CAMBIAR DOMESTIC FUNDS COMMENTARY 2Q 2020

MARKET REVIEWFinancial assets rose in unison during the second quarter – with stocks, bonds and commodities all notching strong gains. Within the U.S. equity markets, the S&P 500 Index climbed 20.5%, while the smaller cap Russell 2000 Index posted a 25.4% return. On a style basis, growth stocks remain firmly in the driver’s seat – a trend that has been in place for much of the current cycle, but has been exacerbated in the current pandemic environment. The ‘gro-mo’ trade (growth and momentum) has reached a level where Nasdaq stocks are outperforming the broader market by magnitudes last seen in the dotcom bubble. Granted, many tech companies today have real revenues and earnings, but implied valuations are approaching euphoric levels.

After providing a margin of downside mitigation in the first quarter, Cambiar’s domestic strategies outperformed their respective passive benchmarks to the upside in the second quarter. We believe the performance over the past two quarters was a function of attaching to quality companies with the potential to perform well during the current uncertainty, and possibly be in a position to take market share as business conditions normalize.

In Cambiar’s first quarter commentary, we noted that event-driven bear markets such as the one that took place in 1Q, historically have often taken on a ‘faster in/faster out’ profile. That said, the shift in investor sentiment from one of fear to one of missing out was certainly much quicker than expected – with an approximate 45% rally in the S&P 500 from the March bottom to early June. Stocks subsequently weakened into quarter-end in response to a re-intensifying of COVID-19 cases and corresponding delays to small business re-opening schedules.

As we reach the halfway point of 2020, the S&P 500 Index has returned -3.1%. Given the pandemic-induced collapse in economic activity and resulting rise in unemployment, this modest pullback in the equity market we believe speaks to the continued resiliency of risk assets. As has been the case for most of the current cycle, any decline in stocks we feel+ has been an opportunity to buy – and the drawdown in March was no exception. While factors such as oversold

market conditions and progress on a COVID-19 vaccine contributed to a portion of the second quarter gains, Cambiar views the massive expansion in money supply to be the primary upward catalyst for stock prices in 2Q. The rise in money supply is illustrated in the following graph:

As the above graph depicts, an extraordinary amount of uncertainty regarding the forward economic outlook is being countered by an extraordinary monetary (and fiscal) response. And unlike the 2008-2009 financial crisis, the monetary transmission mechanism in the current market is very much intact; as such, the Fed’s money supply explosion has quickly made its way into the real economy…and asset prices.

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OPPORTUNITY FUND

2Q20 YTD 1 Year 3 Year 5 Year 10 YearSince

Inception – Inv

Since Inception

– Inst

CAMOX 19.25% -6.51% 5.30% 5.83% 6.35% 10.29% 8.08% -

CAMWX 19.33% -6.36% 5.47% 6.00% 6.55% 10.53% - 8.25%

Russell 1000 Value 14.29% -16.26% -8.84% 1.82% 4.64% 10.41% 6.00% 6.00%

Inception Dates: CAMOX (6.30.1998) | CAMWX (11.3.2005). All returns greater than one year are annualized. As of 6/30/20, expense ratios are CAMOX: 0.88% (gross); 0.75% (net) | CAMWX: 0.79% (gross); 0.65% (net). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and shareholder servicing fees) from exceeding 0.65% of the average daily net assets of the fund until March 1, 2021. Absent these waivers, total return would be reduced. The performance quoted represents past performance and is no guarantee of 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 the original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 1-866-777-8227.

The Cambiar Opportunity Fund posted a strong return for the second quarter – on an absolute basis as well as relative to the strategy’s benchmark, the Russell 1000 Value. As an active manager, Cambiar’s performance will be primarily driven by security selection; on this basis, selection was strong in the quarter, with the Fund outpacing the index in eight of ten sectors. Needless to say, the first two quarters of 2020 have been extremely volatile. Yet with volatility comes opportunity for active managers. Cambiar is pleased with the excess return we have achieved for our clients thus far in 2020, and we remain focused on continuing to execute our discipline in the second half of the year.

