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Developing Growth Fund

Summary

Summary

What is the Developing Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 06/28/2019

Total Net Assets
$2.06 B
Inception Date
01/05/1998
Dividend Frequency
Annually
Fund Expense Ratio
1.13%
Number of Holdings
96

Fund Expense Ratio :

1.13%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/05/1998
w/o sales charge 38.43% 17.94% 26.04% 11.15% 17.12% 8.93%
Lipper Category Avg. Small-Cap Growth Funds 23.56% 5.14% 17.09% 9.66% 14.82% -
Russell 2000® Growth Index 20.36% -0.49% 14.69% 8.63% 14.41% 6.68%

Fund Expense Ratio :

1.13%

Fund Expense Ratio :

1.13%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/05/1998
w/o sales charge 38.43% 17.94% 26.04% 11.15% 17.12% 8.93%
Lipper Category Avg. Small-Cap Growth Funds 23.56% 5.14% 17.09% 9.66% 14.82% -
Russell 2000® Growth Index 20.36% -0.49% 14.69% 8.63% 14.41% 6.68%

Fund Expense Ratio :

1.13%

TEN LARGEST HOLDINGS as of 06/28/2019View Portfolio

Holding Assets
Everbridge, Inc. 2.6%
Tandem Diabetes Care, Inc. 2.3%
Glaukos Corp. 2.1%
Repligen Corp. 2.0%
Planet Fitness, Inc. 2.0%
Insperity, Inc. 2.0%
Five9, Inc. 2.0%
Chegg, Inc. 1.9%
Alteryx Inc 1.9%
Coupa Software Inc 1.8%

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

32 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

20 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

18 Years of Industry Experience

Supported By 3 Investment Professionals with 20 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

1.13%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/05/1998
w/o sales charge 38.43% 17.94% 26.04% 11.15% 17.12% 8.93%
Lipper Category Avg. Small-Cap Growth Funds 23.56% 5.14% 17.09% 9.66% 14.82% -
Russell 2000® Growth Index 20.36% -0.49% 14.69% 8.63% 14.41% 6.68%

Fund Expense Ratio :

1.13%

Fund Expense Ratio :

1.13%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/05/1998
w/o sales charge 38.43% 17.94% 26.04% 11.15% 17.12% 8.93%
Lipper Category Avg. Small-Cap Growth Funds 23.56% 5.14% 17.09% 9.66% 14.82% -
Russell 2000® Growth Index 20.36% -0.49% 14.69% 8.63% 14.41% 6.68%

Fund Expense Ratio :

1.13%

Year Fund Returns Russell 2000® Growth Index
2018 4.94% -9.31%
2017 29.93% 22.17%
2016 -2.68% 11.32%
2015 -8.87% -1.38%
2014 3.28% 5.60%
2013 57.29% 43.30%
2012 10.37% 14.59%
2011 -1.73% -2.91%
2010 36.39% 29.09%
2009 46.85% 34.47%
2008 -47.52% -
2007 35.69% -
2006 12.31% -
2005 11.77% -
2004 5.91% -
2003 40.04% -
2002 -29.58% -
2001 -6.96% -
2000 -17.78% -
1999 37.96% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 26.94% 9.05% - - 42.50%
2018 7.12% 14.98% 12.10% -23.99% 4.94%
2017 8.33% 4.08% 7.08% 7.61% 29.93%
2016 -10.29% 2.24% 10.85% -4.29% -2.68%
2015 7.14% 2.64% -15.68% -1.72% -8.87%
2014 1.71% 0.20% -5.77% 7.55% 3.28%
2013 13.52% 10.02% 18.79% 6.02% 57.29%
2012 12.18% -2.68% 5.56% -4.22% 10.37%
2011 10.21% 1.47% -20.87% 11.04% -1.73%
2010 8.14% -7.95% 16.48% 17.63% 36.39%
2009 -2.20% 24.34% 14.15% 5.79% 46.85%
2008 -21.83% 6.61% -11.80% -28.60% -47.52%
2007 4.64% 13.59% 9.78% 3.99% 35.69%
2006 15.95% -6.23% -6.86% 10.91% 12.31%
2005 -5.96% 5.86% 9.55% 2.48% 11.77%
2004 1.95% 0.20% -7.03% 11.52% 5.91%
2003 -3.29% 21.38% 9.77% 8.68% 40.04%
2002 0.00% -11.85% -23.80% 4.83% -29.58%
2001 -17.43% 16.03% -22.69% 25.60% -6.96%
2000 3.48% -13.65% -0.62% -7.41% -17.78%
1999 1.42% 11.60% -3.44% 26.24% 37.96%
1998 - -3.01% -22.04% 28.19% 7.85%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2019

  • The portfolio has an overweight in the information technology sector relative to its benchmark, the Russell 2000® Growth Index, as we anticipate continued innovation in e-commerce and cloud computing. Additionally, the portfolio maintains an overweight position in internet service and software providers within the sector.
  • Within the health care sector, we remain focused on innovative biotechnology companies, as large cap firms within the industry seek growth opportunities. Moreover, the portfolio maintains exposure to innovative minimally-invasive medical device companies.
  • The portfolio remains underweight in certain bond proxy sectors, such as consumer staples and real estate, as we continue to believe these sectors are extremely overvalued.
  • During the second quarter, the equity market wrestled with trade war worries but continued to advance as interest rates fell. We believe that high growth companies continue to be very attractive in this environment. Furthermore, we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices for select secular growth stocks.

Portfolio Details as of 06/28/2019

Total Net Assets
$2.06 B
Number of Holdings
96
Weighted Average Market Cap.
4.7 B
P/B Ratio
9.3x
P/E Ratio
42.7x

Contributors & Detractors as of  06/28/2019

Contributors

Holding Contribution
Array Biopharma, Inc. 0.9%
Okta Inc 0.7%
Coupa Software Inc 0.7%
Repligen Corp. 0.6%
Beyond Meat Inc 0.6%

Detractors

Holding Contribution
Myovant Sciences Ltd -0.5%
iRobot Corp. -0.4%
Chart Industries, Inc. -0.2%
Acacia Communications, Inc. -0.2%
World Wrestling Entr -0.2%

Attribution Analysis 

Developing Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Upcoming Dividend Payment Dates

This section lists all anticipated Income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
11/20/2019 11/21/2019 11/21/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $6.2452 - $6.2452 $18.19

Upcoming Capital Gain Distribution

This section lists all anticipated Income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/20/2019 11/21/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2019

1.13%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. For additional information, see the Fund’s current prospectus.

The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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