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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.
Research Driven
Seeks US small-cap companies with improving quality metrics, business momentum, and attractive relative valuations
Risk-Aware Approach
Uses aprocess that seeks to deliver competitive returns while minimizing unintended risks
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks long-term capital appreciation.
Portfolio Management
8
YRS
MANAGING THIS FUND
24
YRS
AT WELLINGTON MANAGEMENT
24
YRS
EXPERIENCE IN THIS INDUSTRY
8
YRS
MANAGING THIS FUND
14
YRS
AT WELLINGTON MANAGEMENT
29
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: 01/04/1988
Share Class Inception: 8/31/06.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 2/19/02.
Characteristics
FUND STATS
| # of Holdings | 160 |
|---|---|
| % in Equities | 99 |
| % in Foreign Equities | 1 |
| Beta (3 year) | 0.91 |
| R Squared (3 year) | 0.97 |
| Standard Deviation | 22.11% |
| Turnover | 70% |
| Active Share | 69% |
Holdings Characteristics
| FUND | Russell 2000 Growth Index | |
|---|---|---|
| Price/Earnings | 23.5x | 26.5x |
| Price/Book | 3.7x | 3.9x |
| EPS Growth Rate | 15.5% | 14.4% |
| Asset Weighted Market Cap (billions) | $5.3 | $4.1 |
| Return on Equity | 2.3% | 4.4% |
| Median Market Cap (billions) | $4.5 | $1.0 |
Top Ten Holdings (%)
| Ensign Group, Inc. | 1.55 |
| Casella Waste Systems, Inc. | 1.46 |
| FTAI Aviation Ltd. | 1.35 |
| HealthEquity, Inc. | 1.26 |
| Cabot Corp. | 1.20 |
| CBIZ, Inc. | 1.18 |
| Mr. Cooper Group, Inc. | 1.17 |
| Verra Mobility Corp. | 1.15 |
| Moog, Inc. | 1.11 |
| Sprouts Farmers Market, Inc. | 1.11 |
| Total Portfolio % | 12.54 |
Market Cap Distribution (%)
| FUND | Russell 2000 Growth Index | |
|---|---|---|
| Less than $2 billion | 7 | 23 |
| $2 billion - $5 billion | 42 | 45 |
| $5 billion - $10 billion | 46 | 28 |
| Greater than $10 billion | 5 | 4 |
| Not Classified | 0 | 0 |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
-1.09 |
|
Down Capture (5 Year)
|
96.27 |
|
Information Ratio (5 Year)
|
-0.34 |
|
Sharpe Ratio (5 Year)
|
0.37 |
|
Up Capture (5 Year)
|
92.84 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 12/31/24 | 3/31/25 | 3/31/25 | -2 0 2 | ||||
| Industrials | 24 | 24 | 23 | ||||
| Consumer Staples | 3 | 5 | 4 | ||||
| Materials | 4 | 5 | 4 | ||||
| Real Estate | 2 | 3 | 2 | ||||
| Information Technology | 20 | 18 | 18 | ||||
| Consumer Discretionary | 10 | 9 | 9 | ||||
| Utilities | 0 | 1 | 1 | ||||
| Health Care | 25 | 24 | 25 | ||||
| Energy | 2 | 2 | 3 | ||||
| Communication Services | 0 | 1 | 2 | ||||
| Financials | 8 | 7 | 9 | ||||
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
Fund Literature
03/31/2025 - PDF (170 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
12/31/2024 - PDF (191 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
12/31/2024 - PDF (172 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
12/31/2024 - PDF (172 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
PDF (113 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
12/31/2024 - PDF (464 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
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. • Small-cap securities can have greater risks, including liquidity risk, and volatility than large-cap securities. • Growth investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles. • The Fund's investments may fluctuate in value over a short period of time. • 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.
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