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Triton Fund

Moderate Small to Mid-Cap Growth Equities
NAV As of 02/20/19 $29.34

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Fund Facts

Details Performance (As of 02/20/19) Morningstar (As of 01/31/19)
02/25/05 Inception Date
$10.81B Total Net Assets (As of 01/31/19)
GROSS 0.91%
NET 0.91%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 01/31/19)
Fee Level Group
Small Cap No Load
(out of 442 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.31% 1 Day Return
16.75% YTD Return
Category
Small Growth
ic_star ic_star ic_star ic_star ic_star
585 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze Analyst Rating
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

A moderately positioned, small-mid-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. The Fund invests in small-cap companies with differentiated business models and sustainable competitive advantages that are positioned to grow market share regardless of economic conditions.

Why Invest in the Fund

    Unique Business Models

  1. Seeks small-cap companies that stand out from competitors – through differentiated business models, innovative approaches or unique products or services – that are using their competitive advantages to grow over a multi-year time frame.
  2. Deep, Specialized Team

  3. In-depth fundamental research supported by a team of analysts, a team of small-mid cap specialists and a portfolio management team with experience looking for small-cap companies early in their life cycle that have the potential to grow into mid-sized companies.
  4. Moderate Approach to Growth

  5. The Fund offers the potential for capital appreciation through exposure to small companies having the potential to quickly grow into mid-size companies with a focus on resilient business models positioned to weather a variety of market environments.

Top Decile Risk-Adjusted Performance with Bottom Quartile Volatility

5 Year risk/reward rankings in Morningstar Small Growth Category (634 funds) as of 12/31/18

Triton Fund 3-Year rankings in Morningstar Small Growth Category as of 12/31/18: Alpha – 26th percentile ranked 167 of 668 funds, Sharpe Ratio – 18th percentile ranked 115 of 668 funds, Standard Deviation – 86th percentile ranked 573 of 668 funds and Beta – 79th percentile ranked 535 of 668 funds.

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – T Shares -19.71% -5.26% -5.26% 9.90% 8.02% 16.79% 11.72%
Russell 2500™ Growth Index -20.08% -7.47% -7.47% 8.11% 6.19% 14.76% 8.56%
Russell 2000® Growth Index -21.65% -9.31% -9.31% 7.24% 5.13% 13.52% 7.81%
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – T Shares 0.14% 10.78% -0.19% 16.81% 11.00% 18.59% 12.47%
Russell 2500™ Growth Index 1.65% 11.91% -1.37% 16.21% 9.02% 16.78% 9.39%
Russell 2000® Growth Index 0.06% 11.55% -2.63% 15.55% 7.83% 15.68% 8.61%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 47 30 9 4 2
Small Growth Category
Rank/Count
332/694 204/667 55/633 19/565 7/506
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 57 42 9 6 2
Small Growth Category
Rank/Count
395/694 295/669 59/632 30/562 7/505

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2500™ GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.35 0.78
Alpha 1.72 2.70
Tracking Error 2.18 2.73
Beta 0.93 0.91
R-Squared (%) 98.35 97.37

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 2500™ GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 98.20 98.60
Down Capture Ratio 91.40 87.29

STANDARD DEVIATION

3 YEAR 5 YEAR
Triton Fund 14.51 14.37
Russell 2500™ Growth Index 15.53 15.61

SHARPE RATIO

3 YEAR 5 YEAR
Triton Fund 1.10 0.73
Russell 2500™ Growth Index 0.98 0.54

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS T SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 0.91%
Waivers 0.00%
Total Net Expenses 0.91%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the Russell 2500™ Growth Index.

TOP HOLDINGS

(As of 01/31/2019)

% of Fund
SS&C Technologies Holdings Inc 2.33
Broadridge Financial Solutions Inc 2.24
HEICO Corp 2.19
Catalent Inc 2.09
LPL Financial Holdings Inc 1.97
Euronet Worldwide Inc 1.80
ServiceMaster Global Holdings Inc 1.80
STERIS PLC 1.73
Sensient Technologies Corp 1.58
Cadence Design Systems Inc 1.57
TOTAL 19.30

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
123
1499
Market Capitalization
Weighted Average
$5.45B
$5.37B
Portfolio Turnover Rate
(1-year trailing)
18.74%
-
Price/Earnings Ratio
(1-year forward)
23.68
26.18
Price/Book Ratio
(1-year forward)
5.32
6.78
Earnings Growth Rate
(1-year forward)
18.23%
23.63%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 95.12 99.86
Non-U.S. Developed 1.02 0.04
Non-U.S. Emerging 0.34 0.10
Cash & Equivalents 3.52 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Information Technology 26.32 24.96
Industrials 20.72 16.67
Health Care 20.24 22.53
Consumer Discretionary 11.80 14.74
Financials 6.22 6.96
Materials 4.41 4.47
Consumer Staples 2.78 2.01
Energy 1.45 1.19
Communication Services 1.28 3.40
Real Estate 1.26 2.83
Cash & Equivalents 3.52 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
$10B to $50B 12.31 11.57
$5B to $10B 36.09 34.55
$1B to $5B 46.64 46.14
$500M to $1B 1.17 5.10
$250M to $500M 0.06 1.86
$100M to $250M 0.18 0.72
N/A 0.03 -

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 95.69 99.90
Europe 0.45 0.02
Asia/Pacific Ex Japan 0.34 0.08
Cash & Equivalents 3.52 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Equity markets were volatile and ended the period with some major indices in or near correction territory.
  • The Fund outperformed its primary benchmark during the quarter.
  • Heading into the quarter, we believed small-cap stocks were due for a correction, but also believe the recent selloff was overdone.

Read The Full Commentary