After a period of above-average buy/sell activity during the March downturn, trade activity within the portfolio was relatively quiet in the second quarter. Cambiar made three new purchases and one sale, in addition to a number of adds/trims to existing positions. Our portfolio construction efforts continue to emphasize a prudent balance of offense and defense, with the team focused on companies whose earnings should not be materially impacted by the continued uncertainty on the health front. One new purchase that we believe meets these desired attributes is Motorola Solutions (MSI), a technology hardware company. MSI’s legacy business of providing communication devices to public safety organizations has been in place for almost 100 years – demonstrating the brand’s staying power.

The gains were across-the-board at a sector level, illustrating the indiscriminate nature of the market

rally. In a mirror image from the first quarter, economically-sensitive sectors such as Energy, Materials and Consumer Discretionary paced the market, while defensives (Consumer Staples, Utilities) were relative laggards after performing well in 1Q. Financials receive the unfortunate recognition of lagging the market in both quarters, as upside in the sector was cut short in the quarter by the announced results of the most recent Federal Reserve stress test. The test included additional coronavirus sensitivity analyses, to see how banks would perform in a variety of recovery scenarios. While the results showed that banks have sufficient capital levels, investors were disappointed with the announced restrictions on dividend policies.

Technology stocks have remained resilient for much of 2020, and the sector was one of the better performing areas of the market in the quarter. The Opportunity Fund benefited from both an active overweight allocation as well as strong selection in the sector. Marvell Technology was a notable highlight, as the stock gained 55% - a combination of general underlying market momentum and a beat/raise earnings announcement. While the company’s networking products continue to benefit from the ongoing buildout of 5G, Marvell is also seeing strength in its datacenter business – an incremental part of Cambiar’s investment thesis that we may have underestimated. The position was trimmed during the quarter in response to the strong price action, but remains a high conviction holding in the portfolio.

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The Fund also registered strong gains within Industrials and Financials. Industrial companies rebounded after a challenging first quarter - individual outperformers for Cambiar included Rockwell Automation and Stanley Black & Decker. Despite the aforementioned headwinds in the Financial sector, Cambiar’s holdings in the sector generated a solid margin of excess return for the portfolio. Asset manager KKR & Co. was a notable highlight - the company has a much different business profile vs. the standard money center bank or insurance company that comprises the index. KKR is a globally diversified asset manager - the company’s offerings include private equity, real estate, infrastructure and buyout funds. Many of these strategies require multi-year capital commitments, and the company benefits from both a traditional fee structure as well as performance fees. Given these unique profit drivers, KKR is a complementary holding to Cambiar’s other positions within the Financial sector.

Energy stocks rallied in the quarter – likely a function of oversold conditions as well as a recovery in oil prices. Cambiar’s non-participation in Energy detracted from performance in the second quarter, after adding value in 1Q. While we are not surprised by their recent bounce, the intermediate-term outlook for energy stocks remains uncertain vs. other sectors of the market. The re-opening of the U.S. economy should provide an uptick in demand, and the coming months will offer a better indication of the global supply response. More clarity on these fronts will help determine whether the

recent strength in the sector is a transitory event or a more durable area to allocate capital. It is worth noting that despite the recent recovery, energy stocks are still trailing the broader market by a material margin on a year-to-date basis. Although we remain on the sideline for now, Cambiar continues to closely monitor the sector for potential investment opportunities.

One sector where Cambiar’s stock selection lagged the index was Healthcare (after adding value in 1Q); Pfizer and Biogen were two individual detractors in the quarter. Pfizer is a relatively new purchase for the portfolio, and offers what we view to be an attractive total return (including a 4.5% dividend yield). Biogen incurred two speed bumps in the quarter – the delayed filing of its Alzheimer’s drug, and an unfavorable patent ruling on the company’s multiple sclerosis drug (Tecfidera). While the market’s pessimistic response to these events is somewhat understandable, it is our belief that investors are overly discounting the company’s prospects – which includes continued growth of Biogen’s existing product line, as well as nine mid-to-late stage readouts expected by the end of 2020. Biogen is appealing the generic ruling for Tecfidera, and the delayed filing for aducanumab (Alzheimer drug) is just that – a delay. An approval would be a very large upside catalyst for Biogen, yet the company is more than this one drug. In summary, Biogen continues to offer what we believe to be an attractive risk/reward opportunity.

