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Additional disclosure: IMPORTANT INFORMATION FOR INVESTORS
As of 6-30-22, the holding percentages of the stocks mentioned in this commentary are as follows; Coca- Cola Europacific Partners PLC (4.2%), Edenred S.A. (2.8%), Mastercard Incorporated (4.4%), First Horizon National Corporation (no longer held), Pioneer Natural Resources Company (5.4%), Medtronic PLC (no longer held), eDreams ODIGEO S.A. (1.9%), IQVIA Holdings, Inc. (2.3%), S&P Global, Inc. (3.2%), HDFC Bank Limited (1.2%), Partners Group Holding AG (1.6%), Mirion Technologies, Inc. (0.8%) and International Money Express, Inc. (1.1%). Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased. The Fund’s top ten holdings as of 6-30-22: Microsoft Corporation (5.8%), Pioneer Natural Resources Co. (5.4%), Mastercard Incorporated (4.4%), Chubb Corporation (4.2%), Coca-Cola Europacific Partners (4.2%), Accenture PLC (4.0%), S&P Global, Inc. (3.2%), Lowe’s Companies, Inc. (3.0%), AXA SA (2.9%) and Edenred (2.8%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. Current and future portfolio holdings are subject to risk.
The Adviser invests only in securities that meet the Fund’s investment and religious requirements. The returns may be lower or higher than if decisions were based solely on investment considerations. The method of security selection may or may not be successful and the Fund may underperform or outperform the stock market as a whole. All mutual funds are subject to market risk, including possible loss of principal. The Fund’s investments in small- and mid-capitalization companies could experience greater volatility than investments in large-capitalization companies. AVEWX invests in foreign securities and securities issued by
U.S. entities with substantial foreign operations. Investments in these securities can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include less stringent investor protection and disclosure standards of some foreign markets, fluctuations in foreign currencies, and withholding or other taxes.
The investment performance assumes reinvestment of dividends and capital gains distributions. Performance data reflects certain fee waivers and reimbursements. Without such waivers, performance would have been lower. The MSCI All Country World Index is a broad global equity index that is designed to track broad global equity-market performance. Maintained by Morgan Stanley Capital International (MSCI), the index is comprised of the stocks of about 3,000 companies from 23 developed countries and 26 emerging markets. The S&P China 500® Index comprises 500 of the largest, most liquid Chinese companies while approximating the sector composition of the broader Chinese equity market. The MSCI Emerging Market Index is a selection of stocks that is designed to track the financial performance of key companies in fast-growing nations. It is one of a number of indexes created by MSCI Inc., formerly Morgan Stanley Capital International. S&P/TOPIX 150® represents the large cap universe for Japan. It includes 150 highly liquid securities of leading, blue chip companies from each of the Global Industry Classification Standard (GICS®) sectors of the Japanese market. The S&P 500® Index is a capitalization weighted unmanaged index of 500 widely traded stocks, created by Standard & Poor’s. The index is considered to represent the performance of the stock market in general. The S&P Europe 350® consists of 350 leading blue-chip companies drawn from 16 developed European markets. Indexes do not incur fees and it is not possible to invest directly in an index.
Request a prospectus, which includes investment objectives, risks, fees, charges and expenses and other information that you should read and consider carefully before investing. The prospectus can be obtained by calling 1-866-283-6274 or online at www.avemariafunds.com. Distributed by Ultimus Fund Distributors, LLC.
© Ave Maria Mutual Funds
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