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Growth Leaders Fund

Summary

Summary

What is the Growth Leaders 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
$5.00 B
Inception Date
06/30/2011
Dividend Frequency
Annually
Fund Expense Ratio
0.68%
Number of Holdings
80
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 26.59% 33.03% 24.85% 17.82% - 16.55%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index 9.81% 23.28% 18.99% 15.89% - 15.41%

Fund Expense Ratio :

0.68%

Fund Expense Ratio :

0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 26.59% 33.03% 24.85% 17.82% - 16.55%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index 9.81% 23.28% 18.99% 15.89% - 15.41%

Fund Expense Ratio :

0.68%

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

Holding Assets
Microsoft Corp. 6.2%
Amazon.com, Inc. 5.8%
Apple, Inc. 5.3%
Alphabet, Inc. 3.7%
NVIDIA Corp. 2.7%
Facebook, Inc. 2.4%
Vertex Pharmaceuticals, Inc. 2.2%
Netflix, Inc. 2.1%
Mastercard, Inc. 2.1%
DocuSign Inc 2.0%

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

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

Performance

Performance

Fund Expense Ratio :

0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 26.59% 33.03% 24.85% 17.82% - 16.55%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index 9.81% 23.28% 18.99% 15.89% - 15.41%

Fund Expense Ratio :

0.68%

Fund Expense Ratio :

0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 26.59% 33.03% 24.85% 17.82% - 16.55%
Lipper Category Avg. Multi-Cap Growth Funds - - - - - -
Russell 1000® Growth Index 9.81% 23.28% 18.99% 15.89% - 15.41%

Fund Expense Ratio :

0.68%

Year Fund Returns Russell 1000® Growth Index
2019 35.09% 36.39%
2018 -0.72% -1.51%
2017 31.54% 30.21%
2016 0.84% 7.08%
2015 6.95% 5.67%
2014 10.41% 13.05%
2013 47.22% 33.48%
2012 10.42% 15.26%
2011 -8.23% 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -9.74% 40.25% - - 29.97%
2019 20.84% 6.38% -5.90% 11.68% 35.09%
2018 4.63% 6.99% 11.08% -20.15% -0.72%
2017 8.03% 6.22% 6.58% 7.55% 31.54%
2016 -3.87% 0.73% 6.09% -1.84% 0.84%
2015 4.76% 1.24% -6.06% 7.33% 6.95%
2014 2.16% 3.62% 0.07% 4.23% 10.41%
2013 11.52% 7.31% 13.20% 8.68% 47.22%
2012 15.55% -5.78% 3.91% -2.41% 10.42%
2011 - - -14.97% 7.93% -8.23%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as 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
$5.00 B
Number of Holdings
80
Weighted Average Market Cap.
339.7 B
P/B Ratio
12.3x
Portfolio Turnover Ratio as of 10/31/2019
142.6%
P/E Ratio
45.4x

Contributors & Detractors as of  03/31/2020

Contributors

Holding Contribution
Zoom Video Communicatio 0.6%
Tesla Motors, Inc. 0.5%
Forty Seven Inc 0.5%
Docusign Inc 0.4%
RingCentral, Inc. 0.3%

Detractors

Holding Contribution
Apple, Inc. -0.9%
Yeti Hldgs Inc -0.6%
Alphabet, Inc. -0.5%
Mastercard, Inc. -0.5%
Facebook, Inc. -0.5%

Attribution Analysis 

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/02/2020
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/27/2012 12/28/2012 12/28/2012 $0.03120 $15.17
11/19/2012 11/20/2012 11/20/2012 $0.06290 $14.96

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
11/23/2020 11/24/2020 11/24/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/20/2019 11/21/2019 $1.9547 $0.3895 $2.3442 $28.05

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
11/23/2020 11/24/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 05/31/2020

0.68%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
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Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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