CAMBIAR AGGRESSIVE VALUE FUND COMMENTARY 2Q 2021

CAMBIAR
AGGRESSIVE VALUE
FUND COMMENTARY
2Q 2021

MARKET REVIEW
The global equity markets posted their fourth                               Cambiar continues to maintain an upside bias as
consecutive quarter of positive returns, with investors                     it relates to U.S. equities, although we believe
bidding up stocks in anticipation of strong corporate                       selectivity has become increasingly important. Given
earnings as global reopening activities continue. The                       the asynchronized nature of global vaccination rates
MSCI World Index posted a return of 7.7% in the                             (and related timing of economic recovery in local
quarter and has now gained 39% on a trailing one-year                       markets), international markets that are earlier in the
basis. The growth vs. value rotation continues, with                        normalization process may be poised to outperform
growth stocks pacing the market advance in 2Q. While                        in the coming quarters. Additional catalysts for
sentiment towards value is clearly improving, the                           international stocks include attractive valuations, a
market still appears skeptical; such hesitation is not                      skew to value industries (which we believe are poised to
unexpected, given the dramatic underperformance of                          deliver strong earnings as the recovery takes hold) and
value stocks vs. growth over the past decade. Follow                        accommodative monetary/fiscal stimulus policies around
through in the form of a demonstrated (and durable)                         the world.
rise in revenue and earnings should help to provide
further evidence of the attractive return-to-risk profile
that exists in old economy sectors such as industrials
and financials.

AGGRESSIVE VALUE FUND
                                 2Q 2021            YTD            1 Year        3 Year      5 Year       10 Year    Since Inception
    CAMAX                         5.05%           23.73%           60.67%       11.01%       12.21%       7.17%          8.50%
    MSCI World                    7.74%           13.05%           39.04%       14.99%       14.83%       10.65%         7.00%

Inception Date: 8.31.2007. All returns greater than one year are annualized. The performance quoted represents
past performance and is no guarantee of future results. The investment return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost, and current
performance may be lower or higher than the performance quoted. For performance data current to the most recent
month-end, please call 1-866-777-8227.
As of 6/30/21, Expense ratios are 1.29% (gross); 1.05% (net). Fee waivers are contractual and are in effect until March
1, 2022. In the absence of current fee waivers, performance would be reduced. The Fund imposes a redemption fee of
2.00% on shares held less than 180 days. Your return will be lower if a redemption fee is applied to your account.

Although performance was positive on an absolute                            Communication Services, while lagging sectors included
basis, the Cambiar Aggressive Value Fund was unable                         Utilities and Industrials.
to keep pace with the benchmark for the quarter.
The portfolio’s relative underperformance was due                           There were no material changes to the Fund by way of
in large part to stock selection in the Industrials and                     regional or sector exposures. Our team remains focused
Technology sectors as well as an overweight position in                     on identifying resilient, high quality companies whose
the Industrials sector, which lagged in Q2. Additionally,                   valuations do not reflect the pending normalization
given the 600 basis-point delta between growth and                          of the underlying business. On a regional basis, the
value stocks in the quarter, Cambiar’s valuation bias                       portfolio remains well-diversified and we continue to
was an additional headwind vs. the benchmark.                               maintain an approximate 55-45 split between domestic
                                                                            and international stocks. This is a fairly material
In contrast to reopening/reflation names that paced                         difference vs. the index, which is heavily skewed
the market for the past two quarters, sector returns                        to North America vs. the rest of the world (70/30).
were less thematic in the quarter. Outperforming                            Although Cambiar’s lower U.S. allocation has worked
sectors in 2Q included Technology, Real Estate, and                         against performance over the past few years, this
                                                                            positioning may be poised to create positive separation

Diversification does not ensure a profit or guarantee against a loss.
2      Cambiar Aggressive Value Fund Commentary | 2Q 2021

