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On September 13, 2024, the Fund’s Class C shares performed a reverse stock split. The Fund’s Class C reverse stock split reduced the number of outstanding shares and proportionately increased the net asset value (“NAV”) per share with respect to only Class C shares of the Fund. However, the reverse stock split did not impact a shareholder’s total dollar value of an investment in Class C shares of the Fund.
High-Quality Mid-Caps
Invests in high-quality mid-caps with potential room for growth
Why Mid-Caps
Mid-cap companies are often in their growth phase with more established business models and management teams
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks long-term growth of capital.
Portfolio Management
15
YRS
MANAGING THIS FUND
22
YRS
AT WELLINGTON MANAGEMENT
27
YRS
EXPERIENCE IN THIS INDUSTRY
1
YRS
MANAGING THIS FUND
20
YRS
AT WELLINGTON MANAGEMENT
22
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. 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 their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 12/31/1997
Share Class Inception: 5/29/09.
ClassR4-share performance prior to its inception date reflects Class Y-share performance and operating expenses. SI performance is calculated from 12/31/97.
Prior to 12/31/24, the Fund's benchmark was the S&P MidCap 400 Index.
Characteristics
FUND STATS (as of 5/31/2026)
| # of Holdings | 64 |
|---|---|
| % in Equities | 99 |
| % in Foreign Equities | 4 |
| Beta (3 year) | 0.98 |
| R Squared (3 year) | 0.82 |
| Standard Deviation | 17.91% |
| Turnover | 81% |
| Active Share | 65% |
Holdings Characteristics (as of 5/31/2026)
| FUND | Russell Midcap Growth Index | |
|---|---|---|
| Price/Earnings | 27.1x | 20.4x |
| Price/Book | 9.7x | 11.7x |
| EPS Growth Rate | 20.2% | 16.4% |
| Asset Weighted Market Cap (billions) | $51.2 | $47.0 |
| Return on Equity | 19.4% | 26.8% |
| Median Market Cap (billions) | $35.0 | $13.1 |
Top Ten Holdings (%)
(as of 5/31/2026)
| Flex Ltd. | 4.26 |
| Monolithic Power Systems, Inc. | 4.06 |
| Cloudflare, Inc. | 3.93 |
| Interactive Brokers Group, Inc. | 3.65 |
| Vertiv Holdings Co. | 3.44 |
| Fastenal Co. | 3.16 |
| Natera, Inc. | 3.03 |
| Hyatt Hotels Corp. | 2.89 |
| Rollins, Inc. | 2.76 |
| Howmet Aerospace, Inc. | 2.68 |
| Total Portfolio % | 33.86 |
Market Cap Distribution (%) (as of 5/31/2026)
| Less than $2 billion | 0 | |
| $2 billion - $5 billion | 0 | |
| $5 billion - $10 billion | 4 | |
| Greater than $10 billion | 96 | |
| Not Classified | 0 | |
RETURN CHARACTERISTICS (as of 6/30/2026)
|
Alpha (5 Year)
|
-4.86 |
|
Down Capture (5 Year)
|
100.22 |
|
Information Ratio (5 Year)
|
-0.95 |
|
Sharpe Ratio (5 Year)
|
-0.06 |
|
Up Capture (5 Year)
|
83.12 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 3/31/26 | 5/31/26 | 5/31/26 | -8 0 8 | ||||
| Information Technology | 22 | 27 | 19 | ||||
| Industrials | 30 | 32 | 26 | ||||
| Communication Services | 9 | 8 | 5 | ||||
| Consumer Staples | 3 | 2 | 2 | ||||
| Real Estate | 1 | 1 | 1 | ||||
| Materials | 0 | 0 | 0 | ||||
| Financials | 8 | 7 | 8 | ||||
| Energy | 2 | 2 | 3 | ||||
| Utilities | 0 | 0 | 3 | ||||
| Health Care | 8 | 8 | 13 | ||||
| Consumer Discretionary | 17 | 13 | 19 | ||||
Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). Excludes cash. May not total to 100% due to rounding and/or pooled vehicle allocations.
Past distributions are not indicative of future distributions.
Insights
Resources
Literature
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Mid-cap securities can have greater risks and volatility than large-cap securities. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Growth investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investment styles.
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