Investment Philosophy / Process

  • Search for companies with attractive Private Market Value, or PMV (the price an informed industrialist would pay for the entire company) and a catalyst, an event to surface the value of the company
  • Utilize Columbia University professors Benjamin Graham and David Dodd's "Margin of Safety" concept – by investing in securities with a material difference between their market and estimated intrinsic values
  • Seek to buy reasonably-priced and strong franchises within GAMCO's circle of competence

Fund Details

  Class A Class I Class R
Ticker TNVAX TNVIX TNVRX
CUSIP 68246A 108 68246A 306 68246A 405
ISIN US68246A1088 US68246A3068 US68246A4058
Investment Minimum* $1,000 for all accounts
except:
• $500 for certain fee-
based programs
• $500, if establishing
an Automatic Bank
Draft Plan
• No minimums for
certain employer-sponsored
retirement plans
$1,000,000 for certain
institutions and individuals
• $1,000 for certain
employees (or their
immediate family
members) of AXA
Financial or its
subsidiaries
• Class I Shares are
available to clients of
registered investment
advisers who have
$250,000 invested in
the Fund
No minimum
< Swipe table for more info >

*Read the Prospectus for more information.

Fund Objective

Seeks to maximize capital appreciation.

How the Fund invests

Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of small- and mid-capitalization companies. For the Fund, small-capitalization companies generally are companies with a market capitalization less than $3 billion at the time of investment, and mid-capitalization companies generally are companies with a market capitalization between $3 billion and $12 billion at the time of investment.

A small- and mid-capitalization strategy from well-known stock picker Mario Gabelli

graph

Portfolio Manager

GAMCO logo

Mario J. Gabelli, CFA®

Chief Investment Officer, Value Products

Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Asset Management, Inc., the firm he founded in 1976. A 1965 summa cum laude graduate of Fordham University's College of Business Administration, he also holds an M.B.A. from Columbia University Graduate School of Business, and honorary doctorates from Fordham University and Roger Williams University.

CFA is a registered trademark of the CFA Institute.

Funds that emphasize investments in small-cap companies generally experience greater price volatility.

The Fund's investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments.

Top 15 Holdings as of 03/31/2018 subject to change

Security Weight %
DST Systems, Inc.3.52%
Herc Holdings, Inc.2.48%
Greif, Inc., Class A2.34%
Tribune Media Co., Class A2.13%
Flowserve Corp.1.94%
Viacom, Inc., Class B1.84%
AES Corp.1.79%
EnPro Industries, Inc.1.77%
TimkenSteel Corp.1.76%
Watts Water Technologies, Inc., Class A1.64%
Kaman Corp.1.63%
Microsemi Corp.1.58%
National Fuel Gas Co.1.56%
Mueller Industries, Inc.1.51%
EW Scripps Co. (The), Class A1.51%

Top holdings exclude cash, cash equivalents and money market funds.

Monthly Performance as of 04/30/2018

Total Returns
Fund1 month3 monthYTD1 yr3 yrSI1
Class A (NAV)-0.24%-6.66%-4.11%7.25%8.72%9.13%
Class A with sales charges (MOP)2-5.75%-11.82%-9.41%1.34%6.68%7.37%
Class I (NAV)-0.16%-6.51%-3.95%7.58%9.01%9.42%
Class R (NAV)-0.16%-6.62%-4.12%7.04%8.48%8.88%
Russell 2500 Value Index31.09%-2.82%-1.59%6.97%8.17%7.72%
< Swipe table for more info >

Quarterly Performance as of 03/31/2018

Total Returns
Fund1 month3 monthYTD1 yr3 yrSI1
Class A (NAV)-1.25%-3.88%-3.88%7.95%9.05%9.44%
Class A with sales charges (MOP)2-6.65%-9.20%-9.20%1.98%7.03%7.63%
Class I (NAV)-1.25%-3.80%-3.80%8.20%9.31%9.72%
Class R (NAV)-1.33%-3.97%-3.97%7.66%8.78%9.16%
Russell 2500 Value Index31.10%-2.65%-2.65%5.72%7.26%7.57%
< Swipe table for more info >

Morningstar Rating: U.S. Funds Small Blend Category
as of 4/30/2018

1290 GAMCO Small/Mid Cap Value I (TNVIX) Rank Percentile Overall 3 Year
Rating
# of Funds 616 616

Overall Morningstar Rating as of 4/30/2018 based on risk-adjusted returns (I share).

Morningstar U.S. Funds Small Blend Category Ranking
as of 4/30/18

1290 GAMCO Small/Mid Cap Value I (TNVIX) Rank Percentile Morningstar RatingTM Out of # of Funds
1 Year 68 - 768
3 Year 38 616

As of 4/30/2018, for class I shares (TNVIX). Other share classes may have different ratings. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.

Expense Ratios as of 03/01/2018

Fund Gross Expense Ratio Net Expense Ratio4
Class A Shares2.73%1.26%
Class I Shares2.48%1.01%
Class R Shares3.01%1.51%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.

One cannot invest directly in an index.

Returns for periods of less than one year are not annualized.

1Fund inception date of November 12, 2014.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3Russell 2500 Value: An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation.

4Pursuant to a contract, 1290 Asset Managers has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2019 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ("Expense Limitation Arrangement") so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund invests, 12b-1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.01% for Class A shares, Class I shares and Class R Shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers at any time after April 30, 2019.

Distributions

Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
12/13/201712/14/201712/14/2017$0.0290$0.1270$0.1190
12/15/201612/16/201612/16/2016$0.0150$0.0770$0.0810
12/30/201512/31/201512/31/2015$0.0010$0.2640$0.0010
12/30/201412/31/201412/31/2014$0.0694--
< Swipe table for more info >

Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
12/13/201712/14/201712/14/2017$0.0600$0.1270$0.1190
12/15/201612/16/201612/16/2016$0.0440$0.0770$0.0810
12/30/201512/31/201512/31/2015$0.0260$0.2640$0.0010
12/30/201412/31/201412/31/2014$0.0729--
< Swipe table for more info >

Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
12/13/201712/14/201712/14/2017-$0.1270$0.1190
12/15/201612/16/201612/16/2016-$0.0770$0.0810
12/30/201512/31/201512/31/2015-$0.2640$0.0010
12/30/201412/31/201412/31/2014$0.0659--
< Swipe table for more info >