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Dividend All-Cap Value ex-MLP


  • Long-term total return > Russell 3000 Value index plus 200 to 400 bps
  • Target yield > 150% of the Russell 3000 Value
  • Long-term volatility < Russell 3000 Value
  • Achieve objectives in a manner that is consistent with established style and risk expectations

Strategy facts

September 1, 2011
Strategy assets
Russell 3000 Value
Target # of holdings
50 to 70
Market cap range
> $700MM

Separate account, model portfolio

Portfolio managers

Thom Forsha, CFA
Senior Portfolio Manager
Thom Forsha, CFA
Senior Portfolio Manager

Thom is a senior portfolio manager for River Road’s Dividend All-Cap Value portfolio. He previously served as a supervising portfolio manager for the firm’s Focused Absolute Value® portfolio. He is a non-voting member of the Executive Committee. Thom joined River Road in 2005 and holds equity in the firm.

Prior Experience

  • Assistant Vice President, Portfolio Manager, and Equity Analyst, ABN AMRO Asset Management USA


  • MBA, The University of Chicago Booth School of Business
  • BS in Finance, The Ohio State University’s Fisher College of Business


  • CFA® charterholder
  • CFA Institute member
  • CFA Society Louisville member
Andrew McIntosh, CFA
Portfolio Manager
Andrew McIntosh, CFA
Portfolio Manager

Andrew is a portfolio manager for River Road’s Dividend All-Cap Value portfolio. He previously served as a senior equity analyst for River Road. Andrew joined River Road in 2011 and holds equity in the firm.

Prior Experience

  • Structured Finance Analyst on a portfolio of subprime and second lien securities, AEGON USA Investment Management LLC
  • Commercial Mortgage Production Analyst, AEGON USA Realty Advisors Inc.


  • BBA in Finance, University of Iowa


  • CFA® charterholder
  • CFA Institute member 
  • CFA Society Louisville member and past president
Information is as of March 31, 2024

Annualized returns (%)

Composite - Gross Composite - Net Russell 3000 Value Out/ underperformance - Gross Out/ underperformance - Net

Calendar year returns (%)

Past performance is no guarantee of future results. There is a risk that invested capital may be lost. Performance is shown gross and net of fees. Performance for periods shorter than one year is not annualized.

Portfolio characteristics & risk statistics

Portfolio Russell 3000 Value

Top 10 holdings (%)

Symbol Security Name % Portfolio

Sector exposure (%)

Sector allocation vs. benchmark weight (%)


Information is as of March 31, 2024. Past performance is no guarantee of future results. There is a risk that invested capital may be lost.

Strategy assets: Total assets combine River Road’s (1) total firm assets (as defined by GIPS®) and (2) advisory-only assets (no control over implementation of investment decisions and no trading authority). Total assets provided as supplemental information and advisory-only assets are reported on a one-month lag.

Investment guidelines (such as market cap, number of holdings, etc.): Are working policies and, as such, may vary depending on market conditions and other factors and are subject to change without notification. At the time of anew account funding, positioning is determined at the portfolio manager’s discretion and may include purchases/positioning outside of stated limits based on various factors.

Target # of holdings: May change over time. The actual number of holdings is at the portfolio manager’s discretion and may be outside of the target range for any length of time.

Market cap range: Additional shares may be purchased outside of this range subject to max market cap.

Maximum market cap: Includes appreciation. Timing of exit at the portfolio manager’s discretion with the ability to exit over several months.

EBITDA: Excludes banks, thrifts, and insurers.

Price/earnings: Excludes negative earnings.

Long-term growth estimates: Based on ordinary shares for all ADR securities held.

Standard deviation, Jensen’s alpha, beta: Based on trailing 60-month gross of fee composite performance.

Dollar turnover: Average calendar year turnover. Dollar turnover, the lesser of purchases or sales as a percentage of the average market value, is presented as an average of all portfolios in the composite. If one portfolio is not in the composite for the entire period, turnover is the average annualized turnover of all portfolios in the composite at the end of the period.

GICS sector breakdown: Reflects percent of total portfolio; stocks without a reported sector are not presented.

Index data source: London Stock Exchange Group PLC and its group undertakings (collectively, the “LSE Group”), © LSE Group.

Compliance Statement: River Road Asset Management, LLC (“RRAM”) claims compliance with the Global Investment Performance Standards (GIPS®). A GIPS Report is available upon request by contacting RRAMCompliance@riverroadam.com.

Composite Description: The Dividend All-Cap Value ex-MLP composite contains fully discretionary equity income accounts that seek long-term capital appreciation and high current income by investing primarily in a diversified, all-cap basket of income producing equity securities that trade at a discount to our valuation as determined using RRAM’s proprietary Absolute Value® approach. The composite is primarily invested in dividend paying common stocks. The composite may also be invested in a broad range of foreign stocks, convertible preferred stocks, Real Estate Investment Trusts (“REITs”),investment companies, LLCs, and royalty income trusts. The composite excludes any accounts invested in the Dividend All Cap Value strategy that allows Master Limited Partnership (MLP) investments. Some accounts in the composite restrict all Publicly Traded Partnerships (i.e. both MLPs and LLCs), but the composite does include accounts that allow(ed) LLCs. RRAM employs a value-driven, bottom-up approach.

Benchmark Description: The official benchmark for the composite is the Russell 3000 Value. All other indices are shown for additional information only. Composite performance may differ materially from the indices as the composite only invests in a subset of the securities contained in the indices and also invests in securities not contained in the indices.

Performance and Fees: The U.S. dollar is the currency used to express performance and includes the reinvestment of income. Composite performance is presented gross of foreign withholding taxes on dividends, interest income, and capital gains. All composite performance is after the deduction of trading costs. Net of fee performance is calculated using actual management fees. Unless otherwise noted, performance provided for periods greater than one year is annualized.

Trademark: GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Holdings: The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in our portfolio at the time you receive this report or that securities sold have not been repurchased. Characteristics and sector weightings of our portfolio are shown and may not be indicative of this strategy’s current or future investments. It should not be assumed that any of the holdings discussed herein were or will be profitable or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. This information is shown as supplemental information only and complements the full disclosure presentation.

Characteristics: Unless otherwise noted, share-related characteristics are provided by FactSet. Portfolio and index characteristics are based on companies’ most recent filings as of this report date (values for many companies may be as of the prior period). Most company share-related characteristics exclude outliers. Outlier exclusion methods include interquartile and inverse interquartile; the universe for determining outliers is the Russell 3000. For more information, please contact RRAM.

Attribution: Sector, Industry Group, Industry, or Sub-industry group levels are determined at the beginning of each month according to the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), unless otherwise stated that they have been reclassified or classified by RRAM. Reclassifications/classifications by RRAM are not supported by S&P or MSCI. All GICS data is provided “As Is” with no warranties. RRAM may classify securities that are not automatically classified by MSCI and S&P.

Contribution: Top and bottom contributors are calculated gross of fees for the most recent quarter and based on portfolio contribution to active return, which is calculated as the portfolio-weighted return relative to the overall index. For the purpose of assessing top and bottom contributors, the contribution of child securities is aggregated with that of the parent for corporate actions that occurred during the most recent calendar quarter. The performance numbers included in parentheses behind a stock’s name refer to that stock’s total gross return (dividends reinvested)and contribution to active return for the representative portfolio during the period. Unless otherwise noted, total effect is used to assess the contribution to relative return. The holdings identified do not represent all of the securities purchased, sold, or recommended. To receive information regarding the methodology for calculating the top/bottom contributors or a list showing every holding’s contribution to the overall composite and/or representative portfolio performance contact RRAMCompliance@riverroadam.com.

Representative Portfolios: Unless otherwise noted as composite, the information presented is based on a representative portfolio. If no single representative portfolio is available to represent the strategy since inception, different representative portfolios and/or the composite are used for different periods to create a continuous representative portfolio. The representative portfolio is selected by the firm as a representative account that is deemed to best represent this management style using a pre-defined, objective set of criteria. All representative portfolio data is shown as supplemental information to the composite presentation. Each client portfolio is individually managed and may vary from the information shown for the representative portfolio.