SMID VALUE

2Q20 YTD 1 Year 3 Year 5 YearSince

Inception - Inv

Since Inception

- Inst

CAMMX 21.30% -16.61% -9.71% 4.22% 4.48% 7.49% -

CAMUX 21.30% -16.57% -9.67% 4.24% 4.52% - 5.01%

Russell 2500 Value 20.60% -21.18% -15.50% -2.60% 1.85% 5.90% 2.23%

Inception Date: CAMMX (5.31.2011) | CAMUX (5.31.2011). All returns greater than one year are annualized. As of 6/30/20, expense ratios are CAMMX: 1.21% (gross); 0.91% (net) | CAMUX 1.15% (gross); 0.85% (net). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, non-routine expenses and shareholder servicing fees) from exceeding 0.85% of the average daily net assets of the fund until March 1, 2021. Absent these waivers, total return would be reduced. The performance quoted represents past performance and is no guarantee of 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 the original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 1-866-777-8227. The Fund imposes a redemption fee of 2.00% on shares held less than 90 days. Your return will be lower if a redemption fee is applied to your account.

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Small-mid cap equities experienced a potent recovery in the second quarter, just months after suffering one of the worst declines in the history of small cap indices. After outperforming the index in the first quarter decline, the Cambiar SMID Fund outgained the benchmark by a solid margin in 2Q. Although broad-based in nature, the rally had somewhat of a lower quality bias – as higher beta/higher leverage names led the advance, while traditional defensive sectors such as Utilities and Real Estate lagged. Given Cambiar’s quality focus vs. the market backdrop in the quarter, we are relatively pleased with the portfolio’s ability to outperform in an environment that was less suited for our investment discipline.

As investors stepped back into the market, the primary beneficiaries were some of the hardest-hit areas from the first quarter; examples include Consumer Discretionary and Energy. While not surprised by the bounce seen in some of these sectors, an investment ‘all-clear’ is far from secure (in our opinion). As such, Cambiar remains focused on identifying durable businesses that can look through and past the current environment, as opposed to a shorter-term trading opportunity.

Buy/sell activity returned to more normal levels in the quarter, with Cambiar making three new purchases and five liquidations. There were no thematic underpinnings to the new names entering the portfolio, and the SMID Fund remains diversified across/within sectors of the market. Residual cash averaged approximately 3% in the quarter – which is close to being fully invested (essentially one open slot in the portfolio). Given the upswing in equities, this cash position was a negative contributor in the quarter (vs. the fully invested index). The first two quarters of the year illustrate the self-cancelling impact of portfolio cash (i.e., helped in 1Q, detracted in 2Q).

Cambiar’s holdings in Technology comprised the largest contribution to performance (at a sector level) in the quarter. The Fund continues to maintain a constructive view towards technology companies, with the sector representing approximately 20% of the portfolio as of quarter-end. While the portfolio generated outsized gains in a number of tech positions, software company Cerence Inc. was a notable standout, with the stock gaining ~168% in the quarter. Cerence’s voice recognition technology has a dominant market share in the auto OEM market, and its offerings should take on greater importance as software becomes even more entrenched in next generation EV/autonomous vehicles.

Cambiar trimmed the portfolio (multiple times) in the quarter to reflect the gain in share price; that said, we remain constructive on the company’s prospects and continue to believe Cerence represents an attractive investment opportunity.

The Real Estate sector represented another bright spot for the SMID Fund, on both an allocation and stock selection basis. As a group, real estate stocks have endured a challenging year, as the economic fallout from the pandemic led many investors to rotate out of the sector on the basis that many tenants would renege (or ask for extensions/modifications) on their rent/lease obligations. Cambiar’s active underweight position in the sector has subsequently had a positive impact on performance. The portfolio also benefited from positive stock selection in the sector, with Invitation Homes and VICI Properties posting strong gains. VICI rallied in response to the company reported to have collected 100% of rents from their casino tenants in May and June. Invitation Homes is a leading owner/operator of single-family rental homes; the company similarly moved up after stating that rental receipts have been relatively unaffected by the pandemic.