from the benchmark should Europe and other regions            stands to benefit from a continued recovery as fleet
begin to outperform as we anticipate.                         renewal should remain a top priority for airlines. The
                                                              company also experienced accelerating domestic traffic
On an attribution basis, Cambiar’s positions in the           in multiple geographic regions, with expectations of
Consumer Discretionary sector comprised the top               improvement over the remainder of 2021.
value-add to performance in the quarter. We view
the companies in this sector to be particularly               Further upside in the quarter was hampered by uneven
well-positioned to do well via a combination of a             performance within the Technology sector. On a stock
strengthening consumer amidst a strong demand                 basis, Fiserv was the largest detractor. Although
environment as the economy reopens. The dominate              the payment processing/bank technology company
factor in the Fund’s outperformance in this sector was        reported solid first quarter earnings, shares were
a position in Bed Bath & Beyond, which has been on a          under pressure during the quarter, possibly a result
wild ride since the stock received the added attention        of disappointment surrounding the lack of progress
from the Reddit crowd in recent quarters. We were             outside of the U.S., given lockdowns. Fiserv is the
forced to adopt a shorter term mind set this year due         product of a merger between bank technology provider
to the volatility (taking advantage of positive short-term    Fiserv and payment processing and bank tech provider
price movements) but going forward our intention is           First Data, completed in mid-2019. If the economic
to stay the course as a long-term shareholder. First          recovery unfolds as hoped over the next two years, cost
quarter results represented clear and quantifiable proof      saves are extracted and the company benefits from
that management is effectively executing a strategy to        better technology spend across its end markets, there
revitalize its brand by focusing on its core properties. If   is likely further upside room on the multiple. Overall,
the current momentum continues our expectations may           the company demonstrated progress with respect to
even be on the conservative side.                             merger integration and challenges due to COVID, and is
                                                              tracking our original investment thesis.
Positive stock selection in Financials was an additional
positive contribution to performance. Two notable
individual performance in Q2 were Goldman Sachs               LOOKING AHEAD
(investment banking and asset management) and
American Express (credit cards). Goldman Sachs has a          As we reach the halfway mark of 2021, the global
strong foothold in high-margin investment banking and         equity market has posted a double-digit return amid
related alternative investment offerings, while American      widespread optimism regarding economic growth
Express is well positioned to benefit from increased          and the corresponding positive impact on corporate
travel and expense volumes as corporate activity ramps        earnings. The upswing in stocks for much of this cycle
up in the coming quarters.                                    has been led by the U.S. markets (and continuing to a
                                                              lesser extent in 2021); that said, the rally is broadening
The Industrials sector proved to be the most challenging      in scope – most notably via the solid gains coming out
area for the Fund in Q2 as both stock selection and an        of Europe. Could this be the beginning of a change in
overweight position negatively impacted performance.          market leadership?
Komatsu and Air Lease both posted negative returns in
2Q and were the primary detractors. While disappointed        While we continue to view the path of least resistance
in the near-term price action, we remain constructive         remains to the upside for U.S. stocks, the combination
on the intermediate-term outlook for each of these            of elevated valuations and the potential tapering of
positions. Japanese construction and mining equipment         monetary policy results in a more muted return outlook
company Komatsu exceeded earnings expectations and            in the second half of the year. In contrast, Cambiar has
raised guidance suggesting continued strength in major        a more constructive outlook for the international equity
end markets may be forthcoming. The weakness during           markets – with many non-U.S. companies possessing
the quarter was on the back of a sharp move higher            a potent combination of earnings growth and multiple
from the depths of the pandemic in 2020. Although             expansion. A quickening of economic activity and fiscal
we anticipate a moderation of the recovery experienced        stimulus efforts such as the NextGenerationEU program
over the past year, guidance for 2021 indicates               could provide additional upside potential for European
improving top line growth and continued margin                equities. For the first time in a long time, international
expansion. Aircraft leasing company Air Lease also            markets may be poised to take the baton from their U.S.
experienced a pullback in Q2 after a sharp move higher        counterparts.
from the COVID lows in 2020. As global economies
recover and air traffic continues to strengthen, Air Lease

3   Cambiar Aggressive Value Fund Commentary | 2Q 2021

As bottom-up equity investors, we are optimistic about
the earnings trajectory for our holdings in the Cambiar
Aggressive Value Fund. Our team remains focused on
identifying leading businesses with long runways to
grow, clear competitive advantages, and strong pricing
power that can translate to higher earnings as the global
economic normalization process continues to unfold.
While thinking about what needs to go right for our
companies, we spend equal time considering downside
risk. On this latter note, the threat of new virus variants
derailing momentum is the most pressing concern at
present, yet we take comfort in the strength of our
businesses to withstand this potential setback on the
path to recovery.

We appreciate your continued confidence in Cambiar
Investors.

IMPORTANT INFORMATION
To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives,
risk factors, charges and expenses before investing. This and other information can be found in the Fund’s
summary or full prospectus, which may be obtained by calling 1-866-777-7227 or by visiting our website at www.
cambiar.com. Please read the prospectus carefully before investing.
Mutual fund investing involves risk, including the possible loss of principal. In addition to the normal risks
associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation
in currency values, from differences in generally accepted accounting principles or from economic or political
instability in other nations. Emerging markets involve heightened risks related to the same factors as well as
increased volatility and lower trading volume. In addition to the normal risks associated with investing, investments
in smaller companies typically exhibit higher volatility. The funds may invest in derivatives, which are often
more volatile than other investments and may magnify the Fund’s gains or losses. Diversification may not protect
against market risk. A company may reduce or eliminate its dividend, causing loses to the fund. High short term
performance of the fund is unusual and investors should not expect such performance to be repeated.
The MSCI World Index USD (Net) is a free float-adjusted market capitalization weighted index that is designed to
measure the equity market performance of developed markets. The MSCI indices are unmanaged and compiled by
Morgan Stanley Capital International. The MSCI indices returns do not reflect any management fees, transaction
costs or expenses. Individuals cannot invest directly in an index.
As of 6.30.21 the Cambiar Aggressive Value Fund had a 3.9% weighting in Air Lease, 0.0% in American Express,
3.5% in Bed Bath & Beyond, 4.2% in Fiserv, 2.7% in Goldman Sachs, 3.3% in Komatsu, and 0.0% in Reddit.
Holdings are subject to change. Current and future holdings subject to risk.
This material represents the portfolio manager’s opinion and is an assessment of the market environment at a
specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This
information should not be relied upon by the reader as research or investment advice or a specific recommendation
of securities.
Cambiar Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Cambiar Investors
LLC or its affiliates. SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA, 19456.

4   Cambiar Aggressive Value Fund Commentary | 2Q 2021

5   Cambiar Aggressive Value Fund Commentary | 2Q 2021