THE ADVISORS' INNER CIRCLE FUND
[LOGO OMITTED]
WESTWOOD EMERGING MARKETS PLUS FUND
Summary Prospectus | March 1, 2014
Ticker: A Class Shares --
Before you invest, you may want to review the Fund's complete prospectus,
which contains more information about the Fund and its risks. You can find
the Fund's prospectus and other information about the Fund online at
http://www.westwoodfunds.com/literature/FundLiterature.aspx. You can also get
this information at no cost by calling 1-877-386-3944, by sending an e-mail
request to westwoodfunds@seic.com, or by asking any financial intermediary that
offers shares of the Fund. The Fund's prospectus and statement of additional
information, both dated March 1, 2014, are incorporated by reference into this
summary prospectus and may be obtained, free of charge, at the website, phone
number or e-mail address noted above.
FUND INVESTMENT OBJECTIVE
The investment objective of the Westwood Emerging Markets Plus Fund (the
"Fund") is to seek long-term capital appreciation.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
A Class Shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $50,000 in
the Fund. More information about these and other discounts is available from
your financial professional and in the section "Sales Charges" on page 69 of
the prospectus.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
A CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) 5.00%
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Maximum Deferred Sales Charge (Load) (as a percentage of
net asset value) None
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends and
Other Distributions (as a percentage of offering price) None
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Redemption Fee (as a percentage of amount redeemed, if applicable) None
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ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE
OF THE VALUE OF YOUR INVESTMENT)
A CLASS SHARES
Management Fees 0.95%
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Distribution (12b-1) Fees 0.25%
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Other Expenses(1) 1.06%
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Acquired Fund Fees and Expenses(1) 0.03%
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Total Annual Fund Operating Expenses 2.29%
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Less Fee Reductions and/or Expense Reimbursements (0.81)%
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Total Annual Fund Operating Expenses After Fee Reductions
and/or Expense Reimbursements(2) 1.48%
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(1) Other Expenses and Acquired Fund Fees and Expenses are based on estimated
amounts for the current fiscal year.
(2) Westwood Management Corp. (the "Adviser") has contractually agreed to
reduce fees and reimburse expenses in order to keep Total Annual Fund
Operating Expenses After Fee Reductions and/or Expense Reimbursements for A
Class Shares (excluding interest, taxes, brokerage commissions, Acquired
Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded
expenses")) from exceeding 1.45% of the Fund's A Class Shares' average
daily net assets until February 28, 2016. In addition, if at any point
Total Annual Fund Operating Expenses (not including excluded expenses) are
below the expense cap, the Adviser may receive from the Fund the difference
between the Total Annual Fund Operating Expenses (not including excluded
expenses) and the expense cap to recover all or a portion of its prior fee
reductions or expense reimbursements made during the preceding three-year
period during which this Agreement (or any prior agreement) was in place.
This Agreement may be terminated: (i) by the Board of Trustees of The
Advisors' Inner Circle Fund (the "Trust"), for any reason at any time; or
(ii) by the Adviser, upon ninety (90) days' prior written notice to the
Trust, effective as of the close of business on February 28, 2016.
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses (including capped expenses for the period
described in the footnote to the fee table) remain the same. Although your
actual costs may be higher or lower, based on these assumptions your costs
would be:
1 YEAR 3 YEARS
$643 $1,027
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
total annual fund operating expenses or in the example, affect the Fund's
performance.
PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets,
plus any borrowings for investment purposes, in equity securities of emerging
market companies. This investment policy may be changed by the Fund upon 60
days' prior written notice to shareholders. The Fund considers a company to be
an emerging market company if (i) at least 50% of the company's assets are
located in emerging markets; (ii) at least 50% of the company's revenues are
generated in emerging markets; or (iii) the company is domiciled in an emerging
market. "Emerging markets" include countries in the MSCI Emerging Markets
Index, and other countries that the Fund considers to be equivalent to those in
that index based on their level of economic development or the size and
experience of their securities markets. The equity securities in which the Fund
invests are primarily common stocks, but may also include exchange-traded funds
("ETFs"), American Depositary Receipts ("ADRs"), Global Depositary Receipts
("GDRs"), preferred stock, warrants and real estate investment trusts
("REITs"). Equity securities also include participatory notes, which are
derivative instruments with economic characteristics similar to equity
securities designed to replicate equity market exposure in certain foreign
markets where direct investment is either impossible or difficult due to local
investment restrictions. The Fund typically invests in companies with market
capitalizations exceeding $1.5 billion.
The Fund invests in approximately 50-70 securities to achieve its investment
objective. The Adviser utilizes a fundamental, bottom-up investment process and
seeks to invest in securities of sound businesses that it believes are
currently undervalued in the market and can generate positive and sustainable
earnings growth and, thus, economic profits over time. Key characteristics that
the Adviser looks for in evaluating an investment may include management
aligned with an Economic Value Added ("EVA") philosophy, strong core franchise
value, above average cash flow generation and consistency of earnings growth.
The Adviser has disciplines in place that serve as sell signals, such as a
security reaching its estimated fair value, an adverse change in a company's
fundamentals, or when more attractive alternatives exist.
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PRINCIPAL RISKS
As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A Fund share is not a bank deposit and it is not
insured or guaranteed by the FDIC or any government agency. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.
EQUITY RISK -- Since it purchases equity securities, the Fund is subject to the
risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the
Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/ or
economic trends and developments. The prices of securities issued by such
companies may suffer a decline in response. These factors contribute to price
volatility, which is the principal risk of investing in the Fund.
FOREIGN COMPANY RISK -- Investing in foreign companies, including direct
investments and through ADRs and GDRs, which are traded on exchanges and
represent an ownership in a foreign security, poses additional risks since
political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S.
economy or similar issuers located in the United States. In addition,
investments in foreign companies are generally denominated in a foreign
currency. As a result, changes in the value of those currencies compared to the
U.S. dollar may affect (positively or negatively) the value of the Fund's
investments. These currency movements may occur separately from, and in
response to, events that do not otherwise affect the value of the security in
the issuer's home country. Foreign companies may not be registered with the SEC
and are generally not subject to the regulatory controls imposed on U.S.
issuers and, as a consequence, there is generally less publicly available
information about foreign securities than is available about domestic
securities. Income from foreign securities owned by the Fund may be reduced by
a withholding tax at the source, which tax would reduce income received from
the securities comprising the portfolio. The Fund's investments in foreign
securities are also subject to the risk that the securities may be difficult to
value and/or valued incorrectly. While ADRs and GDRs provide an alternative to
directly purchasing the underlying foreign securities in their respective
national markets and currencies, investments in ADRs and GDRs continue to be
subject to many of the risks associated with investing directly in foreign
securities.
EMERGING MARKETS SECURITIES RISK -- Investments in emerging markets securities
are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established
markets, emerging markets may have governments that are less stable, markets
that are less liquid and economies that are less developed. In addition, the
securities markets of emerging market countries may consist of companies with
smaller market capitalizations and may suffer periods of relative illiquidity;
significant price volatility; restrictions on foreign investment; and possible
restrictions on repatriation of investment income
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and capital. Furthermore, foreign investors may be required to register the
proceeds of sales, and future economic or political crises could lead to price
controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies.
FOREIGN CURRENCY RISK -- As a result of the Fund's investments in securities or
other investments denominated in, and/or receiving revenues in, foreign
currencies, the Fund will be subject to currency risk. Currency risk is the
risk that foreign currencies will decline in value relative to the U.S. dollar,
in which case, the dollar value of an investment in the Fund would be adversely
affected.
