Small Cap Growth Fund
Effective 9/14/2012, the Small Cap Growth Fund will be closed to new investors.
The Small Cap Growth Fund seeks long-term capital growth from investments in common stocks or other equity securities
Primary Benchmark:
Russell 2000 Growth Index
Portfolio Management
Mark Burns, CFA
John Slavik, CFA
Total Fund Assets (as of 4/30/2013):
$883.0 million
Lipper Category:
Small-Cap Growth Funds
Morningstar Category:
Small Growth
Strategy Highlights
- Bottom-up portfolio construction is based on intensive fundamental research and discounted cash flow valuation analysis, and emphasizes a low volatility investment approach
- Seeks to add value through stock selection
- Issues selection focuses primarily on companies with a market capitalization between $200 million and $2 billion
Investment Strategy
- The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities of “small-cap companies,” including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity
- The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities
About Risk
- Stock values fluctuate and are subject to unpredictable declines due to the activities of individual companies, economic conditions and general market conditions
- Small-cap stocks are subject to greater volatility and may be less liquid than stocks of larger, more established companies
- Investing in growth stocks involves certain risks, in part, because the value of securities is based upon future expectations that may or may not be met
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
Past performance is no guarantee of future results.1For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2014. Investors should consult the most recent prospectus for more detailed information.
The
Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark: Russell 2000 Growth Index
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Year-to-Date Performance as of 5/20/2013 | | Class I | Class R |
|---|
| | 21.74% | 21.60% |
Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class I | Class R | Index |
|---|
| 3 month | 6.96% | 6.89% | 5.52% | | Year-to-date | 13.26% | 13.15% | 12.47% |
Average Annualized
Total Return | Class I | Class R | Index |
|---|
| 1 Year | 12.42% | 12.04% | 15.67% | | 3 Years | 15.59% | 15.25% | 12.94% | | 5 Years | 8.91% | 8.61% | 7.81% | | 10 Years | 12.24% | 11.96% | 10.53% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class I | Class R | Index |
|---|
| 3 month | 13.89% | 13.81% | 13.21% | | Year-to-date | 13.89% | 13.81% | 13.21% |
Average Annualized
Total Return | Class I | Class R | Index |
|---|
| 1 Year | 12.64% | 12.32% | 14.52% | | 3 Years | 17.15% | 16.79% | 14.75% | | 5 Years | 9.95% | 9.64% | 9.04% | | 10 Years | 13.43% | 13.15% | 11.61% |
Gross Expense Ratio: (I) 0.95%, (R) 1.28%; Net Expense Ratio: (I) 0.95%, (R) 1.25% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class I | Class R |
|---|
| 1 Year | 230/500 | 249/500 | | 3 Years | 44/442 | 57/442 | | 5 Years | 84/398 | 106/398 | | 10 Years | 10/260 | 18/260 | | Lipper Category: Small-Cap Growth Funds |
Morningstar Rankings as of 3/31/2013 | | Class I | Class R |
|---|
| 1 Year | 306/727 | 331/727 | | 3 Years | 65/645 | 94/645 | | 5 Years | 143/568 | 167/568 | | 10 Years | 18/376 | 25/376 | | Morningstar Category: Small Growth |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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Total return assumes reinvestment of dividends and capital gains distributions, if any.
Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2013 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | 107 | | P/E Trailing | 25.11 | | Price/Book Value | 3.63 | | Annual Portfolio Turnover as of 9/30/2012 | 77% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| COSTAR GROUP INC | 1.5% | | ALKERMES INC | 1.5% | | CORPORATE EXECUTIVE BOARD CO | 1.4% | | GRAND CANYON EDUCATION INC | 1.4% | | FINANCIAL ENGINES INC | 1.3% | | PAREXEL INTERNATIONAL CORP | 1.3% | | CHART INDUSTRIES INC | 1.3% | | HANGER INC | 1.3% | | ULTIMATE SOFTWARE GROUP INC. | 1.3% | | GUIDEWIRE SOFTWARE INC | 1.3% | | Total | 13.6% | |
| Sector Distribution | |
|---|
| Information Technology | 22.23% | | Health Care | 21.48% | | Industrials | 18.26% | | Consumer Discretionary | 15.22% | | Financials | 8.72% | | Energy | 7.26% | | Materials | 1.75% | | Consumer Staples | 1.05% | | Cash | 4.04% |
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Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Stocks | 102 | 1104 | | P/E Trailing | 25.26 | 20.43 | | Price/Book Value | 3.62 | 3.63 | | Annual Portfolio Turnover as of 9/30/2012 | 77% | |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| COSTAR GROUP INC | 1.5% | | FINANCIAL ENGINES INC | 1.5% | | CORPORATE EXECUTIVE BOARD CO | 1.5% | | ALKERMES INC | 1.4% | | ULTIMATE SOFTWARE GROUP INC. | 1.4% | | GRAND CANYON EDUCATION INC | 1.4% | | HANGER INC | 1.4% | | PAREXEL INTERNATIONAL CORP | 1.3% | | CHART INDUSTRIES INC | 1.2% | | TRIUMPH GROUP INC | 1.2% | | Total | 13.7% | | Market Capitalization | Fund | Index |
|---|
| > $2 Billion | 39.3% | 35.8% | | $1 to 2 Billion | 39.9% | 37.2% | | $0.5 to 1 Billion | 17.2% | 17.5% | | < $0.5 Billion | 0.6% | 9.6% | | Cash & Equivalents | 3.0% | N/A | |
| Sector Distribution | Fund | Index |
|---|
| Information Technology | 23.78% | 21.40% | | Health Care | 21.10% | 20.53% | | Industrials | 17.98% | 18.22% | | Consumer Discretionary | 14.42% | 15.52% | | Financials | 9.38% | 7.91% | | Energy | 7.60% | 5.66% | | Materials | 1.80% | 5.09% | | Consumer Staples | 1.00% | 4.59% | | Telecommunication Services | 0.00% | 0.79% | | Utilities | 0.00% | 0.30% | | Cash | 2.95% | 0.00% |
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Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.