, Inc. 4.19%
Kadant, Inc. 4.13%
Stewart Information Services Corp. 4.08%
Morningstar, Inc. 3.94%
Gates Industrial Corp. PLC 3.90%
AZEK (The) Co., Inc. 3.70%
UFP Technologies, Inc. 3.66%
RBC Bearings, Inc. 3.45%
NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend FrequencySemi-Annual
Industry Breakdown (as of 2/29/2024)3
  Industry Percent
Insurance 14.91%
Machinery 14.29%
Building Products 6.87%
Food Products 5.94%
Financial Services 5.87%
Interactive Media & Services 4.51%
Household Durables 4.29%
Capital Markets 3.94%
Health Care Equipment & Supplies 3.66%
IT Services 3.36%
Personal Care Products 3.31%
Automobiles 3.27%
Ground Transportation 3.13%
Textiles, Apparel & Luxury Goods 3.11%
Household Products 3.01%
Beverages 2.85%
Chemicals 2.75%
Electrical Equipment 2.56%
Water Utilities 2.50%
Software 2.17%
Leisure Products 1.87%
Energy Equipment & Services 1.83%
Month End Performance (as of 2/29/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Without Sales Charge 12.64% 3.73% 2.69% -1.27% 2.71% 5.51% 7.03%
With Sales Charge 6.45% -1.98% -2.95% -3.12% 1.55% 4.92% 6.56%
Index Performance **
Russell 2000® Value Index 10.85% -1.42% 5.61% 2.49% 6.62% 6.55% 8.17%
Russell 2000® Index 13.95% 1.54% 10.05% -0.94% 6.89% 7.13% 8.96%
Quarter End Performance (as of 12/29/2023)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Without Sales Charge 7.53% 6.14% 6.14% -0.41% 4.66% 5.24% 6.81%
With Sales Charge 1.61% 0.29% 0.29% -2.27% 3.49% 4.64% 6.35%
Index Performance **
Russell 2000® Value Index 15.26% 14.65% 14.65% 7.94% 10.00% 6.76% 8.39%
Russell 2000® Index 14.03% 16.93% 16.93% 2.22% 9.97% 7.16% 8.95%

*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.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. 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.

Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares.
2 All market capitalization numbers are in USD$ Millions.
3 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.
4 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 a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund’s objective(s) will be achieved. Please refer to each fund’s prospectus and Statement of Additional Information for additional details on a fund’s risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

An investment in a Business Development Company (“BDC”) may present a greater risk of loss due to the company’s youth, limited track record, limited product line, use of leverage, or small market share. These companies may also have issues related to liquidity or capital resources which may result in a greater risk of default on fixed income securities or non-payment of dividends on stock. Additionally, the BDC’s shares may trade at a market price above or below its net asset value, or an active market may not develop for its shares which may result in losses to the fund.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Financial services companies are subject to the adverse effects of economic recession, currency exchange rates, government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentration in geographic markets, industries or products, and competition from new entrants in their fields of business.

Industrials and producer durables 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 portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

There can be no assurance that the securities held by a fund will stay within a fund’s intended market capitalization range.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity.

A fund and a fund’s advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund’s ability to meet its objective.

Real Estate Investment Trusts (“REITs”) are subject to risks the risks of investing in real estate, including, but not limited to, changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Increases in interest rates typically lower the present value of a REIT’s future earnings stream and may make financing property purchases and improvements more costly. The value of a fund will generally decline when investors in REIT stocks anticipate or experience rising interest rates.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Value characteristics of a stock may not be fully recognized for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

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.
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