Mutual Fund Summary Prospectus (497k)
15 March 2014 - 7:58AM
Edgar (US Regulatory)
THE ADVISORS' INNER CIRCLE FUND II
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WESTFIELD CAPITAL LARGE CAP GROWTH FUND
Summary Prospectus | March 1, 2014
TICKER: Institutional Class Shares (WCLGX)
Before you invest, you may want to review the Fund's complete prospectus,
which contains more information about the Fund and its risks. You can find
the Fund's prospectus and other information about the Fund online at
www.westfieldcapital.com/Investment_Solutions/ Large_Cap_Growth_Fund. You can
also get this information at no cost by calling 1-866-454-0738, by sending an
e-mail request to westfieldfunds@seic.com, or by asking any financial
intermediary that offers shares of the Fund. The Fund's prospectus and
statement of additional information, both dated March 1, 2014, are incorporated
by reference into this summary prospectus and may be obtained, free of charge,
at the website, phone number or e-mail address noted above.
INVESTMENT OBJECTIVE
The Westfield Capital Large Cap Growth Fund's (the "Fund") investment objective
is to seek long-term capital growth.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
Institutional Class Shares of the Fund.
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE
OF THE VALUE OF YOUR INVESTMENT)
INSTITUTIONAL
CLASS SHARES
Management Fees 0.65%
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Other Expenses 0.35%
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Total Annual Fund Operating Expenses 1.00%
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Less Fee Reductions and/or Expense Reimbursements (0.15)%
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Total Annual Fund Operating Expenses After Fee Reductions
and/or Expense Reimbursements(1) 0.85%
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(1) Westfield Capital Management Company, L.P. (the "Adviser" or "Westfield")
has contractually agreed to reduce fees and reimburse expenses in order to
keep Total Annual Fund Operating Expenses After Fee Reductions and/or
Expense Reimbursements for Institutional Class Shares (excluding interest,
taxes, brokerage commissions, acquired fund fees and expenses, and
extraordinary expenses (collectively, "excluded expenses")) from exceeding
0.85% of the Fund's Institutional Class Shares' average daily net assets
until February 28, 2015 (the "Expense Limitation"). To the extent excluded
expenses are incurred, Total Annual Fund Operating Expenses After Fee
Reductions and/or Expense Reimbursements may be higher than the Expense
Limitation. If at any point Total Annual Fund Operating Expenses (not
including excluded expenses) are below the Expense Limitation, the Adviser
may receive from the Fund the difference between the Total Annual Fund
Operating Expenses (not including excluded expenses) and the Expense
Limitation to recover all or a portion of its prior fee waivers or expense
reimbursements made during the preceding three-year period during which
this agreement (or any prior agreement) was in place. This agreement may be
terminated: (i) by the Board of Trustees 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, 2015.
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EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses (including one year of capped expenses in each
period) remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$87 $303 $538 $1,211
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
total annual fund operating expenses or in the example, affect the Fund's
performance. During its most recent fiscal year, the Fund's portfolio turnover
rate was 71% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
In pursuing the Fund's objective, Westfield Capital Management Company, L.P.
(the "Adviser"), the Fund's adviser, strives to build a portfolio comprised of
approximately 35-60 equity securities (principally common and preferred stock)
the Adviser believes have above average prospects for growth. Under normal
circumstances, the Fund invests at least 80% of its net assets, plus the amount
of any borrowings for investment purposes, in equity securities of
large-capitalization companies. This investment policy may be changed by the
Fund upon 60 days' prior written notice to shareholders. The Fund considers
large-capitalization companies to be companies with market capitalizations
greater than $3 billion at the time of purchase. The Adviser expects
investments in foreign companies, including emerging market companies and
American Depositary Receipts ("ADRs"), will typically represent less than 25%
of the Fund's assets.
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In constructing the Fund's portfolio, the Adviser utilizes a bottom-up approach
by first identifying companies that meet strict fundamental criteria and then
performing a qualitative review on each identified company. The Adviser's
research also may include initial interviews and continuing contact with
company management. In selecting stocks for the Fund's portfolio, the Adviser
looks for companies that it believes possess the following quantitative
characteristics: (i) accelerating earnings growth; (ii) strong balance sheet;
and (iii) attractive valuation as measured by price/earnings to growth ratio.
In addition, the Adviser seeks to identify companies that it believes possess
the following qualitative characteristics: (i) superior company management;
(ii) unique market position and broad market opportunities; and (iii) solid
financial controls and accounting. The Adviser may sell a security if: (i) the
security reaches or falls below a predetermined price target; (ii) a change to
a company's fundamentals occurs that negatively impacts the Adviser's original
investment thesis; (iii) the security underperforms versus its industry peer
group; or (iv) the Adviser identifies a more attractive investment
opportunity.
PRINCIPAL RISKS
As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT
INSURED OR GUARANTEED BY THE FDIC OR ANY GOVERNMENT AGENCY. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.
EQUITY RISK -- Since it purchases equity securities, the Fund is subject to the
risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the
Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or
economic trends and developments. The prices of securities issued by such
companies may suffer a decline in response. These factors contribute to price
volatility, which is the principal risk of investing in the Fund.
