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Focused Growth Fund

Summary

Summary

What is the Focused Growth Fund?

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

Fund Basicsas of 01/31/2020

Total Net Assets
$12.37 M
Inception Date
02/01/2019
Dividend Frequency
Monthly (Daily Accrual)
Fund Gross Expense Ratio
2.94%
Fund Net Expense Ratio
0.80%
Number of Holdings
33

TEN LARGEST HOLDINGS as of 01/31/2020View Portfolio

Holding Assets
Microsoft Corp. 7.8%
Apple, Inc. 6.5%
Mastercard, Inc. 6.1%
Amazon.com, Inc. 5.1%
Alphabet, Inc. 4.7%
NVIDIA Corp. 3.8%
RingCentral, Inc. 3.3%
EPAM Systems, Inc. 3.1%
Adobe Systems, Inc. 3.0%
NIKE, Inc. 2.8%

INVESTMENT TEAM

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

Partner & Portfolio Manager

33 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

21 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

19 Years of Industry Experience

Supported By 41 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 2.94%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge 4.37% 21.00% - - - 21.00%
Lipper Category Avg. Multi-Cap Growth Funds 1.98% 22.15% - - - -
Russell 1000® Growth Index 2.24% 27.94% - - - 27.94%

Fund Expense Ratio :

Gross 2.94%

Net 0.80%

Fund Expense Ratio :

Gross 2.94%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge - - - - - 15.93%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index - - - - - 25.14%

Fund Expense Ratio :

Gross 2.94%

Net 0.80%

Year Fund Returns Russell 1000® Growth Index
2019 15.93% 36.39%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 11.85%
2019 - 4.49% -8.29% 13.14% 15.93%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 12/31/2019

  • We have increased the portfolio’s position in the information technology sector, specifically within semiconductor manufacturers and software providers. We anticipate continued innovation in e-commerce and cloud computing companies, and shares have begun to rebound after a deep correction in September. The portfolio continues to have a modest underweight in particular FAANG stocks.
  • Within the health care sector, we remain focused on smaller capitalization biotechnology companies, as they have tended to be more innovative than their large cap peers, which have large amounts of cash but inferior product pipelines. 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 overvalued and lacking in growth potential and certain fundamental characteristics that we favor. 
  • During the fourth quarter, the equity market continued to wrestle with trade war concerns. These worries appear to be lessening as we begin 2020. Furthermore, we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices for select innovative growth stocks.

PORTFOLIO DETAILS as of 01/31/2020

Total Net Assets
$12.37 M
Number of Holdings
33
Weighted Average Market Cap.
394.2 B
P/B Ratio
10.9x
P/E Ratio
38.5x

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Apple, Inc. 1.6%
NVIDIA Corp. 1.2%
Roku Inc 1.1%
Advanced Micro Devices, Inc. 1.1%
Tesla Motors, Inc. 0.9%

Detractors

Holding Contribution
Twitter, Inc. -0.9%
Alteryx Inc -0.2%
Mercadolibre, Inc. -0.2%
Yeti Hldgs Inc -0.1%
Blueprint Medicines Corp. -0.1%

Attribution Analysis 

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

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 01/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
2.94% 0.80%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory 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 F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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