As previously mentioned, Energy and Discretionary stocks were notable outperformers in the quarter. The SMID Fund does not have a current allocation to Energy, which hampered performance (relative to the index) for 2Q. Price volatility in energy stocks has been significant this year, particularly in the smaller cap segment of the market. While we continue to monitor the sector, Cambiar believes there is better visibility in other areas of the market. Within Consumer Discretionary, all of the portfolio’s holdings participated in the market upswing, but did not keep pace with the sharp rally in the index. Despite their recent recovery, the outlook for pandemic epicenter industries such as cruise lines, restaurants, retail, and airlines, remains highly uncertain. And despite their recent rebound, many of these companies remain deep in the red on a year-to-date basis. Cambiar’s approach in the Discretionary sector is to remain selective, with an emphasis on companies who have the balance sheet, brand and staying power to manage through the current environment.

Although Cambiar’s Industrial holdings generated positive results on an absolute basis, returns in the sector trailed the index and were thus a detractor from performance for the quarter. Many of these positions held up well in 1Q – so the fact that they did not recover by the same magnitude in 2Q is

Cambiar Domestic Funds Commentary | 2Q 20205

understandable. Toro (lawn/landscaping equipment) and Huntington Ingalls (shipbuilder) were two holdings that posted flattish returns in the quarter (vs. 23% for the average industrial company in the index). For Toro, strong growth on the residential side has been offset by deferred equipment purchases on the professional (e.g., golf courses) side. We believe this delay should create a pent-up demand situation in future quarters. Regarding Huntington, the company reported mixed results due to a transitory (i.e., pandemic) decline in construction capacity. Despite this recent setback, Huntington maintains one of the highest backlogs in the defense industry, and Cambiar believes the intermediate term investment thesis remains intact.

The strong rebound in small-mid stocks has been a welcomed development – after a very difficult first quarter drawdown. That said, protection of principal remains paramount in the buy decision, given the potential for additional choppiness in the back half of 2020. Our team continues to prioritize companies that meet Cambiar’s quality and balance sheet attributes, as these characteristics should provide a margin of downside protection should market conditions deteriorate, as well as participate to the upside in a recovery scenario.

SMALL CAP VALUE

2Q20 YTD 1 Year 3 Year 5 Year 10 YearSince

Inception - Inv

Since Inception

- Inst

CAMSX 24.82% -14.42% -7.93% 1.50% 0.26% 8.01% 7.69% -

CAMZX 24.96% -14.34% -7.76% 1.64% 0.44% 8.25% - 9.99%

Russell 2000 Value 18.91% -23.50% -17.48% -4.35% 1.26% 7.82% 5.84% 5.58%

Inception Date: CAMSX (8.31.2004) | CAMZX (10.31.2008). All returns greater than one year are annualized. As of 6/30/20, expense ratios are CAMSX: 1.30% (gross); 1.10% (net) | CAMZX 1.10% (gross); 0.90% (net). Cambiar Investors, LLC (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and shareholder servicing fees) from exceeding 0.90% of the average daily net assets of the fund until March 1, 2021. Absent these waivers, total return would be reduced. The performance quoted represents past performance and is no guarantee of 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 the original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 1-866-777-8227. The Fund imposes a redemption fee of 2.00% on shares held less than 90 days. Your return will be lower if a redemption fee is applied to your account.

The Cambiar Small Cap Fund rallied sharply in the second quarter, outpacing the Russell 2000 Value Index by a considerable margin. The portfolio’s excess return was almost exclusively a function of positive stock selection, as Cambiar’s holdings exceeded the benchmark in eight out of ten sectors. Active management should be well-suited to take advantage of the market dislocations and associated mispricing of equities that have occurred thus far in 2020, and this view has been validated in part by the strong year-to-date alpha generated by the Small Cap Fund.

