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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 10/31/2019

Total Net Assets
$9.92 M
Inception Date
02/01/2019
Dividend Frequency
Monthly (Daily Accrual)
Fund Gross Expense Ratio
1.39%
Fund Net Expense Ratio
1.30%
Number of Holdings
32

TEN LARGEST HOLDINGS as of 10/31/2019View Portfolio

Holding Assets
Mastercard, Inc. 6.3%
Microsoft Corp. 5.8%
Apple, Inc. 5.2%
Lululemon Athletica, Inc. 4.1%
NVIDIA Corp. 4.1%
Roku Inc 4.0%
Match Group, Inc. 3.9%
Generac Holdings, Inc. 3.8%
Live Nation Entertainment, Inc. 3.5%
RingCentral, Inc. 3.1%

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 44 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge - - - - - 5.73%
Lipper Category Avg. Global Multi-Cap Growth Fds - - - - - -
Russell 1000® Growth Index - - - - - 16.32%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge - - - - - 2.13%
Lipper Category Avg. Global Multi-Cap Growth Fds - - - - - -
Russell 1000® Growth Index - - - - - 13.13%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 09/30/2019

  • We have reduced the portfolio’s overweight in the information technology sector, specifically software providers.  Although we anticipate continued innovation in e-commerce and cloud computing companies, the outsized gains in these stocks over the past few years have led us to take profits selectively. We remain 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 operating momentum and certain fundamental characteristics that we favor.
  • During the third quarter, the equity market continued to wrestle with trade war worries and interest rate volatility. Although the companies that we favor underperformed in this environment, we believe innovative growth companies continue to be attractive over the long term. 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 10/31/2019

Total Net Assets
$9.92 M
Number of Holdings
32
Weighted Average Market Cap.
234.4 B
P/B Ratio
11.0x
P/E Ratio
37.0x

Contributors & Detractors as of  09/30/2019

Contributors

Holding Contribution
Insulet Corp. 0.4%
RingCentral, Inc. 0.3%
Lululemon Athletica, Inc. 0.2%
EPAM Systems, Inc. 0.1%
Mastercard, Inc. 0.1%

Detractors

Holding Contribution
GW Pharmaceuticals plc -0.9%
HubSpot, Inc. -0.6%
Roku Inc -0.6%
Blueprint Medicines Corp. -0.6%
Chegg, Inc. -0.5%

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 10/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
1.39% 1.30%

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
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 R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

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