Overview
C
Shares
SMDQX
Inception
Date
09.30.2016
Investment
Min.
$1,000
Subsequent
Investment Min.1
N/A
Max. Up Front
Sales Charge
N/A
Max. Deferred
Sales Charge
1%
1If subsequent investments are made as part of an AIP, the minimum is $25.
Philosophy & 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 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.
| Term | Class A Shares | Class C Shares | Class I Shares |
|---|---|---|---|
| Ticker | SMDPX | SMDQX | SMDOX |
| Inception Date | 09.30.2016 | 09.30.2016 | 09.30.2016 |
| Investment Min. | $1,000 | $1,000 | $1,000,000 |
| Subsequent Investment Min.2 | N/A | N/A | N/A |
| Max. Up Front Sales Charge | 5.75% | N/A | N/A |
| Max. Deferred Sales Charge | N/A | 1% | N/A |
2If subsequent investments are made as part of an AIP, the minimum is $25.
Portolio Manager
Performance
| Term | QTR | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|---|---|
| A Shares with 5.75% Sales Charge | -2.76% | -4.01% | -3.60% | 5.90% | 4.42% | 5.80% |
| A Shares without Sales Charge | 3.19% | 1.87% | 2.25% | 8.01% | 5.66% | 6.73% |
| Institutional Shares | 3.30% | 2.01% | 2.54% | 8.29% | 5.93% | 7.01% |
| Lipper Mid-Cap Core Median | 4.66% | 7.28% | 12.82% | 14.07% | 7.14% | 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
| # | Company Name | Value |
|---|---|---|
| 1 | Encompass Health Corp | 4.72% |
| 2 | Global Payments, Inc. | 4.51% |
| 3 | Callon Petroleum Co. | 4.38% |
| 4 | Waste Connections, Inc. | 4.29% |
| 5 | Centene Corp. | 4.13% |
| 6 | Cable One, Inc. | 3.92% |
| 7 | Take-Two Interactive Software, Inc. | 3.91% |
| 8 | Gentex Corp | 3.71% |
| 9 | SLM Corp. | 3.66% |
| 10 | Legacy Housing Corp | 3.65% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 06.30.2023
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 06.30.2023
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 06.30.2023. It includes the reinvestment of dividends and capital gains.
Statistics
| Term | Value |
|---|---|
| Alpha | N/A |
| Beta | N/A |
| R-Squared | N/A |
| Standard Deviation | N/A |
| Sharpe Ratio | N/A |
3The Funds composition is subject to change. Annual Turnover Ratio is 12 month rolling calculation. Alpha, Beta, R-Squared, Standard Deviation, and Sharpe Ratio are based on a 10-year calculation.
View a Glossary of Terms.
| Term | Value |
|---|---|
| P/E FY1 | 20.07 |
| Weighted Average P/B | 1.54 |
| Weighted Average Market Cap | $12.61B |
| Annual Turnover | 70% |
SMID Opportunities Fund
Materials
Equity Funds
Insights
09.21.2023 • Andrew Richman, CTFA
Fed Reiterates-Higher for Longer
While the Federal Reserve (Fed) met expectations with a pause/skip this meeting, the real story was the upward movement in both the Fed Funds rate this year and next year. The consensus is now for one more 25 basis point hike in 2023 with the Fed funds rate median at 5.60%.
09.07.2023 • Shane Burke
An Updated Look at the FOMC and Yield Curve
An Updated Look at the FOMC and Yield Curve
09.06.2023 • Charles Wittmann, CFA®
- One of the risks in seeking higher dividend yields in non-financial companies can be the increased balance sheet leverage that correlates with higher dividend yield. - For many companies, the cost of this leverage is rising with interest rates, potentially placing pressure on cash flows to pay future dividends as interest expense may take a greater share of corporate cash flow. - We believe that owning stocks with strong balance sheets has the potential to minimize this risk as we endeavor to generate attractive above-average total returns with below-average risk for clients.
08.02.2023 • Andrew Richman, CTFA
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
08.01.2023 • Charles Wittmann, CFA®
The Lead - "Long-Term Dividends"
- What are the investing environment conditions that can cause dividend payers to lag on a short-term basis? - Looking back at Bloomberg data over the past twenty years, when dividend payers outperformed the Russell 1000 Value, non-earners underperformed and vice versa (56% of the time). - Over the twenty year period, dividend payer’s quarterly outperformance outweighed underperformance in contrast to non-earners. - In our quest to generate above-average returns with below-average risk for our clients, our approach is to take advantage of the long-term benefits of dividend payers that grow their dividends and seek to create value now and in the future.
07.25.2023 • Andrew DiZio, CFA®
Real Estate Returns Following Fed Rate Hike Cycles
Over the last 15 months, the Federal Reserve (Fed) has meaningfully raised the benchmark fed funds rate in an effort to tamp down inflation. The Fed paused its hiking campaign during the June meeting, but issued an outlook suggesting additional rate increases are to be expected. Regardless of whether the Fed has finished raising rates, we believe the end of the tightening cycle is near and view now as a prudent time to examine the performance of Real Estate Investment Trust (REIT) stocks following historical periods of fed funds increases.
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