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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 07/31/2019

Total Net Assets
$4.00 B
Inception Date
06/30/2011
Dividend Frequency
Annually
Fund Expense Ratio
1.26%
Number of Holdings
79

Fund Expense Ratio :

1.26%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 32.10% 16.30% 19.05% 14.15% - 14.39%
Lipper Category Avg. Multi-Cap Growth Funds 24.39% 9.80% 15.59% 11.53% - -
Russell 1000® Growth Index 24.23% 10.82% 17.13% 14.25% - 14.61%

Fund Expense Ratio :

1.26%

Fund Expense Ratio :

1.26%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 28.17% 13.31% 19.75% 12.87% - 14.12%
Lipper Category Avg. Multi-Cap Growth Funds 22.51% 10.22% 16.83% 10.71% - -
Russell 1000® Growth Index 21.49% 11.56% 18.07% 13.39% - 14.46%

Fund Expense Ratio :

1.26%

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TEN LARGEST HOLDINGS as of 07/31/2019View Portfolio

Holding Assets
Amazon.com, Inc. 4.9%
Microsoft Corp. 4.2%
Mastercard, Inc. 2.9%
Facebook, Inc. 2.1%
Match Group, Inc. 2.1%
Mercadolibre, Inc. 2.1%
ServiceNow, Inc. 1.7%
Trade Desk, Inc./The 1.7%
Paycom Software, Inc. 1.7%
Live Nation Entertainment, Inc. 1.6%

INVESTMENT TEAM

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

Partner & Portfolio Manager

32 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

18 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

20 Years of Industry Experience

Supported By 41 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 :

1.26%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 32.10% 16.30% 19.05% 14.15% - 14.39%
Lipper Category Avg. Multi-Cap Growth Funds 24.39% 9.80% 15.59% 11.53% - -
Russell 1000® Growth Index 24.23% 10.82% 17.13% 14.25% - 14.61%

Fund Expense Ratio :

1.26%

Fund Expense Ratio :

1.26%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 28.17% 13.31% 19.75% 12.87% - 14.12%
Lipper Category Avg. Multi-Cap Growth Funds 22.51% 10.22% 16.83% 10.71% - -
Russell 1000® Growth Index 21.49% 11.56% 18.07% 13.39% - 14.46%

Fund Expense Ratio :

1.26%

Year Fund Returns Russell 1000® Growth Index
2018 -1.33% -1.51%
2017 30.77% 30.21%
2016 0.22% 7.08%
2015 6.30% 5.67%
2014 9.78% 13.05%
2013 46.97% 33.48%
2012 10.46% 15.26%
2011 -8.40% 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 20.66% 6.22% - - 29.18%
2018 4.48% 6.82% 10.89% -20.27% -1.33%
2017 7.90% 6.04% 6.40% 7.42% 30.77%
2016 -4.00% 0.56% 5.94% -2.00% 0.22%
2015 4.60% 1.12% -6.27% 7.21% 6.30%
2014 2.01% 3.48% -0.10% 4.10% 9.78%
2013 11.48% 7.35% 13.20% 8.50% 46.97%
2012 15.57% -5.78% 3.92% -2.38% 10.46%
2011 - - -15.04% 7.82% -8.40%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2019

  • The portfolio remains overweight in the information technology sector, specifically internet service and software providers, as we anticipate continued innovation in e-commerce and cloud computing, while maintaining an underweight position to 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.
  • During the second quarter, the equity market wrestled with trade war worries but continued to advance as interest rates fell. We believe that high growth companies continue to be very attractive in this environment. Furthermore, we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices for select secular growth stocks.

PORTFOLIO DETAILS as of 07/31/2019

Total Net Assets
$4.00 B
Number of Holdings
79
Weighted Average Market Cap.
169.5 B
P/B Ratio
11.0x
P/E Ratio
43.2x

Contributors & Detractors as of  06/28/2019

Contributors

Holding Contribution
Okta Inc 0.6%
Shopify, Inc. 0.6%
HEICO Corp. 0.5%
Microsoft Corp. 0.4%
Mercadolibre, Inc. 0.4%

Detractors

Holding Contribution
Alphabet, Inc. -0.3%
Intuitive Surgical, Inc. -0.3%
Arista Networks, Inc. -0.2%
Alibaba Group Holding Ltd. -0.2%
QUALCOMM, Inc. -0.2%

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 08/16/2019
$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 $15.23
11/19/2012 11/20/2012 11/20/2012 $0.00000 $15.02

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
11/20/2019 11/21/2019 11/21/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $2.8843 $1.7670 $4.6513 $22.74

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
11/20/2019 11/21/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 07/31/2019

1.26%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
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Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, 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 R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, 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 R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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