Managed Portfolio Series

08/28/2026 | Press release | Distributed by Public on 08/28/2026 09:54

Summary Prospectus by Investment Company (Form 497K)

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Nuance Concentrated Value Fund
Summary Prospectus
August 28, 2026
Institutional Class Shares NCVLX
Investor Class Shares NCAVX
Nuance Concentrated Value Fund
Investment Objective
The Nuance Concentrated Value Fund (the "Fund" or "Concentrated Value Fund") seeks long-term
capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and example below. You may qualify for sales
charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the
Fund. Sales loads and waivers may vary by financial intermediary. For more information on specific
financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus. More
information about these and other discounts is available from your financial professional and in
"Shareholder Information - Class Descriptions" of the Fund's statutory Prospectus on page 31.
Shareholder Fees
(fees paid directly from your investment)
Investor
Class
Institutional
Class
Maximum Front-End Sales Charge (Load) Imposed on Purchases
(as a percentage of the offering price)
5.00%
None
Maximum Deferred Sales Charge (Load)
(as a percentage of the initial investment or the value of the
investment at redemption, whichever is lower)
None
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
Investor
Class
Institutional
Class
Management Fees
0.85%
0.85%
Distribution and Service (12b-1) Fees
0.25%
0.00%
Shareholder Servicing Plan Fees (1)
0.15%
0.15%
Other Expenses
0.23%
0.23%
Acquired Fund Fees and Expenses (1)
0.02%
0.02%
Total Annual Fund Operating Expenses (1)
1.50%
1.25%
Less: Fee Waiver (2)
-0.20%
-0.20%
Total Annual Fund Operating Expenses After Fee Waiver (1)(2)
1.30%
1.05%
(1)The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of
the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available (but unused) shareholder servicing plan
fees and/or acquired fund fees and expenses ("AFFE").
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(2)Nuance Investments, LLC (the "Adviser") has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total
Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, AFFE, leverage/borrowing, expenses paid with securities
lending expense offset credits, interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not
exceed 1.28% of the average daily net assets of the Investor Class and 1.03% of the average daily net assets of the Institutional Class. Fees waived and
expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense
payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and payment occurred and at
the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated
through at least August 28, 2027. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees
(the "Board") or the Adviser, with the consent of the Board.
Example
This Example is intended to help you compare the costs of investing in the Fund with the cost of
investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the
time periods indicated and then redeem all of your shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the expense limitation for one year). Although your actual costs
may be higher or lower, based on these assumptions, your costs would be:
One Year
Three Years
Five Years
Ten Years
Investor Class
$626
$932
$1,260
$2,185
Institutional Class
$107
$377
$667
$1,494
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns
over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in the annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 114% of the average value of
its portfolio.
Principal Investment Strategies
The Fund invests primarily in equity securities of companies that Nuance Investments, LLC (the
"Adviser") believes are high quality, though temporarily out of favor. The Fund typically invests in a
portfolio of 15 to 35 companies of various market capitalizations and is considered an all-cap strategy.
Although the Fund will invest primarily in companies organized or traded in the U.S., the Fund may
invest up to 25% of its assets in non-U.S. companies in countries that are classified as "developed" by
MSCI Inc. ("MSCI"). Nuance utilizes FactSet's country assignments for individual companies. As of
the date of this prospectus, the following countries were classified as "developed" by MSCI: Australia,
Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy,
Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United
Kingdom, and the United States.
The Adviser selects securities for the Fund's investment portfolio by using an extensive quantitative
screening and fundamental research process that aims to identify leading businesses selling at a
discount to fair value with the potential to generate above-average rates of returns over time. The
Adviser seeks to identify companies across a range of industries and market sectors that have leading
and sustainable market share positions, above-average financial strength, and are trading at a discount
to the Adviser's internal view of intrinsic value. The Adviser may sell an investment when it achieves
or surpasses the Adviser's proprietary view of intrinsic value or when a security's competitive position
or financial situation erodes beyond the Adviser's expectations. The Fund's annual portfolio turnover
rate may be 100% or greater. From time to time, the Fund may focus its investments in securities of
companies in the same economic sector.
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The Fund is "non-diversified," meaning that a relatively high percentage of its assets may be invested
in a limited number of issuers of securities.
Principal Risks
As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any
other governmental agency. In addition to possibly not achieving your investment goals, you could
lose all or a portion of your investment in the Fund over short or even long periods of time. The
principal risks of investing in the Fund are:
General Market Risk. The Fund's net asset value ("NAV") and investment return will fluctuate based
upon changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio
may be worth less than the price originally paid for them, or less than they were worth at an earlier
time.
Management Risk. The Fund may not meet its investment objective or may underperform the market
or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund's
investment strategies.
Non-Diversified Fund Risk. Because the Fund is "non-diversified" and may invest a greater
percentage of its assets in the securities of a single issuer, a decline in the value of an investment in a
single issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a
more diversified portfolio.
Value-Style Investing Risk. The Fund's value investments are subject to the risk that their intrinsic
values may not be recognized by the broad market or that their prices may decline.
Equity Securities Risk. The equity securities held in the Fund's portfolio may experience sudden,
unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific industries, sectors, geographic
markets, or companies in which the Fund invests .
S ector Emphasis Risk. The securities of companies in the same or related businesses ("industry
sectors"), if comprising a significant portion of the Fund's portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or financial developments and
adversely affect the value of the Fund's portfolio to a greater extent than if such securities comprised a
lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of
