Download PNC Large Cap Value Fund

QUARTERLY FUND HIGHLIGHTS
EQUITY FUNDS
PNC Large Cap Value Fund
Period ending 12/31/16
NASDAQ SYMBOLS
I Shares: PLIVX
A Shares: PLVAX
C Shares: PALVX
PNC Large Cap Value Fund seeks capital appreciation by investing primarily in a diversified portfolio of
value-oriented, domestic large company stocks with market capitalizations matching the benchmark.
CALENDAR YEAR TOTAL NAV RETURNS
Max
CDSC
—
—
1.03% 0.90%
30%
—
—
1.33% 1.20%
1.33% 1.20%
25%
1.00% 2.03% 1.90%
1.00% 2.03% 1.90%
15%
Russell 1000
Value Index2
—
—
6.68%
17.34%
17.34%
8.59%
14.80%
5.72%
—————
1 Net operating expenses reflect contractual waivers and expense reimbursements that continue
through the end of September 2017. For more information on fee waivers or expense reimbursements
please see the expense table in the prospectus. If the waivers or reimbursements were not in effect the
Fund’s performance would have been lower.
2 The Russell 1000 Value Index, an unmanaged index of 1,000 largest U.S. companies with lower
price-to-book ratios and lower forecasted growth values, is not available for direct investment. Unlike
a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees, or
other expenses.
Performance quoted represents past performance and does not guarantee future results. Investment return
and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their
original cost. POP (Public Offering Price) figures reflect maximum sales charge in class A shares of 5.50%.
NAV (Net Asset Value) returns do not include the effect of any applicable sales charges. Current performance
may be lower or higher than that shown here. Performance data current to the most recent month-end is
available at 800-622-FUND (3863) or pncfunds.com.
PORTFOLIO CHARACTERISTICS AND RISK STATISTICS (3 YEAR PERIOD)
Number of Securities
P/E 12 Month 3
Alpha 5
Total Fund Assets
Turnover 12 Month (5/31/16)
Beta 6
Average Market Cap
Standard Deviation
Sharpe Ratio 7
72
$114.3M
$117,190M
SECTOR WEIGHTINGS 8
15.6
-0.81%
64.21%
4
10.41%
Class A
Class I
Index
35%
17.34
20%
10%
5%
0%
-5%
6.10
6.43
Class C
NAV 4.64% 5.45% 5.45% 6.11%11.80%3.57% 5.42%
(1/27/00) POP 3.64% 4.45% 4.45% 6.11%11.80%3.57% 5.42%
Net
Exp.
Ratio1
13.45
Class A
NAV 4.84% 6.10% 6.10% 6.69% 12.47% 4.27% 7.85% 5.50%
(8/22/94) POP -0.92% 0.27% 0.27% 4.69% 11.20% 3.68% 7.58% 5.50%
Gross
Exp.
Ratio
2011
1.96
2.19
-3.83
4.91% 6.43% 6.43% 6.94%12.77%4.54% 8.20%
Max
Sales
Chg.
12.43
Since
5 Years 10 Years Inception
32.53
3 Years
12.24
1 Year
33.65
34.15
Year
to Date
17.51
Class I
(7/1/94)
3 Mos
10.87
11.18
Share Class
(Inception Date)
ANNUALIZED
2.19
2.35
0.39
PERFORMANCE SUMMARY TOTAL RETURNS
2012
2013
2014
2015
2016
3 Measure of the price paid for a share relative to the
income or profit earned by the firm per share.
4 Statistical measure of volatility, calculating the
average deviation of a return series from its mean.
5 Measure of risk-adjusted performance, considering
the risk due to the specific security.
6 Quantitative measure of the volatility of a fund
relative to the Russell 1000 Value Index.
7 Risk-adjusted measure calculated using standard
deviation and excess return to determine reward per
unit of risk.
0.91
0.66
TOP TEN HOLDINGS 8
Large Cap Value Fund
Russell 1000 Value Index Variance
2
JPMORGAN CHASE & CO
4.91%
Financials
27.59%26.78% 0.81%
BANK OF AMERICA CORP
3.40%
Energy
13.20%13.63% -0.43%
JOHNSON & JOHNSON
3.11%
Industrials
10.61%10.03% 0.58%
INTEL CORP
2.60%
Health Care
10.02%10.22%-0.20%
PFIZER INC
2.28%
Information Technology
9.43%
9.39%
0.04%
NORTHERN TRUST CORP
2.27%
Consumer Staples
7.32%
8.04%
-0.72%
SCHLUMBERGER LTD
2.21%
Consumer Discretionary
5.75%
4.43%
1.32%
TOTAL SA
1.91%
Utilities
5.25%
6.04%
-0.79%
MORGAN STANLEY
1.90%
Materials
3.26%
2.83%
0.43%
CHEVRON CORP
1.85%
Telecom
2.74%
3.86%
-1.12%
Real Estate
2.22%
4.62%
-2.40%
Registered Investment Co
1.47%
0.00%
1.47%
Cash & Cash Equivalents
1.14%
0.00%
1.14%
8 Sector Weightings and Top Ten Holdings are a percent of total net assets, calculated based on fund
net assets and are subject to change. As such, they are for illustrative purposes only as they are not a
permanent reflection of fund composition.
PNC LARGE CAP VALUE FUND | Quarterly fund highlights • Period ending 12/31/16
INVESTMENT STRATEGY
The PNC Large Cap Value Fund seeks long-term capital appreciation by investing in a diversified
portfolio of value-oriented, domestic large company stocks with market caps matching the benchmark.9
The Fund’s managers employ a disciplined, rules-based, linear process focused on identifying
companies that can produce earnings in excess of market expectations.
9 The market cap range of the benchmark frequently changes. As a result, the capitalization of
companies in which the Fund invests may also change.
INVESTMENT RISKS
Investments in value companies can continue to be undervalued for long periods of time and be more
volatile than the stock market in general.
EQUITY FUNDS
MANAGEMENT TEAM
Douglas J. Roman, CFA, CMT
Managing Director, Large Cap Advantage Equity
30 years industry experience
Managed fund since: 2013
Mark W. Batty, CFA
Senior Portfolio Manager
27 years industry experience
Managed fund since: 2013
On March 31, 2017, PNC Large Cap Value Fund will become PNC Multi-Factor Large Cap Value Fund
(f.k.a. PNC Large Cap Value Fund). The Fund’s strategies and risks will also change as the Fund will now
pursue a multi-factor approach. Please see the prospectus for additional information.
Past performance is not an indication of future performance.
You should consider the investment objectives, risks, charges, and expenses of PNC Funds carefully before investing. A prospectus or summary prospectus
with this and other information may be obtained at 800-622-FUND (3863) or pncfunds.com. The prospectus should be read carefully before investing.
• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
PNC Capital Advisors, LLC (PCA), a subsidiary of The PNC Financial Services Group, Inc., serves as investment adviser and co-administrator to PNC Funds and receives fees for its
services. PNC Funds are distributed by PNC Funds Distributor, LLC, which is not affiliated with the adviser and is not a bank.
© The PNC Financial Services Group, Inc. All rights reserved.
QR-05-1216