Small Cap Value Fund

Overall Morningstar Rating
Overall rating out of 347 Small Value category funds as of 12/31/2016

Value Fund

Overall Morningstar Rating
Overall rating out of 1,088 Large Value category funds as of 12/31/2016

Learn more about the Morningstar rating.

Bragg Financial Advisors

The Queens Road Funds are managed by Bragg Financial Advisors, a family owned and directed RIA firm serving the Charlotte, North Carolina community for over 50 years.

Research our firm with FINRA's BrokerCheck.

Bragg Building
The Bragg Building

Manager Commentary

12/31/2016 2016 in Review

09/30/2016 Q3 2016 Investment Commentary

05/31/2016 2016 Annual Letter to Shareholders

Read more Manager Commentary.

In the Press

02/06/2017 TheStreet—PM Steve Scruggs talks with TheStreet's Bob O'Brien about balance sheet strength and three reasons why investors should shift from passive to active managers.

01/10/2017 Financial Advisor—Steve Scruggs discusses where he is finding value in technology companies with John Coumarianos for Financial Advisor magazine.

12/12/2016 Solving the Problem of Snow—PM Steve Scruggs interviewed in Advisor Perspectives

Read more in the Press Center.

Queens Road Funds

Welcome to the Queens Road Funds. We are pleased to offer two value-oriented mutual funds that are managed using the security valuation principles of Benjamin Graham and David Dodd. Thank you for taking a few moments to read about our investment philosophy and process and our investment committee.

We welcome calls and questions from the Registered Investment Advisory community. Please email John Bragg, CFP®, or call (888) 353‑0261 with questions or to schedule a call with Portfolio Manager Steve Scruggs, CFA®.


Firm Principals
Front: John Bragg, Steve Scruggs, and Phillips Bragg
Back: Benton and Frank Bragg

Performance Summary: December 31, 2016

Queens Road Small Cap Value Fund

YTD 12
Months
Avg.
Annual
3-Year
Return*
Avg.
Annual
5-Year
Return*
Avg.
Annual
10-Year
Return*
Since
Inception*
Lifetime
Cumulative
Queens Road Small Cap Value Fund 15.59% 15.59% 6.60% 10.69% 7.21% 9.86% 292.76%
Russell 2000 Value Index 31.74% 31.74% 8.31% 15.07% 6.26% 9.21% 260.27%
Performance as of December 31, 2016; gross annual operating expenses 1.26%
*Performance annualized since June 2002 inception.

Queens Road Value Fund

YTD 12
Months
Avg.
Annual
3-Year
Return*
Avg.
Annual
5-Year
Return*
Avg.
Annual
10-Year
Return*
Since
Inception*
Lifetime
Cumulative
Queens Road Value Fund 13.80% 13.80% 6.22% 11.49% 5.02% 7.52% 187.30%
S&P 500/Citi Value Index 17.40% 17.40% 8.51% 14.69% 5.50% 7.61% 190.55%
Performance as of December 31, 2016; gross annual operating expenses 0.96%
*Performance annualized since June 2002 inception

Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained by calling (888) 353‑0261.

Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed. There can be no assurance that the fund will meet any of its objectives.

From inception to 12/31/2004 the Fund's manager and its affiliates voluntarily absorbed certain expenses of the fund and voluntarily waived its management fee. Had the Fund's manager not done this, returns would have been lower. The Fund's manager and its affiliates do not intend to absorb any expenses or waive its management fee in the future.

Queens Road Small Cap Value Fund invests primarily in small-cap companies which may involve considerably more risk than investing in larger-cap stocks.

Morningstar Rating
© 2016 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. Past performance is no guarantee of future results.

For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-,five- and 10-year (if applicable) Morningstar Rating metrics.

The Queens Road Small Cap Value fund was rated against the following numbers of U.S.-domiciled insert name of Small Value category funds over the following time periods: 347 funds in the last three years, 308 funds in the last five years, and 195 funds in the last 10 years. With respect to these Small Value category funds, the Queens Road Small Cap Value fund received a Morningstar Rating of 3-stars, 2-stars, and 5-stars for the three-, five- and 10-year periods, respectively. Past performance is no guarantee of future results.

The Queens Road Value fund was rated against the following numbers of U.S.-domiciled insert name of Large Value category funds over the following time periods: 1,088 funds in the last three years, 934 funds in the last five years, and 680 funds in the last 10 years. With respect to these Large Value category funds, the Queens Road Value fund received a Morningstar Rating of 3-stars, 2-stars, and 3-stars for the three-, five- and 10-year periods, respectively. Past performance is no guarantee of future results.