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Fund Name:

Aasgard Small & Mid-Cap Fund

Share Class:

No Load Class (management and other expenses still apply – please refer to the Prospectus for more information)

Fund Inception Date:


Market Cap / Style:

Small & Mid-Cap / Dividend Income plus Growth

Portfolio Manager:

James Walsh, CFA©

Gross Expense Ratio:

1.24% annual

Net Expense Ratio:

1.00% annual*

Ticker Symbol:


Cusip Number:


Min. Initial Investment:

Regular = $2,500

Retirement = $2,500

Min. Subseq. Investment:

Regular = $500

Retirement = $500

Distribution Information:


* The Advisor has contractually agreed to waive fees until 7/29/2021.


The Aasgard Small & Mid-Cap Fund (the “Fund”) seeks a combination of dividend income and capital appreciation, with a secondary focus on lower than market volatility.

Principal Investment Strategy

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying common stocks of small- and medium-sized companies. The Fund invests primarily in the common stocks of domestic small and medium capitalization companies with market capitalizations smaller than the largest 200 publicly listed companies. The Fund may also invest up to 15% of its net assets in real estate investment trusts (“REITs”).

The Advisor employs a proprietary ranking system to evaluate the universe of U.S. small- and medium-sized capitalization companies. Companies are ranked within their sectors according to the relative dividend yield, dividend growth, dividend consistency, valuation, free-cash flow, and payout ratio. Each stock considered for purchase must have (i) a current yield of at least 1.00% and (ii) issuer’s five year projected dividend growth rate of at least 5%. Holdings are reviewed for sale if they have fallen more than 10% since their purchase and may be replaced with stocks the Advisor believes have a higher potential for gain. This often has the additional benefit of realizing taxable losses that can be used to offset future realized gains. The Fund’s strategy strives to reduce volatility by limiting individual positions sizes to 5% of the Fund’s total assets and by limiting single industry exposure to less than 20% of the Fund’s total assets.

Target prices are developed for each security, but the Advisor does not have a strict sell discipline. The Advisor believes that in times of extreme market volatility, a strict sell discipline would require wholesale liquidations resulting in extremely large cash positions. Under most circumstances, the Advisor will not hold cash positions in excess of 15% of the Fund’s net assets in order to maintain participation in growth opportunities in the overall market but will consider cash positions in excess of this threshold under certain market or economic conditions.

Terms and Definitions:

Free Cash Flow: Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value. Without cash, it’s tough to develop new products, make acquisitions, pay dividends and reduce debt. FCF is calculated as: EBIT(1-Tax Rate) + Depreciation & Amortization – Change in Net Working Capital – Capital Expenditure. It can also be calculated by taking operating cash flow and subtracting capital expenditures.

Mutual Fund investing involves risk, loss of principal is possible. Losing all or a portion of your investment is a risk of investing in the Fund.  Investments in small- and mid-cap companies involve additional risk such as limited liquidity and greater volatility than larger companies. Investments in REITs will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs.

Click the link above to obtain a current prospectus. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1.877.476.1909.  Documents meet regulatory requirements when viewed using Internet Explorer.

The Aasgard Small & Mid-Cap Fund is distributed by Quasar Distributors, LLC

Request Fund Information/Contact Us

If you have any questions about our Funds or would like to request further information please contact us. You may also request a free copy of any of the Shareholder Reports or Fund Materials, including the Funds’ proxy voting records.

By Phone:


By Regular Mail:

Aasgard Small & Mid-Cap Fund

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

By Overnight Delivery:

Aasgard Small & Mid-Cap Fund

c/o U.S. Bancorp Fund Services, LLC

615 E. Michigan Street, Third Floor

Milwaukee, Wisconsin 53202

By Sending Us An E-Mail: