Mid Cap Growth Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Mid Cap Growth Fund seeks long-term capital growth from investments in common stock or similar securities
Primary Benchmark:
Russell Midcap Growth Index
Portfolio Management
Phil Fine, CFA
Total Fund Assets (as of 4/30/2013):
$95.0 million
Lipper Category:
Mid Cap Growth
Morningstar Category:
Mid-Cap Growth
Strategy Highlights
- Mid-cap investing presents greater performance potential (balanced by greater potential risk)
- Focuses on fundamental research rather than market timing
- Disciplined investment strategy remains true to emerging growth style
Investment Strategy
- Invests primarily in common stocks or other equity securities
- Primarily invests in companies with capitalizations between $1B-$15B (based on values at quarter end)
- Exposure to emerging growth smaller companies, typically minimum 20% earnings growth
- Seeks to add value through stock selection
- The Fund may invest any portion of it 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
- 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
- Mid-cap stocks are subject to greater volatility and may be less liquid than stocks of larger, more established companies
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets. Currency risk is the risk that fluctuates in exchange rates between the US dollar and foreign currencies may cause the value of a fund's investments to decline
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 Midcap Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and 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 Midcap Growth Index
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Year-to-Date Performance as of 5/21/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 4.84% | 6.58% | | Year-to-date | 11.18% | 13.15% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 8.34% | 14.42% | | 3 Years | 12.70% | 13.68% | | 5 Years | 3.77% | 6.79% | | 10 Years | 11.48% | 10.96% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 10.81% | 11.51% | | Year-to-date | 10.81% | 11.51% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 8.16% | 12.76% | | 3 Years | 13.61% | 14.23% | | 5 Years | 5.14% | 7.98% | | 10 Years | 12.25% | 11.53% |
Gross Expense Ratio: (Y) 1.13%; Net Expense Ratio: (Y) 1.00% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 252/373 | | 3 Years | 100/336 | | 5 Years | 216/298 | | 10 Years | 28/209 | | Lipper Category: Mid Cap Growth |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | 495/714 | | 3 Years | 231/645 | | 5 Years | 406/564 | | 10 Years | 77/417 | | Morningstar Category: Mid-Cap 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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The Fund revised its investment strategies on 2/01/07; performance may have been different had the current investment strategies been in place for all periods shown.
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.
© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | 59 | | P/E Trailing | 24.89 | | Price/Book Value | 5.08 | | Annual Portfolio Turnover as of 9/30/2012 | 191% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| LINKEDIN CORP - A | 3.5% | | KANSAS CITY SOUTHERN | 3.1% | | SBA COMMUNICATIONS CORP | 2.8% | | UNITED RENTALS INC | 2.7% | | LIONS GATE ENTERTAINMENT CORP | 2.6% | | D.R. HORTON INC | 2.6% | | FORTUNE BRANDS HOME & SECURI | 2.5% | | MELCO PBL ENTERTAINMENT-ADR | 2.4% | | DISCOVERY COMMUNICATIONS INC | 2.2% | | CABOT OIL & GAS | 2.1% | | Total | 26.6% | |
| Sector Distribution | |
|---|
| Consumer Discretionary | 27.92% | | Information Technology | 18.02% | | Health Care | 14.47% | | Industrials | 13.37% | | Energy | 8.02% | | Consumer Staples | 6.49% | | Materials | 3.86% | | Financials | 3.68% | | Telecommunication Services | 2.81% | | Cash | 1.36% |
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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 | 59 | 459 | | P/E Trailing | 28.57 | 20.29 | | Price/Book Value | 4.81 | 4.80 | | Annual Portfolio Turnover as of 9/30/2012 | 191% | |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| LINKEDIN CORP - A | 3.2% | | KANSAS CITY SOUTHERN | 3.2% | | UNITED RENTALS INC | 2.9% | | WESTLAKE CHEMICAL CORP | 2.8% | | FORTUNE BRANDS HOME & SECURI | 2.5% | | NXP SEMICONDUCTORS NV | 2.5% | | AFFILIATED MANAGERS GROUP | 2.4% | | LIONS GATE ENTERTAINMENT CORP | 2.4% | | MELCO PBL ENTERTAINMENT-ADR | 2.3% | | CABOT OIL & GAS | 2.1% | | Total | 26.1% | | Market Capitalization | Fund | Index |
|---|
| > $10 Billion | 23.8% | 48.7% | | $5 to 10 Billion | 45.3% | 33.0% | | $2 to 5 Billion | 24.3% | 17.6% | | < $2 Billion | 4.1% | 0.7% | | Cash & Equivalents | 2.6% | N/A | |
| Sector Distribution | Fund | Index |
|---|
| Information Technology | 21.35% | 16.39% | | Consumer Discretionary | 21.04% | 24.84% | | Industrials | 14.16% | 15.56% | | Health Care | 10.36% | 12.65% | | Energy | 9.46% | 5.72% | | Materials | 8.49% | 6.15% | | Financials | 6.02% | 8.27% | | Consumer Staples | 4.48% | 8.01% | | Telecommunication Services | 2.05% | 1.68% | | Utilities | 0.00% | 0.72% | | Cash | 2.58% | 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.