industry sectors. Some industry sectors have particular risks that may not affect other sectors.
Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund's investment in larger companies is
subject to the risk that larger companies are sometimes unable to attain the high growth rates of
successful, smaller companies, especially during extended periods of economic expansion. Securities
of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-
cap companies.
Foreign Securities Risk. Investments in securities of foreign companies involve risks not ordinarily
associated with investments in securities and instruments of U.S. companies, including risks relating to
political, social and economic developments abroad and differences between U.S. and foreign
regulatory and tax requirements and market practices, including fluctuations in foreign currencies.
There may be less information publicly available about foreign companies than about a U.S. company,
and many foreign companies are not subject to accounting, auditing, and financial reporting standards,
regulatory framework and practices comparable to those in the U.S. Unexpected political, regulatory
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and diplomatic events within the United States and abroad may affect investor and consumer
confidence and may adversely impact global financial markets and the broader economy. Foreign
conflicts have caused, and could continue to cause, significant market disruptions and volatility within
specific markets and globally.
Currency Risk. When the Fund buys or sells securities on a foreign stock exchange, the transaction is
undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the
foreign currency will increase or decrease, which may impact the value of the Fund's portfolio
holdings and your investment. Non-U.S. countries may adopt economic policies and/or currency
exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors
and companies and restrict or prohibit the Fund's ability to repatriate both investment capital and
income, which could place the Fund's assets in such country at risk of total loss.
Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the potential to result in
the realization and distribution to shareholders of higher capital gains, which may subject you to a
higher tax liability. A high portfolio turnover rate also leads to higher transaction costs.
Performance
The accompanying bar chart and performance table provide some indication of the risks of investing in
the Fund by showing how the Fund's total returns have varied from year-to-year. Figures shown in the
bar chart are for the Fund's Institutional Class shares. Next to the bar chart are the Fund's highest and
lowest quarterly returns during the period shown in the bar chart. The performance table that follows
shows the Fund's average annual total returns over time compared with the S&P 500® Index, a broad-
based equity securities market index, and the Russell 3000 Value Index, an additional benchmark
index that more closely represents the investment exposure sought by the Fund. Investor Class returns
shown in the performance table reflect the maximum sales charge of 5.00%. Past performance (before
and after taxes) will not necessarily continue in the future. Updated performance information is
available on the Fund's website at https://www.nuanceinvestments.com/concentrated-value-fund or by
calling 1-855-NUANCE3 (1-855-682-6233).
Calendar Year Total Returns as of December 31:
Best Quarter
Worst Quarter
Q4 2020 15.21%
Q1 2020 -20.15%
Year-to-Date as of June 30, 2026
9.57%
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Average Annual Total Returns for the periods ended December 31, 2025
One Year
Five Years
Ten Years
Since
Inception
(05/31/2011)
Institutional Class
Return Before Taxes
3.28%
4.71%
7.64%
8.46%
Return After Taxes on Distributions
2.57%
2.61%
5.68%
6.50%
Return After Taxes on Distributions and
Sale of Fund Shares
2.22%
3.31%
5.66%
6.35%
Investor Class (1)
Return Before Taxes
-2.03%
3.39%
6.80%
7.79%
Russell 3000 Value Index (reflects no
deduction for fees, expenses or taxes)
15.71%
11.18%
10.46%
10.37%
S&P 500 Index (reflects no deduction for
fees, expenses or taxes)
17.88%
14.42%
14.82%
13.90%
(1)The Institutional Class commenced operations on May 31, 2011 and the Investor Class commenced operations on July 31, 2012. The "Since Inception"
performance shown for the Investor Class prior to its inception on July 31, 2012 is based on the performance of the Institutional Class, adjusted for the
higher expenses applicable to the Investor Class.
After tax returns are calculated using the historical highest individual federal marginal income tax rates
and do not reflect the impact of state and local taxes. The "Return After Taxes on Distributions and
Sale of Fund Shares" may be higher than other return figures because when a capital loss occurs upon
redemption of Fund shares, a tax deduction is provided that benefits the investor. Actual after-tax
returns depend on your situation and may differ from those shown. After-tax returns are shown only
for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different
expenses. Furthermore, the after-tax returns shown are not relevant to those investors who hold their
shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts
("IRAs").
Management
Investment Adviser
Nuance Investments, LLC is the Fund's investment adviser.
Portfolio Managers
Scott A. Moore, CFA, President and Chief Investment Officer of the Adviser, is the co-portfolio
manager responsible for the day-to-day management of the Fund. He has managed the Fund since its
inception in May 2011.
Jack Meurer, CFA, Vice President and Portfolio Manager is the co-portfolio manager responsible for
the day-to-day management of the Fund. He has managed the Fund since July 2022.
Adam West, CFA, Vice President and Portfolio Manager is the co-portfolio manager responsible for
the day-to-day management of the Fund. He has managed the Fund since July 2024.
Purchase and Sale of Fund Shares
You may purchase or redeem Fund shares on any day that the New York Stock Exchange ("NYSE") is
open for business by written request via mail (Nuance Concentrated Value Fund, c/o U.S. Bank Global
Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252) by contacting the Fund by telephone
at 1-855-NUANCE3 (1-855-682-6233), by wire transfer, or through a financial intermediary. The
minimum initial and subsequent investment amounts for each share class are shown below. The
Adviser may reduce or waive the minimums.
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Investor Class
Institutional Class
Minimum Initial Investment
$2,500
$10,000
Subsequent Minimum Investment
$100
$100
Tax Information
The Fund's distributions are generally taxable, and will be taxed as ordinary income or capital gains,
unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such
as a 401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements may
be taxed as ordinary income when withdrawn from those accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or
financial advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares
and related services. These payments may create conflicts of interest by influencing the broker-dealer
or other intermediary and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary's website for more information.
Managed Portfolio Series published this content on August 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 28, 2026 at 15:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]