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Centaur Mutual Funds is dedicated to offering differentiated, value-oriented investing strategies designed to achieve attractive risk-adjusted returns.
-Zeke Ashton, Portfolio Manager

About Centaur Total Return Fund

The Centaur Total Return Fund was originally launched in March 2005 as the Tilson Dividend Fund. In October 2013, following the assignment of the investment advisory contract to Centaur Capital Partners, the fund was renamed the Centaur Total Return Fund.

The Centaur Total Return Fund has been managed since its inception by Centaur Capital Partners, led by portfolio manager Zeke Ashton.


Strategy Description

The Centaur Total Return Fund seeks to achieve attractive risk-adjusted returns through a combination of capital appreciation and current income.

Mr. Ashton invests in equity securities that he believes are undervalued in the securities markets, but which also offer high dividend yields relative to the yield of the broad market averages such as the S&P 500 Total Return Index.

In addition to investing in stocks that offer high dividend yields, Mr. Ashton expects to generate income from selling covered call options on existing securities. ( Definition of covered call ) The use of covered call options, in combination with the purchase of equity securities, allows for the inclusion of undervalued, non-paying dividend stocks in the fund’s portfolio while still satisfying the fund’s goal of generating investment income. Securities so purchased will be selected based upon the attractiveness and security of the underlying stock as well as the income potential of the covered call options. The fund may also invest in non-dividend paying stocks without selling covered call options if the portfolio manager believes the stocks can produce significant appreciation.

To select equities for the Centaur Total Return Fund, the manager seeks to identify companies he understands well and that possess one or more of the following characteristics:

  • Positive (or projected positive) revenue or profit trends;
  • Healthy balance sheet, characterized by ample cash relative to debt, efficient working capital management, high or increasing liquidity, or other metrics that the Advisor believes indicate the company’s ability to withstand unexpected shocks, reinvest in the business, and improve its business prospects and circumstances;
  • Strong free cash flow generation;
  • Powerful and sustainable competitive advantages;
  • Management team that: (i) operates the business well and has a sound strategy to build it over time; (ii) allocates capital wisely to enhance shareholder value; and (iii) has high integrity; or
  • Policies (e.g., compensation structures) that do not significantly dilute shareholders’ ownership.

The Centaur Total Return Fund typically invests in common stocks and other equity securities but may allocate its capital to bonds, short-term money market instruments, or other investment securities. Please review the prospectus for further details.

Investments in the Funds are subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that either of the Funds will be successful in meeting its investment objective. Generally, the Funds will be subject to the following additional risks: market risk, management style risk, sector focus risk, foreign securities risk, non-diversified fund risk, portfolio turnover risk, credit risk, interest rate risk, maturity risk, investment grade securities risk, junk bonds or lower-rated securities risk, derivative instruments risk, valuation risks for non-exchange traded options, and real estate securities risk. More information about these risks and other risks can be found in the Fund’s prospectus.

An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-888-484-5766. The prospectus should be read carefully before investing.

The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

Distributor: Distributor: Ultimus Fund Distributors, LLC.

There is no affiliation between Centaur Capital Partners, LP, including its principals, and Ultimus Fund Distributors, LLC.