Small Cap Value Fund
Closed to new investors.
The Small Cap Value Fund seeks long-term capital growth from investments in common stocks or other equity securities
Primary Benchmark:
Russell 2000 Value Index
Portfolio Management
Joe Gatz, CFA
Jeff Schwartz, CFA
Total Fund Assets (as of 4/30/2013):
$1.1 billion
Lipper Category:
Small-Cap Core Funds
Morningstar Category:
Small Blend
Strategy Highlights
- The investment universe includes all stocks generally within the market cap range of the benchmark at initial purchase
- Bottom-up portfolio construction is based on intensive fundamental research and valuation analysis
- Seeks to add value through stock selection
- Portfolios are typically characterized by low price/earnings multiples, low price/book multiples, low price/cash flow measures and above market return potential
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 up to 20% of its assets in securities of foreign issuers, 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
- While the fund offers potential for long term capital growth, it invests in value stocks, which can fall out of favor with investors and may underperform growth stocks during certain market conditions
- Small-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
Past performance is no guarantee of future results.1 For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2 Unlike 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 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The
Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index (a broad market index), representing approximately 8% of the Russell 3000 Index total market capitalization. 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 Value Index
|
Year-to-Date Performance as of 6/18/2013 | | Class I | Class R | Class
Admin |
|---|
| | 16.43% | 16.30% | 16.18% |
Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class I | Class R | Class
Admin | Index |
|---|
| 3 month | 6.29% | 6.21% | 6.14% | 5.25% | | Year-to-date | 11.91% | 11.81% | 11.73% | 11.52% |
Average Annualized
Total Return | Class I | Class R | Class
Admin | Index |
|---|
| 1 Year | 17.31% | 17.03% | 16.74% | 19.71% | | 3 Years | 13.05% | 12.77% | 12.50% | 9.58% | | 5 Years | 8.29% | 8.02% | 7.75% | 6.60% | | 10 Years | 11.24% | 10.96% | 10.69% | 10.28% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class I | Class R | Class
Admin | Index |
|---|
| 3 month | 11.91% | 11.84% | 11.77% | 11.63% | | Year-to-date | 11.91% | 11.84% | 11.77% | 11.63% |
Average Annualized
Total Return | Class I | Class R | Class
Admin | Index |
|---|
| 1 Year | 15.91% | 15.65% | 15.34% | 18.09% | | 3 Years | 14.93% | 14.66% | 14.37% | 12.12% | | 5 Years | 9.20% | 8.92% | 8.65% | 7.29% | | 10 Years | 12.12% | 11.84% | 11.55% | 11.29% |
Gross Expense Ratio: (I) 1.06%, (R) 1.38%, (Admin) 1.68%; Net Expense Ratio: (I) 1.06%, (R) 1.31%, (Admin) 1.56% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class I | Class R | Class
Admin |
|---|
| 1 Year | 242/716 | 274/716 | 305/716 | | 3 Years | 108/638 | 128/638 | 150/638 | | 5 Years | 123/564 | 148/564 | 173/564 | | 10 Years | 78/340 | 100/340 | 117/340 | | Lipper Category: Small-Cap Core Funds |
Morningstar Rankings as of 3/31/2013 | | Class I | Class R | Class
Admin |
|---|
| 1 Year | 313/663 | 348/663 | 378/663 | | 3 Years | 128/604 | 161/604 | 194/604 | | 5 Years | 117/535 | 132/535 | 158/535 | | 10 Years | 74/329 | 92/329 | 113/329 | | Morningstar Category: Small Blend |
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.
|
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 | 155 | | P/E Trailing | 16.80 | | Price/Book Value | 1.93 | | Annual Portfolio Turnover as of 9/30/2012 | 19% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| WEX INC | 1.3% | | HCC INSURANCE HLDG | 1.3% | | ALLETE INC | 1.2% | | WABTEC | 1.2% | | EPL OIL & GAS INC | 1.2% | | SOVRAN SELF STORAGE INC | 1.1% | | CUBESMART | 1.1% | | OMEGA HEALTHCARE INVESTORS | 1.1% | | CATHAY GENERAL BANCORP | 1.1% | | BIOMED REALTY TRUST INC | 1.1% | | Total | 11.6% | |
| Sector Distribution | |
|---|
| Financials | 28.92% | | Industrials | 21.31% | | Consumer Discretionary | 14.33% | | Information Technology | 13.01% | | Materials | 5.57% | | Utilities | 4.45% | | Health Care | 4.10% | | Energy | 3.75% | | Consumer Staples | 2.72% | | Cash | 1.84% |
|
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 | 153 | 1403 | | P/E Trailing | 17.24 | 16.29 | | Price/Book Value | 1.96 | 1.43 | | Annual Portfolio Turnover as of 9/30/2012 | 19% | |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| WEX INC | 1.4% | | HCC INSURANCE HLDG | 1.2% | | JARDEN CORP | 1.2% | | WABTEC | 1.1% | | CATHAY GENERAL BANCORP | 1.1% | | ALLETE INC | 1.1% | | AZZ INC | 1.1% | | SOVRAN SELF STORAGE INC | 1.1% | | AVIS BUDGET GROUP INC | 1.0% | | BIOMED REALTY TRUST INC | 1.0% | | Total | 11.4% | | Market Capitalization | Fund | Index |
|---|
| > $2 Billion | 46.7% | 21.6% | | $1 to 2 Billion | 32.1% | 36.5% | | $0.5 to 1 Billion | 15.3% | 24.0% | | < $0.5 Billion | 4.1% | 18.0% | | Cash & Equivalents | 1.8% | N/A | |
| Sector Distribution | Fund | Index |
|---|
| Financials | 27.93% | 37.83% | | Industrials | 22.27% | 12.60% | | Consumer Discretionary | 14.23% | 12.16% | | Information Technology | 13.38% | 11.72% | | Materials | 5.80% | 5.51% | | Utilities | 4.24% | 6.14% | | Health Care | 3.96% | 4.37% | | Energy | 3.73% | 6.59% | | Consumer Staples | 2.75% | 2.60% | | Telecommunication Services | 0.00% | 0.49% | | Cash | 1.72% | 0.00% |
|
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.