Century Shares Trust

Investment Objective

Century Shares Trust seeks long-term capital growth1

Investment Philosophy

The key tenets of the Century Shares Trust investment philosophy are:

  • Invest in solid, high quality businesses to help mitigate risk
  • Be contrarian at purchase; exploit the herd mentality
  • Apply exhaustive fundamental research targeting growth, profitability and valuation
  • Express bets in a high conviction portfolio

Investment Universe

  • Market capitalization generally greater than $4 Billion at purchase
  • Benchmark: Russell 1000 Growth® Index

Fundamental Research

Century Shares Trust primarily invests in two types of investment opportunities:

  • “Core Growth” companies, which typically have a leading market share position, high barriers to entry, consistent growth and profitability, a strong balance sheet, and business model sustainability
  • “Secular Growth” companies, which commonly demonstrate faster top-line growth, are experiencing positive industry tailwinds, have disruptive business models that are redefining a value proposition for customers, and are often innovative businesses with visionary leaders


The primary valuation methodologies (absolute and relative to a company’s sector and the broader market) include:

  • Forward Price/Earnings
  • Forward Price/Sales
  • Enterprise Value (EV)/EBITDA

1Effective October 1, 2015 the Fund’s investment objective changed to long-term capital growth from long-term growth of principal and income.

Fund Performance

Standardized Returns

as of March 31, 2017 (updated quarterly)

Quarter 1 Year 3 Years 5 Years 10 Years
Institutional Shares (CENSX) 8.70% 10.44% 9.63% 11.77% 7.34%
Russell 1000 Growth Index 8.91% 15.76% 11.27% 13.32% 9.13%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the most recent month-end performance, please call (800) 303-1928. As stated in the current prospectus, the gross operating expense ratios for the Institutional Shares 1.13%. On or about May 27, 2011, the Fund’s Investor Shares converted to Institutional Shares. Each shareholder of Investor Shares received Institutional Shares in a dollar amount equal to their Investor Shares‘ investment. Institutional Share performance shown does not include fees or the higher expense ratios applicable to the former Investor Shares. Otherwise, returns shown would have been lower. Shares held less than 90 days may be subject to a 1% redemption fee.

The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Prior to 2001, Century Shares Trust concentrated its investments in equity securities issued by insurance companies and brokers, banks, and other companies providing services to such companies. In 2001, the Fund adopted a fundamental investment policy not to concentrate in any particular industry or industries; however, long-term holdings in insurance companies continued to comprise more than 25% of the Fund’s total assets until 2007.

Investments in mutual funds involve risks. The Fund may invest a significant portion of assets in securities of companies within the same market sector. If the Fund’s portfolio is over weighted in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not over weighted in that sector.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. ROE (Return On Equity)is a measure of a corporation’s profitability that reveals how much profit a company generates with the money shareholders have invested and is calculated as Net Income/Shareholder’s Equity. EPS (Earnings Per Share) is the portion of a company’s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company’s profitability. P/E (Price earnings) multiple (ratio) is the value of a company’s stock price relative to company earnings. EBITDA is used to analyze a company’s operating profitability before non-operating expenses.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 800-303-1928 or visiting the Fund’s website www.centuryfunds.com. Please read the prospectus carefully before you invest. Century Funds, 100 Federal Street, Boston, MA 02110. Century Funds are distributed by ALPS Distributors, Inc.

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