Hardman Johnston International Growth Fund

Fund Snapshot

Ticker	HJIGX	HJIRX
CUSIP	56170L885	56170L877
Inception Date	02/14/18	09/17/18
Sales Charge	No Load*	No Load*
Net Expense Ratio	1.00%**	1.25%**
Gross Expense Ratio	4.57%***	4.88%***
Minimum Initial Investment	$100k	$3k
Subsequent Minimum Investments	None	None

*While the fund is no-load, management fees and other charges still apply. Please refer to the prospectus for further details.

** The Advisor has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the Fund’s total annual fund operating expenses to an amount equal to the Management Fees until February 14, 2021.

***As of the Prospectus dated February 28, 2020.

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Fund Performance

Daily Price Change

HARDMAN JOHNSTON INTERNATIONAL GROWTH FUND
DAILY PERFORMANCE AS OF 8/27/2020

HARDMAN JOHNSTON INTERNATIONAL GROWTH FUND DAILY PERFORMANCE AS OF 8/27/2020
Fund	Ticker	Price	Change
Institutional	HJIGX	$11.02	($0.07)
Retail	HJIRX	$11.69	($0.08)

Quarterly Fund Performance (As of 9/30/2020)
	HJIGX^	MSCI AC World Ex-USA
Q3 2020	11.68%	6.25%
1 Year*	17.81%	3.00%
Since Inception* (^Inception Date: 2/14/18)	5.87%	-0.43%

*Annualized as of previous quarter end September 30, 2020.

Performance data quoted represents past performance; past performance does not guarantee future results. The 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 on the fund may be lower or higher than the performance quoted. Returns shown are cumulative. All performance rounded to the nearest hundredth. Performance current to the most recent month-end may be obtained by calling 833-627-6668. It is not possible to invest directly in an index.

MSCI AC World Ex-USA Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.- based companies.

Effective January 2, 2020, the Fund’s sub-advisor changed from Redwood Investments, LLC to Hardman Johnston Global Advisors LLC.

Fund Portfolio Data as of 9/30/2019

DIVERSIFICATION
REGION / COUNTRY (Ex-Cash)

	FUND	MSCI World Ex-USA
NORTHERN EUROPE	31.02	18.59
Switzerland	16.48	8.53
Germany	10.41	7.74
Sweden	4.13	2.32
WESTERN EUROPE	22.94	15.50
France	8.18	10.29
Finland	2.61	0.90
Israel	2.48	0.51
Netherlands	6.47	3.60
Austria	3.20	0.20
FAR EAST	19.06	25.44
Japan	18.86	22.24
Hong Kong	0.20	3.20
ENGLISH	15.58	24.25
United Kingdom	13.60	14.82
Canada	1.98	9.43
SOUTHERN EUROPE	9.65	4.75
Spain	5.55	2.63
Italy	4.10	2.12
NEW ZEALAND	1.75	0.22
New Zealand	1.75	0.22

Market Cap Distribution* (%)
	FUND	MSCI World Ex-USA
Greater than $50 Billion	20.79	38.80
$20 Billion – $50 Billion	24.39	30.78
$10 Billion – $20 Billion	24.04	15.57
Less than $10 Billion	30.77	14.85

*The above listed Market Cap Breakdown is shown Ex-Cash

Sector Breakdown* (%)
	FUND	MSCI World Ex-USA
Information Technology	16.58	6.66
Consumer Staples	14.86	11.31
Consumer Discretionary	14.06	10.81
Industrials	11.28	14.20
Health Care	11.23	10.61
Financials	10.40	20.51
Communication Services	7.37	5.16
Energy	6.69	6.41
Materials	4.33	7.28
Utilities	3.20	3.73
Real Estate	0.00	3.33

*The above listed sectors are shown Ex-Cash

PORTFOLIO CHARACTERISTICS
	FUND	MSCI World Ex-USA
P/E (FY2)	18.2x	13.1x
Historical 3-YR EPS Growth	19.0%	9.7%
Weighted Avg. Market Cap	$53.9B	$62.2B
Median Market Cap	$13.8B	$10.2B
Beta	1.00	1.00
Active Share	91.2
Number of Holdings	41	1,013

TOP 10 HOLDINGS* (%)
	FUND		FUND
Nestle S.A.	4.57	L’Oreal SA	3.11
Roche Holding Ltd.	4.10	JD Sports Fashion Plc	3.10
MTU Aero Engines AG	3.37	VERBUND AG Class A	3.09
Cellnex Telecom SA	3.36	NXP Semiconductors NV	3.00
PUMA SE	3.34	Taiyo Nippon Sanso Corporation	2.96

*The above listed top ten holdings represent 34.02% of the Fund’s portfolio.

MSCI World Ex-USA Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It is not possible to invest directly in an index.

The price to earnings ratio (P/E Ratio) is the measure of the share price relative to the annual net income earned by the firm per share.

Dividend Yield is a divided expressed as a percentage of a current share price.

Earnings per share (EPS) growth is a company’s profit divided by its number of common outstanding shares.

Weighted average market capitalization is refers to a type of stock market index construction based on the market capitalization of the index’s constituent stocks.

The Median Market Cap is the midpoint of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.

Morningstar Foreign Large Blend Category represents an average of all of the funds in the Morningstar Foreign Large Blend Category.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

WHY HARDMAN JOHNSTON INTERNATIONAL GROWTH FUND

HIGH CONVICTION

Portfolio holdings will be concentrated in securities that Hardman Johnston believes offer the optimal opportunity for capital appreciation. When selected for inclusion, a stock enters a concentrated portfolio, ranging from 20 to 30 positions with a typical holding period of 3 to 5 years. Portfolio construction applies diversification constraints to manage concentration risk within industries, countries, and single securities. The outcome is a best ideas, risk aware, high conviction portfolio that seeks low turnover and high active share.

FUNDAMENTAL APPROACH

The investment team at Hardman Johnston believes that stock selection is the key to investment performance. The Fund will employ a disciplined, bottom-up approach, based on fundamental research, investing in high quality companies with secular growth prospects when they are trading at an attractive relative valuation. It will search for companies with leading positions in their business segments that can be expanded, either locally or worldwide.

TEAM

Hardman Johnston is a boutique investment management firm with a global sector approach and deeply ingrained belief that a focused, long-term investment outlook is essential. The firm’s tight-knit team and investment culture that is client-centered, performance-driven and team-oriented contribute to the effectiveness of the investment process.

The Fund’s investment approach is designed to take advantage of today’s vast information resources, as well as the fundamental judgment of experienced investment professionals. For over 30 years, the firm has followed a focused and disciplined investment process that aims to result in concentrated, high conviction portfolios with low turnover and high active share.

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