Performance Review

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Annualized Performance
as of 9/30/2017
3 MO:6.87%
YTD :21.12%
1 YR:21.05%
3 YRS:11.20%
5 YRS:14.24%
10 YRS:6.36%

On March 31, 2017, the Multi-Factor Large Cap Growth fund changed its strategy which will now pursue a multi-factor approach.

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. Current performance may be lower or higher than that shown here.

For Benchmark information click here

The views expressed in this investment report represent the opinions of PNC Capital Advisors, LLC and are not intended to predict or depict performance of any investment. All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security. The information herein was obtained by various sources; we do not guarantee its accuracy or completeness. Fund performance quoted above is for class I shares. Past performance does not guarantee future results. These views are as of the date of this publication and are subject to change based on subsequent developments.

Investments in growth companies can be more sensitive to the company’s earnings and more volatile than the stock market in general. International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change and differing accounting standards that may adversely affect portfolio securities. These risks may be heightened in emerging markets.

Note: On March 31, 2017, PNC Large Cap Growth Fund became PNC Multi-Factor Large Cap Growth Fund. The Fund's strategies and risks changed as the Fund will now pursue a multi-factor approach. Please see the prospectus for additional information.

PNC Multi-Factor Large Cap Growth Fund (class I) returned 6.87% in the third quarter versus a return of 5.90% for the Russell 1000 Growth Index.

In the market, momentum factors–both price and earnings–continued to show strength during the third quarter with price momentum being one of the strong factors overall for the quarter. Value factors struggled for most of the quarter, with an improvement during the last few weeks of the quarter. Growth stocks continued to lead value stocks during the quarter, despite value outperforming growth for the month of September.

The investment team’s multi-factor model and momentum factors–both price and earningscontinued to show strength during the quarter, which led to positive alpha. (The excess return of a fund relative to the return of the benchmark is a fund’s alpha). Additionally, it appeared that earnings disappointments drove the market more than earnings beats and a portion of the Fund's outperformance came from having fewer disappointments than the broader market


For the Fund, stock selection was the main contributor to outperformance during the quarter with holdings in the Consumer Discretionary, Information Technology, and Consumer Staples sectors contributing the most. Sector allocation overall was a contributor to relative performance with the underweight to the Consumer Staples sector contributing the most and the underweight to the Information Technology sector detracting the most.

The Fund's managers saw clear strength in their multi-factor model in the third quarter and they continue to see a shift from multiple expansion driving stock prices to earnings growth leading the markets. Their belief remains that earnings drive stock prices, especially over the long run, and they remain confident in their investment process as they progress through the remainder of 2017 and beyond. In addition, they continue to see a shift from multiple expansion driving stock prices to earnings growth leading the market markets.


On March 31, 2017, PNC Large Cap Growth Fund became PNC Multi-Factor Large Cap Growth Fund. The Fund's strategies and risks changed as the Fund will now pursue a multi-factor approach. Please see the prospectus for additional information.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Select a Fund to view the most recent month-end performance information or go to each fund's snapshot page to view most recent month-end performance as well as any waiver or expense reimbursement information.

The information contained in this piece should not be considered legal or tax advice; questions regarding your specific situation should be directed to your legal or tax advisor.

NOT FDIC INSURED | NO BANK OR FEDERAL GOVERNMENT GUARANTEE | MAY LOSE VALUE

You should consider the investment objectives, risks, charges, and expenses of the 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. Please read it carefully before investing.

PNC Capital Advisors, LLC, 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.

This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the PNC Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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