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Process Details

Private Market Value (PMV) is our proprietary methodology for determining a company’s true intrinsic value. PMV is what an acquirer would be willing to pay for the entire company (per share) in a private transaction. It is calculated by observing actual takeover transactions by industry and applying the corresponding, appropriate valuation multiples to each stock we analyze. Owning shares of high quality companies at significant discounts to intrinsic value is a formula for long-term investment success.

  • PMV is what an acquirer would be willing to pay for the entire company (per share).
  • PMV is derived by first observing actual takeover valuation multiples.
  • We utilize different metrics by industry to capture the appropriate value-drivers.
  • Stock prices are more volatile than the underlying value of the franchise, which can create unique investment opportunities.
  • PMV becomes the "anchor" by which all decisions are framed within an emotional market.
  • We seek to purchase new names at a 30% discount to PMV, and stocks are sold when they reach our calculated PMV.
  • The gap between price and PMV serves as an objective basis to trim or add to existing holdings, and to allocate capital within the portfolio.

Disclosures

Mutual fund investing involves risk. Principal loss is possible. Investing in small and medium-sized companies involves greater risk than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. Investments in securities of foreign issuers involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social, and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies. Market trading prices may vary significantly from anticipated levels.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio. This and other important information is contained in the prospectus and summary prospectus. To obtain a hardcopy of the prospectus, please call 1-855-RPI-FUND (1-855-774-3863).

Reinhart products are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of Reinhart products in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Past performance is not a guarantee of future results.

The Reinhart Funds and Reinhart Intermediate Bond NextShares are distributed by Quasar Distributors, LLC.