Special Opportunities Fund Fact Sheet
Morningstar Style Box
Philosophy and Process
The Fund's management team utilizes fundamental analysis overlaid with top-down macroeconomic trends. The team is style and capitalization neutral when selecting companies. The Fund's long-term objective is capital appreciation. It has a concentrated portfolio of 24-30 stocks and has the flexibility to shift among styles and differing market caps (large, small, mid, growth or value) to achieve best perceived combination of underlying growth potential at the lowest available valuation. The management team utilizes screens and various forms of research to search for stocks that meet valuation, growth and financial strength objectives and identify themes that transcend day-to-day economic news flows.
Valuation is a key determinant for stocks to enter portfolio. The team looks for below average valuations (P/E) with above average earnings with below average risk and above average returns (ROE).
The fund is subject to investment style risk which depends where the fund is primarily invested. An investment in growth stocks may be particularly sensitive to market conditions while value stocks may be undervalued for longer than anticipated. The fund may invest in foreign securities subject to risks such as currency volatility, political and social instability or small capitalization companies subject to greater volatility and less liquidity due to limited resources or product lines. The fund may engage in writing covered call options. By selling covered call options, the fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. While the fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock's current market price.
|Class A Shares||Class C Shares||Class Inst'l Shares||Class R Shares||Class R6 Shares|
|Subsequent Investment Min.*||$0.00||$0.00||$0.00||$0.00||$0.00|
|Max. Up Front Sales Charge||5.75%||N/A||N/A||N/A||N/A|
|Max. Deferred Sales Charge||N/A||1.00%||N/A||N/A||N/A|
Fund Performance as of 03.31.2020
|QTR||YTD||1 Year||3 Years||5 Years||10 Years||Since
|A Shares with 5.75% Sales Charge||-31.43%||-31.43%||-23.32%||-2.66%||1.68%||7.00%||8.90%|
|A Shares without Sales Charge||-27.26%||-27.26%||-18.65%||-0.71%||2.89%||7.64%||9.28%|
|Lipper Multi-Cap Core Median||N/A||N/A||N/A||N/A||N/A||N/A||N/A|
The total expense ratios for Class A, C, and I Shares are 1.11%, 1.86%, and 0.86%, respectively. The gross expense ratio for Class R6* Shares is 0.86%. The net expense ratio for Class R6* Shares is 0.78%.
*The Administrator has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund to keep R6* shares net expense ratio to 0.78% from February 1, 2020 through January 31, 2021. 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 Special 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 06/02/2003. The inception date for Class C Shares is 06/02/2003. The inception date for Class Inst'l Shares is 06/02/2003. The inception date for Class R Shares is 02/01/2010. The inception date for Class R6 Shares is 02/01/2018. Performance for Class R Shares for periods prior to inception is based on the performance of the Institutional Shares of the Fund. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Top Ten Holdings as of 12.31.2019
|Cisco Systems, Inc.||5.42%|
|Comcast Corp., Class A||5.40%|
|Norwegian Cruise Line Holdings, Ltd.||4.98%|
|Capital One Financial Corp.||4.45%|
|NXP Semiconductors NV||4.24%|
|HCA Holdings, Inc.||4.21%|
|Bristol-Myers Squibb Co.||3.97%|
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 12.31.2019
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 12.31.2019
The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 12/31/2019. It includes the reinvestment of dividends and capital gains.
Summary Statistics as of 12.31.2019
|Weighted Average P/B||3.10|
|Weighted Average Market Cap.||$123.22B|
*Annual Turnover Ratio is 12 month rolling calculation.
*Click for a glossary of terms
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