SMID Opportunities Fund Fact Sheet
Overall Morningstar Rating™
Morningstar Category:
*Based on risk-adjusted returns among 357 funds as of 06.30.2021.SMID Opportunities Fund
Overall Morningstar Rating™
4 of 5 stars
Overall rating based on risk-adjusted returns against 357 Morningstar Funds, derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.
| Morningstar Rating | Morningstar Absolute Ranking | Funds in Category | |
|---|---|---|---|
| Overall | |
357 | |
| 3 year | |
98 | 357 |
| 5 year | N/A | N/A | |
| 10 year | N/A | N/A |
| Lg. | |||
| Mid. | |||
| Sm. | |||
| Val. | Core | GR. |
Morningstar Style Box
Inception: 09.30.2016
Inception: 09.30.2016
Inception: 09.30.2016
Philosophy and Process
To pursue its investment objective of long-term capital appreciation, the Fund normally invests principally in equity securities and will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in the securities of small or middle capitalization companies (commonly referred to collectively as "SMID"). Small or middle capitalization companies are defined as companies with market capitalizations within the range of those companies in the Russell 2500â„¢ Index at the time of purchase.
The Fund invests, under normal market conditions, primarily in domestically-traded U.S. common stocks and U.S.-traded equity stocks of foreign companies, including ADRs. The Fund uses a multi-style approach, meaning that it invests across both value- and growth-oriented companies targeting SMID-capitalization levels.
Investment Considerations
The newly formed fund has no operating history to evaluate and the risk that it may not attract sufficient assets to achieve or maximize investment and operational efficiencies. The Fund uses a multi-style approach and invests in both growth and value-oriented companies. A growth investment style may be particularly sensitive to market conditions. Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time.
The Fund invests in small and middle capitalization companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than investments in larger more established companies. As a result, share price changes may be more erratic or trade less frequently in lesser quantities.
Fund Facts
| Type | Class A Shares | Class C Shares | Class Inst'l Shares |
|---|---|---|---|
| Ticker | SMDPX | SMDQX | SMDOX |
| Inception Date | 09.30.2016 | 09.30.2016 | 09.30.2016 |
| Investment Min. | $1,000.00 | $1,000.00 | $1,000,000.00 |
| Subsequent Investment Min.* | $0.00 | $0.00 | $0.00 |
| Max. Up Front Sales Charge | 5.75% | N/A | N/A |
| Max. Deferred Sales Charge | N/A | 1.00% | N/A |
Management
Joshua L. Haggerty, CFA®
Executive Director
Adam B. Bergman, CFA®
Executive Director
Performance
Fund Performance as of 06.30.2021
| Share | QTR | YTD | 1 Year | 3 Years | Since Inception |
|---|---|---|---|---|---|
| A Shares with 5.75% Sales Charge | -1.73% | 6.32% | 34.86% | 12.13% | 11.28% |
| A Shares without Sales Charge | 4.24% | 12.80% | 43.06% | 14.35% | 12.68% |
| Institutional Shares | 4.32% | 13.04% | 43.41% | 14.63% | 12.96% |
| Lipper Mid-Cap Core Median | 5.18% | 16.63% | 48.94% | 12.71% | N/A |
The gross expense ratios for Class A, C and I Shares are 1.35%, 2.10% and 1.10%, respectively. The net expense ratios for Class A, C and I Shares are 1.05%, 1.80% and 0.80%, respectively.
The Advisor has contractually agreed to limit certain fees paid by the Fund from February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.
The performance of the SMID Opportunities Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 09/30/2016. The inception date for Class C Shares is 09/30/2016. The inception date for Class Inst'l Shares is 09/30/2016. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Characteristics
Top Ten Holdings as of 06.30.2021
| Name | Value |
|---|---|
| Waste Connections, Inc. | 5.29% |
| Global Payments, Inc. | 4.95% |
| Ball Corp. | 4.89% |
| Teleflex, Inc. | 4.85% |
| Fiserv, Inc. | 4.70% |
| Transunion | 4.59% |
| Nextera Energy Partners Lp | 4.31% |
| SLM Corp. | 3.96% |
| Arthur J Gallagher & Co. | 3.95% |
| Amdocs, Ltd. | 3.85% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 06.30.2021
Allocations are based on the current weight to funds in the cited Sector. The composition of the fund's holdings is subject to change.
Growth of $10,000 as of 06.30.2021
The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 06/30/2021. It includes the reinvestment of dividends and capital gains.
Statistics
Summary Statistics as of 06.30.2021 |
|
|---|---|
| P/E FY1 | 34.86 |
| Weighted Average P/B | 3.25 |
| Weighted Average Market Cap. | $21.28B |
| Annual Turnover | 42% |
*Annual Turnover Ratio is 12 month rolling calculation.
*Click for a glossary of terms
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.