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Mutual Fund


Cardinal Small Cap Value Fund – CCMSX

INVESTMENT OBJECTIVE

The Cardinal Small Cap Value Fund seeks to achieve long-term capital appreciation.

PHILOSOPHY/PROCESS

Cardinal uses a value investment strategy based on proprietary fundamental research. Value investing involves buying stocks that, in the view of Cardinal, are out of favor or undervalued relative to their peers. We emphasize companies with the ability to generate discretionary cash flow after spending what is required to maintain the business at its current level of revenue, and to redeploy such cash flow to enhance value.

We also look for the following characteristics:

  • Stable and predictable business model
  • Motivated and competent management
  • Unduly depressed valuation
  • Catalyst for positive market revaluation
     

In-house fundamental research is the centerpiece of our investment process. We focus on gathering information on companies that, in our view, are not well known to most institutional investors, by developing opinions on companies or businesses that are contrary to prevailing thinking, or by investigating corporate events that may signal a company’s undervaluation. Once investment opportunities are identified, we research prospective companies by analyzing regulatory financial disclosures, and by speaking with industry experts and company management. The purpose of this research is to gain an understanding of the company’s business model, competitive advantages and capital allocation discipline. The information gathered in the due diligence process is incorporated into a proprietary discounted cash flow model, which is used to guide our buy and sell prices for each company.

Performance

  • Net Of Fee Monthly Performance

  • Net Of Fee Quarterly Performance

Cardinal Capital Management, L.L.C. (the “Adviser”) has contractually agreed to reduce its fees and/ or reimburse expenses in order to keep Total Annual  Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and  Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and extraordinary expenses (collectively, “Excluded Expenses”)) from exceeding 0.99% of the Fund’s Institutional Class shares’ average daily net assets until February 28, 2024 (the “Contractual Expense Limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including Excluded Expenses) and the Contractual Expense Limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the Contractual Expense Limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund II (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2024.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Returns are shown net of fees and expenses and assume reinvestment of dividends and other income. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For additional performance information, please call 1-844-CCM-SEIC (1-844-226-7342).

Principal Risks

The Cardinal Small Cap Value Fund is distributed by SEI Investments Distribution Co. 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with the Adviser or its affiliates. Check the background of SEI Investments Distribution Co. on FINRA’s BrokerCheck.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Investments in foreign securities may underperform and may be more volatile than comparable U.S. securities because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. Investments in foreign and emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. Investments in smaller companies typically exhibit higher volatility. In addition to normal risks associated with investing, REIT investments are subject to changes in economic conditions, credit risk, and interest rate fluctuations. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the Fund’s summary and full prospectus, which may be obtained by calling 1-844-CCM-SEIC (1-844-226-7342), or by visiting the website at CARDINAL SMALL CAP VALUE FUND Prospectus | March 1, 2018. Please read the prospectus carefully before investing.

The Cardinal Small Cap Value Fund is offered only to citizens and residents of the U.S., and the information on this Internet site is intended only for such persons. Nothing on this Internet site should be considered a solicitation to buy or an offer to sell shares of this Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Please see important disclosures.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Returns are shown net of fees and expenses and assume reinvestment of dividends and other income. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For additional performance information, please call 1-844-CCM-SEIC (1-844-226-7342).


The Russell 2000 Value Index measures the performance of the small‐cap value segment of the U.S. equity universe and includes those Russell
2000 Index companies with lower price‐to‐book ratios and lower forecasted growth values. These indices are included merely to show the general trend in
the small‐cap equity markets in the periods indicated and is not intended to imply that Cardinal’s investments were comparable to the index either in
comparison or element of risk. There is no guarantee that the performance of the strategy will meet or exceed any index. An investor cannot invest directly
in an index.