
A View from the Bottom: Economic Backdrop Not as Bad as Sell-Off Suggests
Portfolio Managers Jonathan Coleman, CFA, and Scott Stutzman, CFA, share their insights on December’s market slide, and where they see opportunity after the sell-off.
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Details | Performance (As of 02/20/19) | Morningstar (As of 01/31/19) |
---|---|---|
04/30/85
Inception Date
$3.19B
Total Net Assets
(As of 01/31/19)
(As of fiscal year end 09/30/18)
|
0.49%
1 Day Return
17.93%
YTD Return
|
Category
Small Growth
(Based on risk-adjusted returns)
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A moderately positioned small-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. Invests in small-cap companies with differentiated business models and sustainable competitive advantages that we believe are positioned to grow market share regardless of economic conditions.
As of 12/31/18, Venture Fund Class I Shares 3-year percentile rankings in the Morningstar Small Growth category (668 funds): 60th for Alpha, 56th for Sharpe Ratio, 78th for Standard Deviation and 74th for Beta.
Closed to certain new investors.
Inception: Apr 30, 1985 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
---|---|---|---|---|---|---|---|
Venture Fund – S Shares | -20.49% | -6.93% | -6.93% | 7.17% | 5.99% | 15.85% | 11.38% |
Russell 2000® Growth Index | -21.65% | -9.31% | -9.31% | 7.24% | 5.13% | 13.52% | 7.84% |
Russell 2000® Index | -20.20% | -11.01% | -11.01% | 7.36% | 4.41% | 11.97% | 9.26% |
Inception: Apr 30, 1985 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
---|---|---|---|---|---|---|---|
Venture Fund – S Shares | -0.15% | 11.05% | -1.30% | 14.63% | 9.13% | 17.84% | 11.70% |
Russell 2000® Growth Index | 0.06% | 11.55% | -2.63% | 15.55% | 7.83% | 15.68% | 8.17% |
Russell 2000® Index | -0.41% | 11.25% | -3.52% | 14.71% | 7.26% | 14.52% | 9.58% |
1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION | |
---|---|---|---|---|---|
Percentile Ranking (%) | 60 | 68 | 37 | 9 | 17 |
Small Growth Category Rank/Count |
418/694 | 456/667 | 227/633 | 49/565 | 10/49 |
1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION | |
---|---|---|---|---|---|
Percentile Ranking (%) | 62 | 66 | 30 | 12 | 17 |
Small Growth Category Rank/Count |
439/694 | 451/669 | 185/632 | 68/562 | 10/49 |
RISK / REWARD
|
3 YEAR | 5 YEAR |
---|---|---|
Information Ratio | -0.13 | 0.44 |
Alpha | 1.12 | 2.40 |
Tracking Error | 3.65 | 3.92 |
Beta | 0.89 | 0.89 |
R-Squared (%) | 95.49 | 95.08 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
---|---|---|
Up Capture Ratio | 88.79 | 93.15 |
Down Capture Ratio | 83.26 | 84.46 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
---|---|---|
Venture Fund | 14.93 | 15.48 |
Russell 2000® Growth Index | 16.39 | 16.99 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
---|---|---|
Venture Fund | 0.94 | 0.58 |
Russell 2000® Growth Index | 0.88 | 0.42 |
ANNUAL FEES & EXPENSES(As of Fiscal Year End, 09/30/18) |
CLASS S SHARES |
---|---|
Management Fees | 0.64% |
12b-1 Fees | 0.25% |
Other Expenses | 0.28% |
Total Gross Expenses | 1.17% |
Waivers | 0.00% |
Total Net Expenses | 1.17% |
Index represents the Russell 2000® Growth Index.
TOP HOLDINGS(As of 01/31/2019) |
% of Fund |
---|---|
SS&C Technologies Holdings Inc | 2.24 |
HEICO Corp | 2.22 |
Nice Ltd (ADR) | 2.20 |
STERIS PLC | 1.99 |
LPL Financial Holdings Inc | 1.95 |
Catalent Inc | 1.91 |
Euronet Worldwide Inc | 1.88 |
ServiceMaster Global Holdings Inc | 1.73 |
j2 Global Inc | 1.52 |
Cedar Fair LP | 1.52 |
TOTAL | 19.16 |
PORTFOLIO CHARACTERISTICS(As of 01/31/19) |
FUND | INDEX |
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DEVELOPED VS. EMERGING MARKET(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
U.S. | 89.27 | 99.90 |
Non-U.S. Developed | 7.62 | 0.06 |
Non-U.S. Emerging | 1.25 | 0.04 |
Cash & Equivalents | 1.86 | - |
SECTOR ALLOCATION(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
Information Technology | 31.24 | 18.59 |
Health Care | 22.44 | 26.53 |
Industrials | 17.31 | 17.76 |
Consumer Discretionary | 10.10 | 14.64 |
Financials | 6.73 | 7.24 |
Materials | 4.31 | 3.43 |
Energy | 1.93 | 1.79 |
Real Estate | 1.80 | 3.08 |
Consumer Staples | 1.67 | 2.95 |
Communication Services | 0.61 | 3.50 |
Cash & Equivalents | 1.86 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 01/31/2019) |
% OF FUND | % OF INDEX |
---|---|---|
$10B to $50B | 9.41 | 0.12 |
$5B to $10B | 25.58 | 6.78 |
$1B to $5B | 51.66 | 77.26 |
$500M to $1B | 9.44 | 10.44 |
$250M to $500M | 1.90 | 3.80 |
Under $100M | 0.10 | 0.12 |
N/A | 0.05 | - |
REGIONAL ALLOCATION(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
North America | 91.52 | 99.95 |
Africa/Mideast | 2.89 | - |
Europe | 2.48 | 0.03 |
Asia/Pacific Ex Japan | 1.25 | 0.02 |
Cash & Equivalents | 1.86 | - |