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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)
Number of Holdings
32
Minimum Initial Investment
$1,500+

Expense Ratioas of 11/30/2019

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 1.14%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge - - - - - 12.40%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index - - - - - 21.48%
w/ sales charge - - - - - 5.90%

Fund Expense Ratio :

Gross 1.14%

Net 1.05%

Fund Expense Ratio :

Gross 1.14%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2019
w/o sales charge - - - - - 2.33%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index - - - - - 13.13%
w/ sales charge - - - - - -3.58%

Fund Expense Ratio :

Gross 1.14%

Net 1.05%

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

Sales Charge Schedule as of 12/09/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $17.73
$50,000 to $99,999 4.75% 4.00% $17.54
$100,000 to $249,999 3.95% 3.25% $17.40
$250,000 to $499,999 2.75% 2.25% $17.18
$500,000 to $999,999 1.95% 1.75% $17.04
$1,000,000 to $5,000,000 0.00% 1.00% $16.71

EXPENSE RATIOas of 11/30/2019

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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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