UAT Global Growth Fund

Overview

The Global Growth Fund seeks long-term growth of capital

Primary Benchmark

MSCI All Country World Index Net

Portfolio Management

Aziz Hamzaogullari

Founder, Chief Investment Officer and Portfolio Manager, Growth Equity Strategies Team

Read bio

Total Fund Assets (as of 6/30/2025)

$130.1 million

Strategy Highlights

Takes a long-term private equity-oriented approach by partnering with management who think and act like owners
Looks to identify high-quality companies with sustainable competitive advantages and profitable growth when they trade at significant discount to intrinsic value
Risk is defined as permanent loss of capital, not tracking error or short-term relative underperformance

Investment Strategy

The fund will invest primarily in equity securities, including common stocks and depositary receipts
Employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders
Aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value
Will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate

About Risk

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
Investments in small and mid-size companies can be more volatile than those of larger companies.
Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations.

Ticker	LSNGX
Class Inception	3/31/2017
CUSIP	63873P882
Minimum Initial Investment	$1,000,000
Gross Expense Ratio¹	1.06%
Net Expense Ratio¹	0.90%
Net Asset Value	23.66

Ticker	LSGGX
Class Inception	3/31/2016
CUSIP	63872T224
Minimum Initial Investment	$100,000
Gross Expense Ratio¹	1.13%
Net Expense Ratio¹	0.95%
Net Asset Value	23.59

Our Performance data shown represents past performance and is no guarantee of future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”.

Additional Content

Learn More About the Team

Explore more about the team’s philosophy, offerings, and insights.

Learn More

Class N shares of the fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the “Distributor”).

¹As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 3/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This index calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. The Index consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. It is not possible to invest directly in an index.

Performance

Primary Benchmark

MSCI All Country World Index Net

Year-to-Date Performance as of 7/7/2025

	Class N	Class Y
	12.24%	12.28%

Month-End Performance as of 6/30/2025:
Cumulative Total Return

	Class N	Class Y
3 month	16.67%	16.61%
Year-to-date	12.72%	12.71%

Month-End Performance as of 6/30/2025:
Annualized Total Return

	Class N	Class Y
Inception Date	3/31/2017	3/31/2016
1 Year	25.25%	25.14%
3 Years	24.36%	24.28%
5 Years	13.13%	13.07%
Since Inception	14.07%	14.16%

Quarter-End Performance as of 6/30/2025:
Cumulative Total Return

	Class N	Class Y
3 month	16.67%	16.61%
Year-to-date	12.72%	12.71%

Quarter-End Performance as of 6/30/2025:
Annualized Total Return

	Class N	Class Y
Inception Date	3/31/2017	3/31/2016
1 Year	25.25%	25.14%
3 Years	24.36%	24.28%
5 Years	13.13%	13.07%
Since Inception	14.07%	14.16%

Lipper Ranking as of 6/30/2025

	Class N	Class Y
1 Year	N/A	N/A
3 Years	N/A	N/A
5 Years	N/A	N/A
10 Years	N/A	N/A
Lipper Category: NA

Morningstar Ranking as of 6/30/2025

	Class N	Class Y
1 Year	N/A	N/A
3 Years	N/A	N/A
5 Years	N/A	N/A
10 Years	N/A	N/A
Morningstar Category: NA

Gross Expense Ratio: (N) 1.06%, (Y) 1.13%; Net Expense Ratio: (N) 0.90%, (Y) 0.95% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 3/31/25. Transfer Agent Fee waivers for Class N are contractual and are set to expire 3/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds' percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund's absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund's performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Performance data shown represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2025 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Monthly Characteristics

Characteristics
Number of Holdings	44
P/E (trailing 12 months)	27.75
P/E (forward 12 months)	26.40
3-5 Year EPS Growth	10.29
ROE (1 year equal weighted)	26.53
Annual Portfolio Turnover as of 11/30/2024	6.42%

Sector Distribution
Consumer Discretionary	24.3%
Communication Services	21.4%
Information Technology	18.6%
Health Care	13.1%
Financials	9.6%
Industrials	9.1%
Consumer Staples	3.5%
Cash	0.4%

Quarterly Characteristics

Quarterly as of 3/31/2025

Characteristics	Fund	Index
Number of Holdings	44	2558
P/E (trailing 12 months)	25.99	18.84
P/E (forward 12 months)	24.22	17.85
3-5 Year EPS Growth	11.32	11.66
ROE (1 year equal weighted)	25.73	16.49
Median Active Share (since inception)	85.99%
Annual Portfolio Turnover as of 11/30/2024	6.42%

Market Capitalization	Fund	Index
> $50 Billion	75.9%	72.5%
$25 to 50 Billion	17.6%	12.8%
$10 to 25 Billion	3.5%	11.0%
< $10 Billion	2.5%	3.8%
Cash & Equivalents	0.6%	0.0%

Sector Distribution	Fund	Index
Consumer Discretionary	24.0%	10.6%
Communication Services	21.7%	8.2%
Information Technology	18.0%	23.4%
Health Care	14.1%	10.3%
Financials	9.1%	18.1%
Industrials	8.7%	10.6%
Consumer Staples	3.6%	6.3%
Energy	0.0%	4.2%
Materials	0.0%	3.6%
Utilities	0.0%	2.7%
Real Estate	0.0%	2.1%
Cash	0.6%	0.0%

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.

P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio

Top Ten Holdings as of 5/31/2025	% Assets
MERCADOLIBRE INC	7.1%
META PLATFORMS INC	7.1%
NETFLIX INC	5.8%
TESLA INC	5.6%
AMAZON.COM INC	5.3%
ALPHABET INC	4.7%
SHOPIFY INC	4.4%
ORACLE CORP	4.1%
VISA INC	4.0%
ADYEN NV	4.0%
Total	52.1%

Sustainability

About Us

UAT Global Growth Fund

Overview

Primary Benchmark

Portfolio Management

Total Fund Assets (as of 6/30/2025)

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 6/30/2025

Additional Content

Learn More About the Team

Performance

Year-to-Date Performance as of 7/7/2025

Month-End Performance as of 6/30/2025:
Cumulative Total Return

Month-End Performance as of 6/30/2025:
Annualized Total Return

Quarter-End Performance as of 6/30/2025:
Cumulative Total Return

Quarter-End Performance as of 6/30/2025:
Annualized Total Return

Lipper Ranking as of 6/30/2025

Morningstar Ranking as of 6/30/2025

Monthly Characteristics

Monthly as of 5/31/2025

Quarterly Characteristics

Quarterly as of 3/31/2025

Holdings

UAT Global Growth Fund

Overview

Primary Benchmark

Portfolio Management

Total Fund Assets (as of 6/30/2025)

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 6/30/2025

Additional Content

Learn More About the Team

Performance

Year-to-Date Performance as of 7/7/2025

Month-End Performance as of 6/30/2025:Cumulative Total Return

Month-End Performance as of 6/30/2025:Annualized Total Return

Quarter-End Performance as of 6/30/2025:Cumulative Total Return

Quarter-End Performance as of 6/30/2025:Annualized Total Return

Lipper Ranking as of 6/30/2025

Morningstar Ranking as of 6/30/2025

Monthly Characteristics

Monthly as of 5/31/2025

Quarterly Characteristics

Quarterly as of 3/31/2025

Holdings

Month-End Performance as of 6/30/2025:
Cumulative Total Return

Month-End Performance as of 6/30/2025:
Annualized Total Return

Quarter-End Performance as of 6/30/2025:
Cumulative Total Return

Quarter-End Performance as of 6/30/2025:
Annualized Total Return