Roumell Opportunistic Value Fund Institutional Class Shares
Prices as of 9/24/2021
  Current NAV Previous NAV Difference
  14.10 14.15 -0.05
Click Here for 12 Month Dividend History
Average Annual Total Return as of Quarter Ending 6/30/2021
  One Year Three Year Five Year Ten Year
NAV 84.51% 23.01% 20.29% 7.88%
Click Here for Most Recent Month End Returns
The performance information quoted above represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Ticker Information
Minimum Investment
Initial $2,500.00
Subsequent $100.00
Portfolio ManagerJames C. Roumell
Investment AdvisorRoumell Asset Management, LLC
2 Wisconsin Circle, Suite 700
Chevy Chase, Maryland 20815
DistributorCapital Investment Group
100 E Six Forks Rd
Suite 200
Raleigh, NC 27609
Inception DateDecember 31, 2010
State Registrations
The fund is available for sale in the following states:AA, AE, AL, AP, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY
Shareholder Fees
Maximum Sales Charge (Load) Imposed On Purchases
(as a % of offering price)
Maximum Deferred Sales Charge (Load) (as a % of lesser of amount purchased or redeemed)None
Shareholder TransaFees
Redemption Fee
(as a % of amount redeemed; charged upon any redemption of shares within 60 days of their issuance)
Shareholder Fees
Exchange feeNone
Annual Fund Operating Expenses
Management Fees 0.92%
Distribution and/or Service (12b-1) FeesNone
Other Expenses0.36%
Acquired Fund Fees and Expenses10.04%
Total Annual Fund Operating Expenses1.32%
Less Fee Waiver and/or Expense Limitation20.05%
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimursement1.27%
1 "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement" will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and> 2 The Fund’s Investment Advisor, Roumell Asset Management, LLC (the "Advisor"), has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund under which it has agreed to waive or reduce its management fees and assume other expenses of the Fund in an amount that limits the Fund’s Total Annual Fund Operating Expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.23% of the average daily net assets of the Fund. This contractual arrangement is in effect through January 1, 2022, unless earlier terminated by the Board of Trustees of the Fund (the "Board" or the "Trustees") for any reason at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement.
Principal Risks of Investing in the Fund
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks: Opportunistic Investment Strategy Risk, Non-Diversified Fund Risk, Sector Risk, COVID-19 Risk, Cybersecurity Risk, Common Stocks Risk, Small-Cap and Mid-Cap Securities Risk, Micro-Cap Securities Risk, Risks Related to Investing in Other Investment Companies, Large-Cap Securities Risk, Preferred Stock Risk, Convertible Securities Risk, Lower-Rated Securities or "Junk Bonds" Risk, Interest Rate and Credit Risk, Interest Rate and Credit Risk, Maturity Risk, Government Debt Markets May be Illiquid or Disrupted, Inflation Risk, Risks of Investing in REITs, Currency Risk, and Foreign Securities Risk. More information about these risks and other risks can be found in the Fund’s prospectus.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing.
Download Information
Privacy Policy
Annual Report
Semi-Annual Report
IRA Information
IRA Application
SEP IRA Instructions
SEP IRA Application
Cost Basis FAQ
Cost Basis Election Form
Portfolio Holdings
Portfolio Holdings as of 6/30/2021 Click to View
Portfolio Holdings as of 11/30/2020, 1st Quarter of the most recent fiscal year Click to View
Portfolio Holdings as of 05/31/2021, 3rd Quarter of the most recent fiscal year Click to View

Click on any of the above links to view the document. For best results right-click the link and choose "Save as" to save the PDF file to your local disk drive. All documents are in Adobe Acrobat (.pdf) format.

The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

Distributor: Capital Investment Group, Inc., Member FINRA/SIPC, 100 E Six Forks Road, Suite 200, Raleigh, NC 27609, (800) 773-3863.

There is no affiliation between Roumell Asset Management, LLC including its principals, and Capital Investment Group, Inc.


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