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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.
Objective
Seeks growth of capital.
Overview
A small-cap fund with a dual focus on emerging and reemerging growth companies.
Portfolio Management
4
YRS
MANAGING THIS FUND
10
YRS
AT WELLINGTON MANAGEMENT
28
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio manager is 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: 07/22/1996
Share Class Inception: 2/28/17.
Class F-shares performance prior to 2/28/17 reflects Class I-shares performance and operating expenses, and, prior to 8/31/06 the performance and operating expenses of Class A-shares (excluding sales charges). Performance for Class F-shares prior to its inception date would have differed if Class F- operating expenses had been reflected. Since Inception (SI) performance is calculated from 7/22/96.
The Fund’s Class F shares have not been in operation for 10 years. Therefore, the Calendar Year Returns (F Shares) chart includes performance and operating expenses of another class. For more information, see the prospectus.
Characteristics
FUND STATS
| # of Holdings | 103 |
|---|---|
| % in Equities | 98 |
| % in Foreign Equities | 6 |
| Beta (3 year) | 0.94 |
| R Squared (3 year) | 0.96 |
| Standard Deviation | 22.18% |
| Turnover | 48% |
| Active Share | 83% |
Holdings Characteristics
| FUND | Russell 2000 Growth Index | |
|---|---|---|
| Price/Earnings | 35.5x | 35.3x |
| EPS Growth Rate | 15.8% | 15.7% |
| Asset Weighted Market Cap (billions) | $6.1 | $4.2 |
| Return on Equity | 6.5% | 2.1% |
| Median Market Cap (billions) | $4.7 | $1.2 |
Top Ten Holdings (%)
| PROCEPT BioRobotics Corp. | 3.24 |
| Applied Industrial Technologies, Inc. | 2.96 |
| Verra Mobility Corp. | 2.70 |
| Cabot Corp. | 2.66 |
| Fluor Corp. | 2.43 |
| AZEK Co., Inc. | 2.25 |
| Curtiss-Wright Corp. | 2.23 |
| Viper Energy, Inc. | 2.04 |
| ExlService Holdings, Inc. | 1.99 |
| Champion Homes, Inc. | 1.82 |
| Total Portfolio % | 24.32 |
Market Cap Distribution (%)
| Less than $2 billion | 8 | |
| $2 billion - $5 billion | 32 | |
| $5 billion - $10 billion | 50 | |
| Greater than $10 billion | 10 | |
| Not Classified | 0 | |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
0.90 |
|
Down Capture (5 Year)
|
98.54 |
|
Information Ratio (5 Year)
|
0.12 |
|
Sharpe Ratio (5 Year)
|
0.40 |
|
Up Capture (5 Year)
|
100.57 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 6/30/24 | 9/30/24 | 9/30/24 | -6 0 6 | ||||
| Industrials | 25 | 26 | 22 | ||||
| Consumer Discretionary | 12 | 12 | 10 | ||||
| Health Care | 24 | 27 | 26 | ||||
| Energy | 6 | 4 | 3 | ||||
| Real Estate | 3 | 3 | 2 | ||||
| Communication Services | 3 | 3 | 2 | ||||
| Utilities | 0 | 0 | 0 | ||||
| Materials | 3 | 3 | 4 | ||||
| Consumer Staples | 3 | 2 | 3 | ||||
| Financials | 5 | 6 | 8 | ||||
| Information Technology | 16 | 14 | 20 | ||||
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
09/30/2024 - PDF (210 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
06/30/2024 - PDF (282 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
06/30/2024 - PDF (172 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
06/30/2024 - PDF (172 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
PDF (157 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
09/30/2024 - PDF (611 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. • Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • 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. • Financially material environmental, social and/or governance (ESG) characteristics are one of several factors that may be considered and as a result, the investment process may not work as intended.
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