Please contact info@osfunds.com if you have any questions about the terms, acronyms, and/or abbreviations listed below.

American Depository Shares (ADS): A U.S. security that is a repackaged foreign security. A U.S. bank creates an ADR based on evidence of ownership of a specified number of shares in the foreign security, while the underlying shares are held in a depositary in the issuing company's home country. U.S. investors may buy shares in the foreign company in the form of an ADR. The certificate, transfer, and settlement practices for ADRs are identical to those for U.S. securities.1

American Depository Receipts (ADR): Foreign stock issued in the U.S. and registered in the American Depository Receipts (ADR) system.3

Basis Point: A unit that is equal to 1/100th of one percent (1% = 100 basis points, 0.01% = 1 basis point).

Beta: A statistical measure of a fund's volatility compared with the overall market. A beta of less than 1.0 indicates lower risk than the market; a beta of more than 1.0 indicates higher risk than the market.1

Cash Flow: A measure of the inflows and outflows of cash experienced by a company. You can find this information in the company's Statement of Cash Flows.2

Dividend Yield: The annual percentage rate of return a stock earns from its dividends. You get the dividend yield by dividing the annual dividend by the stock's current market price.2

Duration: An approximate measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. Prices generally move inversely with yields.

EBITDA: Earnings before interest, taxes, depreciation, and amortization.2

Earnings Growth: Earnings growth measures recent changes in earnings and shifts in the trends in the growth of earnings.

Enterprise Value (EV): A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.3

Foreign Exposure: Percentage of non-U.S. holdings.

Information Ratio: A ratio of a fund’s returns above the returns of a benchmark to the volatility of those returns.

MSCI All Country World Index (MSCI ACWI): The MSCI ACWI Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. It is not possible to invest directly in an index.

Price-to-Book (Price/Book, P/Book, P/B Ratio): The price of a share of a stock divided by current book value per share.2

Price-to-Earnings (Price/Earnings, P/E Ratio): The price of a share of a stock divided by earnings per share, usually calculated using the latest year's earnings.1,2

Price-to-Sales (Price/Sales, P/S Ratio): The price of a share of a stock divided by sales per share, usually calculated using the latest year's earnings.3

Russell 1000® Value Index (R1000V): The Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

Russell 2000® Value Index (R2000V): The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

Russell 2500® Growth Index (R2500G): The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500® companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

Russell 3000® Index (R3000): The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98 percent of the investable U.S. equity market. It is not possible to invest directly in an index.

S&P 500 Index (SP500): The S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with over 80 percent coverage of U.S. equities, it is generally considered a proxy for the total market. It is not possible to invest directly in an index.

Shareholder Yield: The combination of dividend yield and the rate at which the company is buying back shares of its stock – at the time of initial purchase.

Sharpe Ratio: A measure of a portfolios excess return above the risk free rate relative to the total variability of the portfolio.3

Standard Deviation: The square root of the variance. A measure of dispersion of a set of data from their mean.3

Tracking Error: In a strategy being compared to a benchmark (e.g., market index), the standard deviation of the difference between the performance of the benchmark and the replicating portfolio.3

U.S. Long Bond: The term "U.S. Long Bond" refers to 20-year U.S. Treasury Bonds.

Upside/Downside Capture: Upside capture ratios are calculated by taking the fund’s monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month; downside capture ratios are calculated by taking the fund's monthly return during the periods of negative benchmark performance.



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The O'Shaughnessy Funds are distributed by Quasar Distributors, LLC.

















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