FOREIGN COMPANY RISK -- Investing in foreign companies, including direct
investments and through ADRs, which are traded on U.S. exchanges and represent
an ownership in a foreign security, poses additional risks since political and
economic events unique to a country or region will affect those markets and
their issuers. These risks will
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not necessarily affect the U.S. economy or similar issuers located in the
United States. In addition, investments in foreign companies generally are
denominated in a foreign currency. Changes in the value of a currency compared
to the U.S. dollar may affect (positively or negatively) the value of the
Fund's investments. These currency movements may occur separately from, and in
response to, events that do not otherwise affect the value of the security in
the issuer's home country. Foreign companies may not be registered with the
U.S. Securities and Exchange Commission ("SEC") and are generally not subject
to the regulatory controls imposed on U.S. issuers and, as a consequence, there
is generally less publically available information about foreign securities
than is available about domestic securities. Income from foreign securities
owned by the Fund may be reduced by a withholding tax at the source, which tax
would reduce income received from the securities comprising the portfolio. The
Fund's investments in foreign securities are also subject to the risk that the
securities may be difficult to value and/or valued incorrectly. While ADRs
provide an alternative to directly purchasing the underlying foreign securities
in their respective national markets and currencies, investments in ADRs
continue to be subject to many of the risks associated with investing directly
in foreign securities.
EMERGING MARKET SECURITIES RISK -- Investments in emerging markets securities
are considered speculative and subject to heightened risks in addition to the
general risks of investing in non-U.S. securities. Unlike more established
markets, emerging markets may have governments that are less stable, markets
that are less liquid and economies that are less developed. In addition,
emerging markets securities may be subject to smaller market capitalization of
securities markets, which may suffer periods of relative illiquidity;
significant price volatility; restrictions on foreign investment; and possible
restrictions on repatriation of investment income and capital. Furthermore,
foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers,
expropriation or confiscatory taxation, seizure, nationalization or creation of
government monopolies.
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GROWTH STYLE RISK -- The price of equity securities rises and falls in response
to many factors, including the historical and prospective earnings of the
issuer of the stock, the value of its assets, general economic conditions,
interest rates, investor perceptions, and market liquidity. The Fund may invest
in securities of companies that the Adviser believes have superior prospects
for robust and sustainable growth of revenues and earnings. These may be
companies with new, limited or cyclical product lines, markets or financial
resources, and the management of such companies may be dependent upon one or a
few key people. The stocks of such companies can therefore be subject to more
abrupt or erratic market movements than stocks of larger, more established
companies or the stock market in general.
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund by showing changes in the Fund's
performance from year to year for the past two years and by showing how the
Fund's average annual total returns for 1 year and since inception compare with
those of a broad measure of market performance. Of course, the Fund's past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future. Updated performance information is available on the
Fund's website at www.westfieldcapital.com or by calling 1-866-454-0738.
[BAR CHART OMITTED - PLOT POINTS AS FOLLOWS]
16.93% 36.56%
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2012 2013
BEST QUARTER WORST QUARTER
15.60% (6.99)%
(03/31/2012) (06/30/2012)
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AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2013
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown. After-tax returns shown are not relevant to
investors who hold their fund shares through tax-deferred arrangements such as
401(k) plans or individual retirement accounts.
SINCE INCEPTION
INSTITUTIONAL CLASS SHARES 1 YEAR (7/13/11)
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Fund Returns Before Taxes 36.56% 15.41%
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Fund Returns After Taxes on Distributions 34.37% 14.57%
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Fund Returns After Taxes on Distributions and
Sale of Fund Shares 21.77% 11.88%
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Russell 1000 Growth Index (reflects no deduction
for fees, expenses, or taxes) 33.48% 16.80%
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INVESTMENT ADVISER
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Westfield Capital Management Company, L.P.
PORTFOLIO MANAGERS
William A. Muggia, President, Chief Executive Officer and Chief Investment
Officer, has managed the Fund since its inception in 2011.
Ethan J. Meyers, CFA, Managing Partner, has managed the Fund since its
inception in 2011.
John M. Montgomery, Managing Partner and Portfolio Strategist, has managed the
Fund since its inception in 2011.
Bruce N. Jacobs, CFA, Managing Partner, has managed the Fund since its
inception in 2011.
Hamlen Thompson, Managing Partner, has managed the Fund since its inception in
2011.
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PURCHASE AND SALE OF FUND SHARES
To purchase Institutional Class Shares of the Fund for the first time,
including an initial purchase through an individual retirement account ("IRA"),
you must invest at least $50,000. There is no minimum for subsequent
investments.
If you own your shares directly, you may redeem your shares on any day that the
New York Stock Exchange is open for business by contacting the Fund directly by
mail at Westfield Capital Large Cap Growth Fund, P.O. Box 219009, Kansas City,
Missouri 64121-9009 (Express Mail Address: Westfield Capital Large Cap Growth
Fund, c/o DST Systems, Inc., 430 West 7th Street, Kansas City, Missouri 64105)
or by telephone at 1-866-454-0738.
If you own your shares through an account with a broker or other institution,
contact that broker or institution to redeem your shares.
TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement,
such as a 401(k) plan or individual retirement account, in which case your
distribution will be taxed when withdrawn from the tax-deferred account.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary's web
site for more information.
WCM-SM-002-0400