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Perspective + Experience + Temperament

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We don’t have access to better information than do our competitors.  Nor do we have a greater ability to predict the future.  Our advantage lies in our combination of perspective, experience, and temperament. What does this mean?

Our “perspective” is longer term.  It means we evaluate every stock by examining the long-term fundamentals, rather than short-term trading factors, and compare those to the prevailing price.  Due to a confluence of factors (speed and accessibility of information, low trading costs, pressure to avoid short-term declines), the market’s focus on short-term factors has increased, creating more opportunities for long-term investors like ourselves.  Experience helps us identify these situations and to steer clear of those that may appear cheap but have long-term problems.  The proper temperament is critical.  A manager may claim to be a long-term investor but lack the gumption to act when market dislocation occurs.  This is because such dislocation tends to happen when stress in the market is high and prices of various stocks are declining rapidly.  In such situations it is extremely difficult to overcome one’s emotions and buy, even if you feel good about the company’s long-term outlook.  Our ability to stay even-keeled and our willingness to go against the crowd are key advantages.

In our opinion possessing all three of these (long-term perspective, experience, proper temperament) gives us a distinct advantage and is the driver of any investment success we have had or will have.*  If one has a long-term perspective and experience but not the right temperament, he or she may not have the fortitude to act when opportunities arise.  Similarly, if one has the right personality but is too focused on the short-term, it may lead him or her into dangerous situations.  The fact that so few portfolio managers outperform the market over a long period may indicate that possessing all three is rare.

*There can be no guarantee that any strategy (risk management or otherwise) will be successful.  All investing involves risk, including potential loss of principal.

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Note to Financial Advisors: Please contact your custodian/broker dealer to request that TOWFX and TOWTX be added to your broker dealer’s platform.  Advisor demand is necessary for Towpath Focus Fund and Towpath Technology Fund to be considered for your platform. Please contact us with any questions.

 

IMPORTANT INFORMATION:

There can be no guarantee that any strategy (risk management or otherwise) will be successful.  All investing involves risk, including potential loss of principal. “Prior Fund” does not represent the performance of Towpath Focus Fund.

Equity Risk: Equity security values held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of the securities participate or other factors relating to the companies.  

 

Limited History of Operations: The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. 

Management Risk: The Fund is an actively managed portfolio. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the Fund will achieve its investment objective. The Adviser may select investments that do not perform as anticipated by the Adviser. The Fund could lose value or its investment results could lag relevant benchmarks or other funds with similar objectives.

An investor should carefully consider Towpath Focus Fund's (TOWFX) investment objectives, risks, charges and expenses before investing. This and other important information about Towpath Focus Fund can be found by downloading the Fund’s prospectus and summary prospectus. To obtain a hard copy of the prospectus, please call Shareholder Services at  877-593-8637. Please read the prospectus carefully before investing.

An investor should carefully consider Towpath Technology Fund'
s (TOWTX) investment objectives, risks, charges and expenses before investing. This and other important information about Towpath Technology Fund can be found by downloading the Fund’s prospectus and summary prospectus. To obtain a hard copy of the prospectus, please call Shareholder Services at  877-593-8637. Please read the prospectus carefully before investing. 

Towpath Focus Fund (TOWFX) and Towpath Technology Fund (TOWTX) are distributed by Foreside Financial Services, LLC.

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