(PUB) Investing 2015

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5 Morningstar FundInvestor December 2015
Data through November 30, 2015 FINRA members: For internal or institutional use only.
Champlain Mid Cap Adv Ticker
CIPMX
Yield
0.0%
Total Assets
$766 mil
Mstar Category
Mid-Cap Growth
Benchmark 1: Russell Mid Cap Growth TR USD
Benchmark 2: S&P 500 TR USD
Morningstar Analyst Rating 11-09-15
„
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ¶ Neutral
Price § Negative
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
Historical Profile
Return
Risk
Rating
Above Avg
Below Avg
QQQQ
Above Avg
8 8 8 8 8 8 5 8 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
) ) & ( * * * Performance Quartile
(within Category)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11-15 History
. . . 7.64 9.60 10.99 10.89 11.60 14.63 14.21 14.80 NAV
. . . . 28.14 20.30 2.34 11.48 37.28 7.69 4.15 Total Return %
. . . . -18.15 -6.08 3.99 -4.32 1.54 -4.21 2.04 +/- Bmark 1
. . . . 1.67 5.24 0.23 -4.52 4.90 -6.00 1.14 +/- Bmark 2
. . . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Income Return %
. . . . 28.14 20.30 2.34 11.48 37.28 7.69 4.15 Capital Return %
. . . . 85 79 12 74 28 44 29 Total Rtn % Rank Cat
. . . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Income $
. . . . 0.19 0.55 0.35 0.54 1.24 1.56 0.00 Capital Gains $
. . . 5.10 1.59 1.37 1.39 1.34 1.30 1.30 1.29 Expense Ratio %
. . . 0.05 0.01 -0.21 -0.33 -0.20 -0.06 -0.21 -0.09 Income Ratio %
. . . 0 55 63 33 41 50 52 46 Turnover Rate %
. . . 29 64 88 227 380 573 542 560 Net Assets $mil
Performance 11-30-15
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2011 9.01 1.17 -16.83 11.58 2.34
2012 11.20 -3.88 3.44 0.84 11.48
2013 14.40 1.51 8.24 9.22 37.28
2014 1.09 3.99 -2.21 4.75 7.69
2015 3.73 2.51 -9.66 — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 4.30 1.89 -1.77 9 10,430
6 Mo -2.12 1.44 -1.90 26 9,788
1 Yr 3.01 1.19 0.26 41 10,301
3 Yr Avg 15.73 -0.71 -0.36 32 15,501
5 Yr Avg 13.48 0.06 -0.92 19 18,821
10 Yr Avg — — — — —
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 13.31 34 2.09 63
5 Yr (estimated) 11.63 27 1.64 73
10 Yr (estimated) — — — —
Potential Capital Gain Exposure: 21% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr 3.01
3 Yr 15.73 +Avg -Avg QQQQ
5 Yr 13.48 +Avg -Avg QQQQ
10 Yr — — — —
Incept 10.31
Other Measures Standard Index Best Fit Index
Alpha 0.4 -0.2
Beta 0.96 0.96
R-Squared 81 90
Standard Deviation 11.17
Mean 15.73
Sharpe Ratio 1.37
Portfolio Analysis 07-31-15
Total Stocks: 57
Share change since 04-30-15 Sector YTD Ret % % Assets
YSt Jude Medical Inc Hlth Care -1.63 3.48
YMcCormick & Company Inc N Cnsmr Def 17.25 3.21
YRed Hat Inc Technology 17.75 3.04
YFlowers Foods Inc Cnsmr Def 24.77 2.95
TJM Smucker Co Cnsmr Def 22.61 2.84
YRockwell Automation Inc Industrl -1.88 2.54
TEndurance Specialty Holdi Finan Svcs 11.98 2.47
YWEX Inc Industrl -4.70 2.37
TDover Corp Industrl -5.83 2.32
YInformatica Corp Technology — 2.32
TSolarWinds Inc Technology 17.26 2.32
TAllied World Assurance Co Finan Svcs -2.25 2.30
YNorthern Trust Corp Finan Svcs 12.74 2.28
YCullen/Frost Bankers Inc Finan Svcs 1.77 2.26
YFidelity® Instl MM Fds Tr — — 2.18
YArthur J Gallagher & Co Finan Svcs -4.72 2.17
YPTC Inc Technology -1.66 2.16
YCommerce Bancshares Inc Finan Svcs 12.96 2.15
YAnsys Inc Technology 13.67 2.12
YCooper Companies Hlth Care -9.74 2.00
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 0.0
Large 5.9
Mid 76.9
Small 17.2
Micro 0.0
Avg $mil:
6,729
Value Measures Rel Category
Price/Earnings 22.07 0.97
Price/Book 2.63 0.80
Price/Sales 2.01 1.03
Price/Cash Flow 13.33 1.03
Dividend Yield % 1.32 1.44
Growth Measures % Rel Category
Long-Term Erngs 10.98 0.79
Book Value 7.05 0.70
Sales 7.13 0.78
Cash Flow 2.52 0.21
Historical Erngs 8.64 0.66
Profitability %
Return on Equity 16.62
Return on Assets 6.99
Net Margin 11.76
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 30.64 0.82
r BasicMat 0.00 0.00
t CnsmrCyc 13.07 0.55
y FinanSvcs 17.57 3.03
u Real Est 0.00 0.00
j Sensitive 38.02 0.93
i CommSrvs 0.00 0.00
o Energy 3.62 4.70
p Industrl 16.81 0.82
a Technlgy 17.59 0.99
k Defensive 31.33 1.44
s CnsmrDef 11.23 1.18
d Hlthcare 20.10 1.65
f Utilities 0.00 0.00
Composition - Net
Cash 2.2
Stocks 97.8
Bonds 0.0
Other 0.0
Foreign 0.0
(% of Stock)
Morningstar's Take by Laura Lallos 11-09-15
Champlain Mid Cap owes its Morningstar Analyst Rating
of Silver to an experienced team employing a disciplined
strategy that has led to competitive risk-adjusted long-
term performance.
This fund was launched as a mid-cap version of
Silver-rated Champlain Small Company CIPSX. In both
funds, lead manager Scott Brayman and the rest of the
long-tenured team seek out companies with superior
relative growth rates, stable business models, high
returns on equity, low debt, and strong, predictable
earnings. Within this strategy, they won't let more than
5% of the portfolio get above $20 billion in market cap.
The portfolios are reasonably diversified, but the
managers focus on five sectors where they feel they can
add the most value--industrials, consumer, healthcare,
technology,and financials.Theyconsiderdifferent "sector
factors" for each one--for example, they look for
innovators among industrials and low obsolescence risk
in technology, while minimizing exposure to government
copays within healthcare. A strict valuation discipline
often leads them to trim the best recent performers and
add to holdings that have stumbled.
That valuation focus and quality bias can hold the
fund back in more-speculative bull markets: It trailed both
the mid-growth Morningstar Category and the Russell
Midcap Growth benchmark in 2009 and 2010. However,
it also held up well in 2011's tough market and after it
launched in mid-2008. It has been one of the category's
best performers since then, earning an annualized 10.2%
return throughOctober2015,comparedwith7.5% for the
category and 9.5% for the Russell Midcap Growth. Over
that time, it has earned 86% of the upside performance
of that benchmark but only 77% of the downside. Its
rolling three-year returns have rarely landed in the bottom
quartile of the category.
AswithChamplainSmallCompany,thebiggeststrike
against this fund is its expense ratio, which is above
average compared with similarly distributed mid-cap
funds. Despite that hurdle, it has been a competitive mid-
cap player.
Address: Advisors' Inner Circle (Champlain) Minimum Purchase: $10000 Add: — IRA: $3000
Kansas City, MO 64121 Min Auto Inv Plan: $10000 Add: $25
866-773-3238 Sales Fees: No-load
Web Address: Management Fee: 0.80%, 0.10%A
Inception: 06-30-08 Actual Fees: Mgt:0.80% Dist:0.25%
Advisor: Champlain Investment Partners, LLC Expense Projections: 3Yr:$406 5Yr:$702 10Yr:$1545
Subadvisor: None Income Distribution: Annually
©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past
performance is no guarantee of future results.Access updated reports at To order reprints, call 312-696-6100. ß® Mutual Funds A