Edgar Lomax Value Fd
LOMAX
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- Edgar Lomax Value Fund (LOMAX) is a no-load open-end mutual fund that seeks long-term capital growth while providing income by investing primarily in the undervalued stocks of 45 to 55 large, well-recognized companies drawn from the S&P 500 index; selected securities typically feature low price-to-earnings and price-to-book ratios, high or stable dividend yields, consistent earnings histories, and low to moderate debt-to-equity ratios. The fund operates within the large value equity segment, targeting quality businesses across sectors such as healthcare, financial services, consumer defensive, industrials, and communication services, with a portfolio heavily weighted toward U.S. stocks (approximately 95%) and a small cash allocation. It maintains a net expense ratio of 0.70%, with a voluntary performance-based fee waiver that reduced actual expenses to 0.50% for the fiscal year ended October 31, 2023, through at least February 27, 2025. Managed by The Edgar Lomax Company, a registered investment advisor founded in September 1986 by Randall R. Eley, who serves as President and Chief Investment Officer, with Thomas Murray as co-manager since December 31, 2019; the firm, headquartered in Alexandria, Virginia, focuses exclusively on large-cap value equity strategies for institutional, high-net-worth, and retail clients, overseeing approximately $1.6 billion in total assets as of December 31, 2024. The fund, launched on December 12, 1997, has net assets of about $96.7 million and is available to U.S. investors with a minimum initial investment of $2,500. Recent portfolio adjustments include trims in holdings such as International Business Machines Corporation (down 1.6% in Q2 2025, retaining 232,232 shares) and Capital One Financial Corporation (down 1.6% in Q2 2025, retaining 133,060 shares), alongside increases like a 5.7% boost in IBM shares during Q1 2025; as of March 31, 2025, top holdings comprised CVS Health Corp (4.97%), Verizon Communications Inc (4.91%), Johnson & Johnson (4.50%), Merck & Co Inc (4.16%), and Coca-Cola Co (4.13%). The advisor continues its contractual expense cap through February 27, 2025, and voluntary performance waivers tied to outperformance versus the S&P 500 Value Index, supporting ongoing operational stability amid a managed assets under management decline in the fund relative to the firm's separate accounts. No major acquisitions, partnerships, funding rounds, or strategic shifts were reported for the fund or advisor in the last 1-2 years.