Buy/sell activity in the Small Cap Fund reverted to more normal levels in the second quarter. For incoming positions, Cambiar’s underwriting process remains

focused on companies with strong financials (net cash/low leverage), a durable structural advantage, and demonstrable free cashflow across the cycle. While free cashflow is always an important input to the buy decision, we believe this metric will take on increased importance in the current environment. Portfolio sales were primarily a function of heightened uncertainty on timing of the investment thesis, vs. pipeline opportunities with more visible catalysts. The sale of Stemline Therapeutics (Healthcare) was Cambiar’s favorite type of exit – a takeout. The purchase of Stemline was based on the biopharmaceutical company’s strong oncology pipeline. It appears that Italian pharmaceutical company Menarini arrived at a similar conclusion, with the company offering

Cambiar Domestic Funds Commentary | 2Q 20206

$11.50 per share of Stemline – more than a 100% premium vs. the stock’s prior close. M&A activity has understandably been less frequent in light of the pandemic, but may be poised to accelerate as companies opportunistically look to increase their competitive position via strategic acquisition.

After incurring the brunt of the market’s selling in the first quarter, higher beta areas such as Consumer Discretionary, Materials and Energy led to the upside in 2Q. Market action took on somewhat of a ‘dash for trash’ underpinning, despite ongoing uncertainty on the economy reopening, elevated unemployment levels and a spike in corporate bankruptcy filings. Lower volatility (relatively speaking) sectors such as Utilities, Communication Services and Real Estate trailed the broader small cap market in the quarter.

At a sector level, Cambiar’s holdings in the Technology sector comprised the largest contribution to return in the quarter. The portfolio generated outsized gains in a number of tech positions, with software company Cerence Inc. a notable standout, as the stock gained ~168% in the quarter. Cerence’s voice recognition technology has a dominant market share in the auto OEM market, and its offerings should take on greater importance as software becomes even more entrenched in next generation EV/autonomous vehicles. Cambiar trimmed the portfolio (multiple times) in the quarter to reflect the gain in share price. While valuations in an increasing number of large cap tech companies are at or near all-time high levels, valuations in the disparate small cap tech space remain relatively reasonable – resulting in attractive up-to-down return profiles.

The Financial sector finished higher for the quarter, but was a lagging performer vs. other cyclicals. The decline in yields, potential uptick in loan loss provisions and concerns surrounding the sustainability of dividends contributed to the weaker sentiment towards banks and insurance companies. Despite the muted return at the aggregate sector level, there were opportunities to add value in Financials, evidenced by Cambiar’s positive stock selection in the quarter. Cognizant of the higher correlation to factors such as interest margins and credit quality that exist within the sector, Cambiar seeks financial companies that meet our investment criteria and can provide some diversity by line of business and geography. Examples include regional banks, specialty insurance, and reinsurance companies.

One area of the Fund where Cambiar was unable to keep pace with the benchmark was Consumer Discretionary; an underweight allocation to the sector was an

additional relative headwind in the quarter. Cambiar holdings Penske Auto Group and Carter’s gained 38% and 23%, respectively, in the quarter – strong gains on an absolute basis, but trailing peers in the sector. In our view, the intermediate-term outlook for industries such as retail and related leisure companies remains extremely binary – many will survive, but existential risk for others is a real concern. As many discretionary stocks remain well off their February highs, there is no urgency to allocate capital…we are comfortable missing the initial move higher as a trade-off for increased visibility and improved fundamentals.

Additional performance detractors in the quarter included a modest cash drag and lack of exposure to the Energy sector, which rebounded in tandem with a recovery in oil prices. The pin action in Energy during the first two quarters of 2020 is case in point as to how the power of compounding can work against returns; i.e., despite the rally in the sector during the second quarter, the losses sustained in 1Q results in many names still deep in the red on a year-to-date basis. Cambiar reserves the right to re-engage in the sector should we get more comfortable with the underlying fundamentals, but for now we continue to believe that the risk remains to the downside.

