North Star Small Cap Value Fund

“A Twenty year Track Record in Small Cap Investing”

Investment Objective

The North Star Small Cap Value Fund seeks long-term capital appreciation.

Why Invest?

The Fund invests primarily in common stocks of small capitalization companies that the Advisor believes have the potential for capital appreciation. Small capitalization companies are defined as those with market capitalizations of $2 billion or less at the time of purchase.

Portfolio Managers

North Star - Eric Kuby Portrait
Eric Kuby

Since 2010

North Star - Peter Gottlieb Portrait
Peter Gottlieb

Since 2010


Calendar Year Total Returns
YTD 2024 2023 2022 2021 2020 2019
WSCVX (Investor Class) 7.99% 11.28% -10.18% 36.99% -0.11% 20.69%
WFICX (Inst Class) 8.03% 11.58% -10.08% 37.28% 0.17% 20.90%
MS Small Value TR Index 4.64% 14.58% -6.60% 31.79% 1.01% 19.96%

Unaudited, net of fees as of March 31, 2024

Anualized Returns
1-Year 3-Year 5-Year 10-Year Inception
WSCVX (Investor Class) 16.08% 5.89% 9.67% 6.57% 10.63%
WFICX (Inst Class) 16.26% 6.10% 9.90% 11.88%
MS Small Value TR Index 21.59% 6.72% 9.72% 7.26% 8.83%

Unaudited, net of fees as of March 31, 2024 | Inception date 2/1/2008 Investor Class; 12/31/2018 Institutional Class

Fund Facts

– WSCVX Investor Class
– WFICX Institutional Class

– Investor Class 2/1/2008
– Institutional Class 12/31/2018

Assets: $39.4 million

Fund Strategy: Small Cap Value

Fund Category: Small Value

Median Market Cap: $1.5 billion

Holdings: 44

Turnover: 6.0%*

Min Investment:
– $100,000 initial Institutional Class
– $2,500 initial Investor Class

Sales Charge: No Load

Expense Ratio:
– 1.73% Institutional Class
– 1.88% Investor Class

The Adviser has contractually agreed to reduce its management fees and/or pay expenses of the Fund to ensure that the total amount of Fund operating expenses do not exceed 0.98% and 1.21%, respectively, through May 31, 2025

Dividend Objective: Annually

*As of 11/30/2023

**As of 3/31/2024

How to Invest

North Star Mutual Funds can be purchased direct through Ultimus Fund Solutions or through your broker.

For more information, please call toll-free 855-580-0900 to speak to a shareholder services representative or email

Each Fund will deduct a 2% redemption fee on the redemption amount if you sell your shares less than 30 days after purchase or shares held less than 30 days are redeemed for failure to maintain a Fund’s balance minimum. See Low Balances for further information on account closure policy. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. Shares held for 30 days or more are not subject to the 2% fee. Redemption fees are paid to a Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.

Past performance or ranking is not indicative of future results. There is no assurance dividends will be paid. Current performance may be lower or higher than the performance data quoted above. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Performance quoted is past performance and is no guarantee of future results. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. Current performance may be lower or higher. For performance information current to the most recent month-end, please call toll-free 855-580-0900.

The Morningstar Small Value Index measures the performance of the small-cap segment of the U.S. equity universe.