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Large Cap Concentrated Fund

We are long-term, intrinsic value investors who treat each share of stock as a true ownership interest. We look to buy what we believe are good businesses we can understand at a discount to our estimate of intrinsic value.

Team

Group Item Count: 2
set at runtime

Austin Hawley, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Brian Fontanella, CFA

Portfolio Specialist

Philosophy and process highlights

Under our intrinsic value philosophy, we:

Treat every investment as a partial ownership interest in that company

Seek to always invest with a margin of safety

Possess a long-term investment temperament

Recognize that market price and intrinsic value tend to converge over a reasonable period of time

Large Cap Concentrated Fund

Total net assets

$42MM
As of 31 Aug 2025

Inception

26 Feb 2021

Tickers

DHFYX (Class Y)

Status

Open

Returns

As of 12 Sep 2025 Period and Annualized Total Returns (%) As of 31 Aug 2025 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(26 Feb 2021)		 3Y1Y3MOAugTotal
Class Y (DHFYX) 13.65 7.23 10.36 15.20 7.57 4.24 3.63 0.55
Russell 1000 Value Index — — 10.14 12.88 9.33 7.33 3.19 —
Russell 1000 Index — — 13.22 19.31 16.24 9.66 2.10 —
Swipe or scroll right for more data
As of 12 Sep 2025 Period and Annualized Total Returns (%) As of 30 Jun 2025 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(26 Feb 2021)		 3Y1Y3MOTotal
Class Y (DHFYX) 13.65 7.23 10.32 16.40 14.19 2.69 0.55
Russell 1000 Value Index — — 9.61 12.76 13.70 3.79 —
Russell 1000 Index — — 12.65 19.59 15.66 11.11 —
Swipe or scroll right for more data

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance quoted. Performance assumes reinvestment of all distributions. Returns for periods less than one year are not annualized.

Calendar Year Returns (%)

Year Class Y (DHFYX) Russell 1000 Value IndexRussell 1000 Index
2024 14.34 14.37 24.51
2023 17.32 11.46 26.53
2022 -12.62 -7.54 -19.13

"Today, a more holistic approach to intrinsic value — considering potential strategic and operational changes, the impact of investments in intangibles and value-creating growth — is often required to uncover companies that are valued with a margin of safety1."

—Austin Hawley, CFA, Portfolio Manager

Learn more about our philosophy

Statistics

Portfolio Characteristics2 As of 30 Jun 2025

Distribution Frequency Annual
Median Market Capitialization $77.1B
Portfolio Turnover (12 months trailing) 57%
Active Share 90%
Number of Equity Holdings in Portfolio 21

Since Inception Risk Statistics As of 30 Jun 2025 (Class I Shares)

vs Russell 1000 Value Index vs Russell 1000 Index
Alpha 0.51% -1.22%
Beta 1.03% 0.90%
R-Squared 93.68% 79.62%
Standard Deviation 16.51%
Sharpe Ratio 0.47

Since Inception Upside/Downside Capture As of 30 Jun 2025 (Class I Shares)

vs Russell 1000 Value Index 104%/102%
vs Russell 1000 Index 85%/88%

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Portfolio

Portfolio Guidelines

  • Typically 20 positions
  • Maximum position size is 10%
  • Top 10 holdings are typically greater than 50% of net assets
  • Maximum industry exposure is 25%
  • Maximum sector exposure is 35%

Market Capitalization

Holdings are derived from holdings in the SJF Large Cap strategy. The portfolio typically invests in companies with a market capitalization of $15 billion or greater.

Top Ten Equity Holdings3 As of 30 Jun 2025

  Sector % of Net Assets
American International Group, Inc. Financials 8.4
Texas Instruments, Inc. Info. Technology 6.4
Berkshire Hathaway, Inc. (Cl B) Financials 6.3
Capital One Financial Corp. Financials 6.2
Abbott Laboratories Health Care 5.7
ConocoPhillips Energy 5.3
Colgate-Palmolive Co. Consumer Staples 4.9
Aon PLC (Cl A) Financials 4.7
Ferguson Enterprises, Inc. Industrials 4.7
Sysco Corp. Consumer Staples 4.6
Total as % of Net Assets 57.2%

Sector Allocation4 (%) As of 30 Jun 2025

Russell 1000 Value Index
Russell 1000 Index

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHFAX) 0.1437 — — 27 Dec 2024 31 Dec 2024 12.74
Investor (DHFAX) — — 0.6972 11 Dec 2024 13 Dec 2024 13.19
Class I (DHFIX) 0.1796 — — 27 Dec 2024 31 Dec 2024 12.68
Class I (DHFIX) — — 0.6972 11 Dec 2024 13 Dec 2024 13.17
Class Y (DHFYX) 0.1932 — — 27 Dec 2024 31 Dec 2024 12.70
Class Y (DHFYX) — — 0.6972 11 Dec 2024 13 Dec 2024 13.20
Investor (DHFAX) 0.1300 — — 27 Dec 2023 29 Dec 2023 11.97
Class I (DHFIX) 0.1600 — — 27 Dec 2023 29 Dec 2023 11.92
Class Y (DHFYX) 0.1730 — — 27 Dec 2023 29 Dec 2023 11.94
Investor (DHFAX) 0.0318 — — 28 Dec 2022 30 Dec 2022 10.36
Class I (DHFIX) 0.1206 — — 28 Dec 2022 30 Dec 2022 10.31
Class Y (DHFYX) 0.1263 — — 28 Dec 2022 30 Dec 2022 10.32
Investor (DHFAX) 0.0505 — — 29 Dec 2021 31 Dec 2021 11.91
Investor (DHFAX) — 0.1000 — 13 Dec 2021 15 Dec 2021 11.64
Class I (DHFIX) 0.0694 — — 29 Dec 2021 31 Dec 2021 11.92
Class I (DHFIX) — 0.1000 — 13 Dec 2021 15 Dec 2021 11.67
Class Y (DHFYX) 0.0754 — — 29 Dec 2021 31 Dec 2021 11.92
Class Y (DHFYX) — 0.1000 — 13 Dec 2021 15 Dec 2021 11.68
No distributions shown for the selected filter values

Carefully consider the Fund’s investment objectives, risks and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at www.silvercrestjefferson.com or calling 888.226.5595. Read carefully before investing. The SJF Funds are distributed by .Silvercrest Jefferson Fund, L.P (Member FINRA). SJF Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the SJF Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value

See www.silvercrestjefferson.com/disclosures for index definitions, data sources and other definitions.

Risk disclosure: Because the portfolio holds a limited number of securities, a decline in the value of these investments may affect overall performance to a greater degree than a less concentrated portfolio.

Fund holdings, sector allocations and portfolio statistics subject to change without notice.

1 Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. In other words, when the market price of a security is significantly below your estimation of its intrinsic value, the difference is the margin of safety.

2 Active Share is relative to the Russell 1000 Value Index.

3 Securities referenced may not be representative of all portfolio holdings. The reader should not assume that an investment in the securities was or will be profitable.

4 Cash & Other may include cash, treasuries, money market funds and short duration fixed income funds.