SouthernSun Small Cap Fund Class N
SSSFX
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- SouthernSun Small Cap Fund Class N (SSSFX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in a concentrated portfolio of 20 to 40 small-cap U.S. equity securities, defined as those within the market capitalization range of the Russell 2000 Index at the time of purchase; the fund maintains a non-diversified strategy focused on niche-dominant companies that are attractively valued, possess financial flexibility, and are led by uniquely fitted management teams. SouthernSun Asset Management, LLC, the fund's adviser founded in 1989 and headquartered at 240 Madison Avenue, Suite 800, Memphis, Tennessee, employs a proprietary bottom-up research process emphasizing on-site analysis and fundamental evaluation to construct the portfolio, which as of June 30, 2025, included top holdings such as Darling Ingredients Inc. (DAR, 6.89%), The Brink's Co. (BCO, 6.13%), US Physical Therapy Inc. (USPH, 5.60%), Boot Barn Holdings Inc. (BOOT, 5.50%), and Louisiana-Pacific Corp. (LPX, 5.22%), spanning sectors including industrials, consumer discretionary, materials, health care, and financials. The fund offers Class N shares (ticker: SSSFX, inception October 1, 2003, gross/net expense ratio 1.31%, minimum initial investment $2,000) and Class I shares (ticker: SSSIX, inception September 30, 2009, gross/net expense ratio 1.06%, minimum initial investment $100,000), with assets under management of approximately $251 million as of the latest reporting; it benchmarks performance against the Russell 2000 Index and Russell 2000 Value Index, delivering a second quarter 2025 return of 9.52% for Class N shares versus 8.50% and 4.97% for the benchmarks, respectively. In recent strategic shifts during the second quarter of 2025, the fund fully exited its position in Oxford Industries, Inc. (OXM) due to tariff-related supply chain vulnerabilities and consumer spending pressures, while initiating a new position in MSA Safety, Inc. (MSA), a provider of critical safety equipment including self-contained breathing apparatus, gas detection instruments, fall protection gear, and head protection for industries such as firefighting, construction, oil and gas, and general manufacturing; this move reflects ongoing portfolio optimization amid macroeconomic challenges like tariffs, policy changes under the Big Beautiful Bill, and uneven demand, with emphasis on companies demonstrating operational discipline, capital allocation via share repurchases and selective M&A, and resilience in aftermarket services. The fund operates domestically with a focus on U.S. institutional and individual investors, distributed by SEI Investments Distribution Co., and has historically reorganized from predecessor vehicles including the AMG SouthernSun Small Cap Fund in 2021 and a Northern Lights Fund Trust series in 2014, maintaining continuity in investment objectives and policies.