Introduction
Mr. Akre has been in the securities business since 1968 and actively managing money since 1989.
He held positions as, Director, CEO of the Asset Management Division and Director of Research at
Johnston, Lemon & Co (a NYSE member firm). Mr. Akre established Akre Capital Management (ACM) in
1989 and for a time operated it as part of Friedman, Billings, Ramsey & Co., ending in 1999. In
2000 ACM became independent, and The FBR Funds retained Mr. Akre as the portfolio manager through
a sub-advisory relationship. Mr. Akre holds a BA in English Literature from American University.
Investment Goals
The Fund, an open end no-load mutual fund, seeks long-term capital appreciation.
Fund Strategy
This is a non-diversified fund, allowing Chuck to invest a greater percentage of assets in a particular issue.
The Fund focuses on companies he believes are undervalued, with proven management and excellent prospects for
compounding their Intrinsic value at high rates of return. He believes that his portfolios are characterized
by a low level of business risk, and reflect an approach that is inherently conservative. The FBR Focus
Fund considers small-cap companies to have market capitalizations of less than $3 billion.
Ratings* as of 3/31/2008
Mid Growth
Overall
3 Year out of 827 Funds
5 Year out of 694 Funds
10 Year out of 305 Funds
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance
figures associated with its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics.
TOTAL RETURNS REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. The current
performance may be lower or higher than performance data quoted. Investment return and principal will
fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost.
The performance data does not reflect the deduction of redemption fees and if reflected, the redemption
fee would reduce the performance quoted.
Investors should consider the investment objectives, risks, charges and expenses carefully before
investing. This and other important information about the investment company can be found in the
fund's prospectus. To obtain a prospectus, please visit the prospectus page or call 888.200.4710.
Please read the prospectus carefully before investing.
Small capitalization stocks as a group may not respond to market rallies and downturns as much as other types of equity securities.
The non-diversified nature of the fund may subject investors to greater volatility
than other diversified funds. Small capitalization stocks as a group may not respond
to market rallies or downturns as much as other types of equity securities.
The indices are unmanaged and unlike the Focus Fund have no management fees or operating costs
that reduce reported returns. The volatility and other risk characteristics for the fund will differ
from the volatility and risk characteristics of the indices.
S&P 500 is a capitalization-weighted Index of 500 stocks. The Index is designed to represent
the broad domestic economy through changes in aggregate market value of 500 stocks representing all major
industries.
Philadelphia Bank Index (BKX) is a capitalization-weighted index consisting of 24 exchange-listed
and national market system stocks, representing national money center banks and leading regional
institutions.
Dow Jones Utility Index is a price weighted average of 15 utility companies listed on the New
York Stock Exchange and are involved in the production of electrical energy.
Russell 2000 is comprised of the smallest 2000 companies of the Russell 3000 Index, representing
approximately 11% of the Russell 3000’s total market-capitalization.
Lipper Fund Averages, Lipper Analytical Services, Inc., is a nationally recognized organization
that reports on mutual fund total return performance and calculates fund rankings. Peer averages are based
on universes of funds with the same investment objective. Peer group averages include reinvested dividends
and capital gains, if any, and exclude sales charges. These averages include the following: Lipper
Financial Services Index and the Lipper Small Cap Value Index.
Morningstar proprietary ratings reflect risk-adjusted performance as of the period stated above. For each fund with at least a 3-yr history,
Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation
in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top
10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars the next 35% receive 3 stars, the next 22.5%
receive 2 stars and the bottom 10% receive 1 star.
1- Price-to-Book Value Ratio – Market price per share divided by book value.
2- Price-to-Earnings Ratio – Market price per share divided by earnings per share.
3- Earnings per Share – Profit available to equity shareholders divided by average number of shares outstanding.
The Daily NAV is as of the previous business day's closing. Funds NAV are updated at approximately
5:30 p.m. EST daily.
This website does not constitute an offer to sell or a solicitation of an offer to buy shares of
the FBR Funds to any person in any jurisdiction in which such offer, solicitation, purchase or sale
would be unlawful under the securities laws of such jurisdiction.
Investors should consider the investment objectives, risks, charges and expenses carefully before
investing. This and other important information about the investment company can be found in the
Fund's prospectus. To obtain a free prospectus, please call 888.200.4710. Please read the prospectus
carefully before investing.
The FBR Funds are distributed by FBR Investment Services, Inc. Member FINRA/SIPC.
Ratings* as of 3/31/2008
documents, you must
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