There is no real precedent for the crash-and-surge moves witnessed in the small cap markets thus far in 2020, and Cambiar is pleased with the portfolio’s ability to perform well in both extremes. We believe that selectivity remains paramount, as does continued adherence to the quality and profitability attributes that anchor the portfolio. At the asset class level, small cap value equities continue to trail other segments of the equity market by a wide margin. For example, the performance gap between small cap value and large cap growth is over 3200 basis points for the first six months of 2020 – approaching divergence levels not seen since the tech bubble in the late ‘90s. Although mean reversion has taken a back seat to momentum in the current cycle, the risk/reward in small cap value is looking increasingly attractive.

LOOKING AHEADThe first two quarters of 2020 have been somewhat extraordinary in the speed and magnitude of stock moves – from the quickest descent into a bear market on record to a full retracement that has the S&P

Cambiar Domestic Funds Commentary | 2Q 20207

500 Index within sight of its February all-time high. While the recent surge in COVID-19 cases have given consumers pause, this increased caution has yet to make its way to the equity markets. If anything, the whipsaw in stocks over the past six months is just another example of how hard it is to time the market.

With stocks effectively completing their V-shaped recovery, the obvious question on investors’ minds is the direction of the markets from here. While strat-egists tend to look at similar patterns in history as a guide, the sample size for the move in stocks thus far in 2020 is fairly small – and certainly does not include a global health pandemic. Additional factors such as the status of unemployment benefits/additional stimulus measures, a still-hobbled job market, rising geopolitical tensions, and an upcoming U.S. presidential election add more uncertainty to the forward trajectory for equities.

It is Cambiar’s view that COVID-19 news flow remains front and center for investors, with the stop-and-go impact on stocks likely to continue until there is more clarity on timing of a vaccine (in our opinion, an early/mid 2021 event). Despite the overly optimistic signals currently being given by rising stock prices, a sustainable recovery of the economy will be very difficult until there is some resolution on this front. Cambiar continues to closely monitor the pandemic situation and its impact on companies – current holdings as well as companies we would like to own. Protection of principal remains paramount; as such, our team remains biased towards companies whose earnings and cashflow should be relatively more insulated, vs. companies whose business outlook is more closely correlated to the health backdrop.

We hope you and your families remain safe, and we appreciate your continued confidence in Cambiar Investors.

DISCLOSUREMutual fund investing involves risk including loss of principal. The Opportunity fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. In addition to the normal risks associated with investing, investments in small companies typically exhibit higher volatility. Diversification does not protect against market loss. A company may reduce or eliminate its dividend, causing loses to the fund.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectus, which may be obtained by calling 1-866-777-7227 or by visiting our website at www.cambiar.com. Please read the prospectus carefully before investing.

The Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000 is a subset of the Russell 3000® Index. It represents the top companies by market capitalization.The Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Growth® Index measures the performance of the Russell 1000’s growth segment which is defined to include companies whose share prices have higher price to book ratios and higher expected earnings growth rates. Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500TM Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500TM Index companies with lower price-to-book ratios and lower forecasted growth values. Index returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s weight in the Index proportionate to its market value. The S&P 500 returns do not reflect any management fees, transaction costs or expenses.

As of 6.30.20, the Cambiar Opportunity Fund had a 2.0% weighting in KKR & Co., 3.9% in Marvell Technology, 3.1% in Motorola Solutions,2.8% in Rockwell Automation, and 2.4% in Stanley Black & Decker. The Cambiar SMID Fund had a 2.5% weighting in Cerence Inc., 2.1% in Huntington Ingalls, 2.5% in Invitation Homes, 2.6% in Toro, and 2.4% in VICI Properties. The Cambiar Small Cap Fund had a 1.8% weighting in Carter’s, 2.0% in Cerence Inc., 0.0% in Menarini, 1.7% in Penske Auto Group, and 0.0% in Stemline Therapeutics.

This material represents the portfolio manager’s opinion and is an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice or a specific recommendation of securities. There is no guarantee that any forecasts made will come to pass.

Cambiar Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Cambiar Investors LLC or its affiliates. SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA, 19456.

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