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Micro Cap Growth Fund

Summary

Summary

What is the Micro Cap Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of micro and small-sized U.S. companies.

Fund Basicsas of 05/29/2020

Total Net Assets
$135.90 M
Inception Date
07/09/1999
Dividend Frequency
Annually
Fund Expense Ratio
1.06%
Number of Holdings
86
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/09/1999
w/o sales charge 11.81% 14.18% 22.02% 12.85% 18.37% 11.48%
Lipper Category Avg. Small-Cap Growth Funds 1.19% 5.49% 11.00% 8.64% 13.15% -
Russell Microcap® Growth Index 1.92% 7.89% 5.20% 3.10% 11.12% -

Fund Expense Ratio :

1.06%

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/09/1999
w/o sales charge 11.81% 14.18% 22.02% 12.85% 18.37% 11.48%
Lipper Category Avg. Small-Cap Growth Funds 1.19% 5.49% 11.00% 8.64% 13.15% -
Russell Microcap® Growth Index 1.92% 7.89% 5.20% 3.10% 11.12% -

Fund Expense Ratio :

1.06%

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

Holding Assets
Fiverr International Ltd 3.0%
Redfin Corp 2.7%
EverQuote Inc 2.4%
Cerence Inc 2.3%
Calix Networks, Inc. 2.2%
Endava PLC 2.0%
ChemoCentryx Inc 2.0%
TG Therapeutics, Inc. 2.0%
SVMK Inc 1.8%
iRhythm Technologies, Inc. 1.8%

INVESTMENT TEAM

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

Partner & Portfolio Manager

33 Years of Industry Experience

Matthew R. DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

21 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

19 Years of Industry Experience

Supported By 6 Investment Professionals with 19 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/09/1999
w/o sales charge 11.81% 14.18% 22.02% 12.85% 18.37% 11.48%
Lipper Category Avg. Small-Cap Growth Funds 1.19% 5.49% 11.00% 8.64% 13.15% -
Russell Microcap® Growth Index 1.92% 7.89% 5.20% 3.10% 11.12% -

Fund Expense Ratio :

1.06%

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/09/1999
w/o sales charge 11.81% 14.18% 22.02% 12.85% 18.37% 11.48%
Lipper Category Avg. Small-Cap Growth Funds 1.19% 5.49% 11.00% 8.64% 13.15% -
Russell Microcap® Growth Index 1.92% 7.89% 5.20% 3.10% 11.12% -

Fund Expense Ratio :

1.06%

Year Fund Returns Russell Microcap® Growth Index
2019 34.56% 23.33%
2018 2.85% -14.18%
2017 38.38% 16.65%
2016 2.05% 6.86%
2015 -6.38% -3.85%
2014 10.84% 4.30%
2013 78.60% 52.84%
2012 2.61% 15.17%
2011 -5.68% -8.42%
2010 34.16% 29.48%
2009 52.94% -
2008 -46.28% -
2007 23.03% -
2006 25.71% -
2005 2.81% -
2004 26.21% -
2003 49.74% -
2002 -30.67% -
2001 17.38% -
2000 -22.90% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -24.27% 47.66% - - 15.75%
2019 22.62% 7.46% -13.89% 18.59% 34.56%
2018 5.33% 15.78% 10.04% -23.35% 2.85%
2017 8.97% 8.17% 13.63% 3.32% 38.38%
2016 -13.66% 5.93% 14.56% -2.61% 2.05%
2015 7.34% 4.13% -16.29% 0.06% -6.38%
2014 7.88% -6.49% -6.59% 17.62% 10.84%
2013 21.81% 15.05% 17.29% 8.65% 78.60%
2012 17.75% -9.67% 1.33% -4.80% 2.61%
2011 4.83% 0.21% -21.88% 14.92% -5.68%
2010 6.71% -8.76% 15.18% 19.64% 34.16%
2009 -0.92% 31.55% 13.54% 3.35% 52.94%
2008 -23.11% 4.51% -5.94% -28.93% -46.28%
2007 5.67% 9.88% 4.11% 1.78% 23.03%
2006 17.21% -9.74% 1.27% 17.34% 25.71%
2005 -9.47% 5.97% 6.97% 0.18% 2.81%
2004 12.41% 1.71% -11.01% 24.04% 26.21%
2003 -3.40% 27.24% 11.82% 8.95% 49.74%
2002 0.00% -12.70% -21.73% 1.46% -30.67%
2001 2.44% 12.12% -20.98% 29.33% 17.38%
2000 26.57% -20.89% -4.70% -19.21% -22.90%
1999 - - - 28.02% 19.99%

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 has had a large underweight to cyclical sectors over the past 2 ½ years in response 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 due to the 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 to “fallen angels” (stocks we consider quality innovation companies that have fallen into a lower market cap range). We have funded these positions by trimming stocks experiencing relative weakness. The portfolio’s addition of “fallen angels” is not premised on an immediate resurgence in the market, but is instead in consideration of the magnitude of the sell-off and the attractiveness of the innovative companies that are now within our investment universe.

Portfolio Details as of 05/29/2020

Total Net Assets
$135.90 M
Number of Holdings
86
Weighted Average Market Cap.
1.9 B
P/B Ratio
5.5x
P/E Ratio
21.8x

Contributors & Detractors as of  03/31/2020

Contributors

Holding Contribution
Forty Seven Inc 1.0%
eHealth, Inc. 0.6%
Twist Bioscience Corp 0.5%
Limelight Networks, Inc. 0.5%
Everbridge, Inc. 0.2%

Detractors

Holding Contribution
Comtech Telecommunications Corp. -1.2%
AAR Corp. -0.9%
Gogo, Inc. -0.9%
Select Comfort Corp. -0.9%
Myovant Sciences Ltd -0.8%

Attribution Analysis 

Micro Cap Growth 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 07/08/2020
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/20/2001 11/21/2001 11/21/2001 $0.03440 $10.10

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 $2.3699 - $2.3699 $14.15

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 06/30/2020

1.06%

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
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015

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