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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 05/29/2020

Total Net Assets
$13.32 M
Inception Date
02/01/2019
Dividend Frequency
Monthly (Daily Accrual)
Fund Gross Expense Ratio
2.84%
Fund Net Expense Ratio
0.80%
Number of Holdings
35

TEN LARGEST HOLDINGS as of 05/29/2020View Portfolio

Holding Assets
Amazon.com, Inc. 6.5%
Microsoft Corp. 6.4%
Alphabet, Inc. 5.7%
Apple, Inc. 5.7%
NVIDIA Corp. 4.6%
Mastercard, Inc. 4.2%
Redfin Corp 3.4%
Tesla Motors, Inc. 3.3%
Shopify, Inc. 3.2%
RingCentral, Inc. 3.2%

INVESTMENT TEAM

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

Partner & Portfolio Manager

33 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

19 Years of Industry Experience

Matthew R. DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

21 Years of Industry Experience

Supported By 40 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 2.84%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge 31.91% 36.87% - - - 35.13%
Lipper Category Avg. Multi-Cap Growth Funds 9.90% 17.46% - - - -
Russell 1000® Growth Index 9.81% 23.28% - - - 25.27%

Fund Expense Ratio :

Gross 2.84%

Net 0.80%

Fund Expense Ratio :

Gross 2.84%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge 31.91% 36.87% - - - 35.13%
Lipper Category Avg. Multi-Cap Growth Funds 9.90% 17.46% - - - -
Russell 1000® Growth Index 9.81% 23.28% - - - 25.27%

Fund Expense Ratio :

Gross 2.84%

Net 0.80%

Year Fund Returns Russell 1000® Growth Index
2019 15.93% 36.39%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.13% 42.04% - - 42.67%
2019 - 4.49% -8.29% 13.14% 15.93%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 03/31/2020

  • We believe the portfolio’s long-term positioning in high innovation stocks and industries should be a tailwind for relative performance. We believe industries powering the technology revolution – from the cloud to artificial intelligence to biotechnology, medical devices, and ecommerce – are best positioned to weather both cyclical bear markets and corrections with unique catalysts like COVID-19, and benefit from the  innovative environment that will likely persist for years.
  • Moreover, unlike many other areas of the economy, we believe that these targeted areas of innovation should continue to exhibit fundamental strength and have the potential for greater relative performance through an economic slowdown, as they continue to displace older businesses and outdated technologies.
  • The portfolio already had a large underweight to cyclical sectors over the past 2 ½ years, due to the trade war and slow growth overseas and in the U.S. These sectors, which include leisure, travel, tourism, and now energy, all appear to be embarking on much more severe cyclical declines as a result of recessionary pressures caused by demand destruction centered in these industries. We have consistently focused the portfolio on companies delivering outsized revenue growth as part of secular trends in innovation.
  • Additionally, we have begun to add high conviction small and mid-cap growth companies into the portfolio, while maintaining our positioning in stocks exhibiting relative strength.

PORTFOLIO DETAILS as of 05/29/2020

Total Net Assets
$13.32 M
Number of Holdings
35
Weighted Average Market Cap.
385.0 B
P/B Ratio
14.8x
P/E Ratio
46.5x

Contributors & Detractors as of  03/31/2020

Contributors

Holding Contribution
Tesla Motors, Inc. 1.0%
RingCentral, Inc. 0.6%
Teladoc, Inc. 0.5%
Docusign Inc 0.5%
Zoom Video Communicatio 0.4%

Detractors

Holding Contribution
Redfin Corp -1.6%
Mastercard, Inc. -1.1%
Apple, Inc. -0.9%
Alphabet, Inc. -0.7%
Lululemon Athletica, Inc. -0.6%

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 06/30/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
2.84% 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
n/a
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 R5 - The inception date for Class R5 shares is June 30, 2015. The performance quotations for Class R5 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R5 shares; and (b) for periods after June 30, 2015, actual Class R5 performance is used, which reflects all charges and fees applicable to Class R5 shares.

Class R5 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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