SMALL- AND MID-CAPITALIZATION COMPANY RISK -- The small- and mid-capitalization
companies in which the Fund may invest may be more vulnerable to adverse
business or economic events than larger, more established companies. In
particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product
lines, markets and financial resources, and may depend upon a relatively small
management group. Therefore, small- and mid-cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter
or listed on an exchange.
ETF RISK -- ETFs are pooled investment vehicles, such as registered investment
companies and grantor trusts, whose shares are listed and traded on U.S. stock
exchanges or otherwise traded in the over-the-counter market. To the extent
that the Fund invests in ETFs, the Fund will be subject to substantially the
same risks as those associated with the direct ownership of the securities
comprising the index on which the ETF is based and the value of the Fund's
investment will fluctuate in response to the performance of the underlying
index. ETFs typically incur fees that are separate from those of the Fund.
Accordingly, the Fund's investments in ETFs will result in the layering of
expenses such that shareholders will indirectly bear a proportionate share of
the ETFs' operating expenses, in addition to paying Fund expenses. Because the
value of ETF shares depends on the demand in the market, shares may trade at a
discount or premium to their net asset value and the Adviser may not be able to
liquidate the Fund's holdings at the most optimal time, which could adversely
affect the Fund's performance.
REIT RISK -- REITs are pooled investment vehicles that own, and usually
operate, income-producing real estate. REITs are susceptible to the risks
associated with direct ownership of real estate, such as the following:
declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from
casualty or condemnation. REITs typically incur fees that are separate from
those of the Fund. Accordingly, the Fund's investments in REITs will result in
the layering of expenses such that shareholders will indirectly bear a
proportionate share of the REITs' operating expenses, in addition to paying
Fund expenses. REIT operating expenses are not reflected in the fee table and
example in this prospectus.
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DERIVATIVES RISK -- The Fund's use of participatory notes is subject to market
risk, correlation risk, liquidity risk, credit risk and valuation risk.
Liquidity risk and credit risk are described below. Market risk is the risk
that the market value of an investment may move up and down, sometimes rapidly
and unpredictably. Correlation risk is the risk that changes in the value of
the derivative may not correlate perfectly with the underlying asset, rate or
index. Valuation risk is the risk that the derivative may be difficult to value
and/or valued incorrectly. Each of these risks could cause the Fund to lose
more than the principal amount invested in a derivative instrument.
LIQUIDITY RISK -- The risk that certain securities may be difficult or
impossible to sell at the time and the price that the Fund would like. The Fund
may have to lower the price, sell other securities instead or forego an
investment opportunity, any of which could have a negative effect on Fund
management or performance.
CREDIT RISK -- The risk that the issuer of a security or the counterparty to a
contract will default or otherwise become unable to honor a financial
obligation.
NEW FUND RISK -- Investors in the Fund bear the risk that the Fund may not be
successful in implementing its investment strategy, may not employ a successful
investment strategy, or may fail to attract sufficient assets under management
to realize economies of scale, any of which could result in the Fund being
liquidated at any time without shareholder approval and at a time that may not
be favorable for all shareholders. Such liquidation could have negative tax
consequences for shareholders and will cause shareholders to incur expenses of
liquidation.
PERFORMANCE INFORMATION
The Fund has not commenced operations and therefore has no performance history.
Once the Fund has completed a full calendar year of operations, a bar chart and
table will be included that will provide some indication of the risks of
investing in the Fund by showing the variability of the Fund's return and
comparing the Fund's performance to a broad measure of market performance.
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INVESTMENT ADVISER
Westwood Management Corp.
PORTFOLIO MANAGER
Patricia Perez-Coutts, CFA, Senior Vice President and Portfolio Manager, is
expected to manage the Fund upon its inception.
PURCHASE AND SALE OF FUND SHARES
A Class Shares of the Fund are currently not available for purchase.
TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement,
such as a 401(k) plan or individual retirement account, in which case your
distribution will be taxed when withdrawn from the tax-deferred account.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary's web
site for more information.
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