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Friess Small Cap Growth Fund

 

Fund Focus and Strategy

The small-cap category is a fruitful hunting ground for our approach because the core of our investment strategy is performing exhaustive research legwork to build a portfolio of underappreciated companies. Fewer Wall Street analysts follow smaller companies, which we believe contributes to one of the market’s most promising opportunities to outperform through in-depth research and analysis. We focus our efforts on isolating smaller companies poised for rapid earnings growth that sell at reasonable prices.

We interview companies of all sizes in our search for great smaller companies. We conduct all-cap research, meaning that our research into a small-cap company might also include its mid-cap supplier and large-cap customer. We believe taking a broader view that spans a company’s complete “food chain” positions us to uncover trends that point to opportunity or foreshadow trouble before they become obvious to managers whose focus is narrower.

Friess Small Cap Growth Fund capitalizes on the relationship between earnings performance and stock prices by holding companies experiencing above-average earnings growth that also show promise to exceed consensus earnings expectations. While the Fund’s market-cap characteristics reflect its small-cap focus, the portfolio’s sector weightings result from a true bottom-up, company-by-company approach and do not reflect the composition of any market index. Friess Small Cap Growth Fund aims to beat benchmarks, not mimic them.

 

Where This Fund May Fit As Part Of Your Asset Allocation

The Fund may be appropriate for your overall investment allocation if you are:

Looking to gain exposure to small-cap stocks
Seeking long-term growth of capital
Willing to accept short-term volatility of returns

 

 

 

Fund Facts (as of 5/7/2021)

Investment Style:

 

Small Cap Growth

 

Advisor:

Friess Associates, LLC

Benchmark(s):

Russell 2000® Growth Index; Russell 2000® Index

Fund Net Assets:

$46,714,093

Daily Pricing (as of 5/7/2021)

SCGFX

NAV:

$37.02

NAV $ Change:

$0.81

NAV % Change:

2.24%

 

YTD Return at NAV:

22.99%

SCGNX

NAV:

$36.64

NAV $ Change:

$0.80

NAV % Change:

2.23%

 

YTD Return at NAV:

22.91%

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses.

Share Class Facts

Share Class: Institutional Investor
Ticker: SCGFX SCGNX
Inception Date: 8/06/2002 5/31/2017
Minimum Investment: Initial / Subsequent $100,000 / $100 $2,000 / $100
12b-1 Fees: 0.25%
 

Monthly Performance – Institutional (as of 04/30/2021)

  Inception 1 Mo. 3 Mo. YTD 1 Year 3 Years 5 Years 10 Years Life of Fund
NAV 08/06/2002 0.96% 8.98% 22.62% 86.89% 24.22% 23.92% 14.64% 11.34%
Russell 2000® Growth Index 08/06/2002 2.18% 2.23% 7.16% 69.15% 17.97% 18.89% 12.86% 12.42%
Russell 2000® Index 08/06/2002 2.10% 9.55% 15.07% 74.91% 15.23% 16.48% 11.63% 11.47%

Quarterly Performance – Institutional (as of 03/31/2021)

  Inception 1 Mo. 3 Mo. YTD 1 Year 3 Years 5 Years 10 Years Life of Fund
NAV 08/06/2002 -1.93% 21.46% 21.46% 112.43% 23.57% 23.73% 14.67% 11.34%
Russell 2000® Growth Index 08/06/2002 -3.15% 4.88% 4.88% 90.20% 17.16% 18.61% 13.02% 12.35%
Russell 2000® Index 08/06/2002 1.00% 12.7% 12.70% 94.85% 14.76% 16.35% 11.68% 11.40%

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns of the Fund are net of expenses, and the returns of the indices exclude expenses.

Performance prior to May 31, 2017 for the Institutional share class is represented by the Predecessor Fund, which commenced operations on August 6, 2002, and has not been adjusted to reflect the Fund’s share class’ fees and expenses and would be lower if reflected.

Expense Ratios – Institutional

Gross Expense Ratio:

1.37%

NET Expense Ratio:

1.20%

Expense Cap Expiration Date:

4/30/2021

 

The Fund’s Adviser has contractually agreed, through at least April 30, 2021, to waive its management fees and/or pay Fund expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund’s prospectus for additional information on the Fund’s expenses.

Institutional Calendar Year Returns

YearFundRussell 2000® Growth IndexRussell 2000® Index
202027.33%34.63%19.96%
201917.02%28.48%25.52%
20184.78%-9.31%-11.01%
201730.13%22.17%14.65%
201620.50%11.32%21.31%

Performance shown prior to May 31, 2017 is for Series B Units of the Friess Small Cap Trust (the “Predecessor Fund”), an unregistered Delaware Business Trust that commenced operations on August 6, 2002. The Predecessor Fund offered Series A and Series B Units. Performance is shown for Series B Units because Series B Units have been outstanding since inception of the Predecessor Fund. Returns for Series A Units, for the periods they were outstanding, would generally have been higher than returns for Series B Units. The Predecessor Fund was reorganized into the Fund by transferring all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on May 31, 2017, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund will utilize and by the same Investment Adviser and Sub-Adviser. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects the same as those of the Predecessor Fund. At the time of the Reorganization the Predecessor Fund’s investment portfolio was managed by the same portfolio manager and team of investment professionals who will manage the Fund’s investment portfolio.

The Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”) or Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which, if they had been applicable, might have adversely affected the Predecessor Fund’s performance. After the Reorganization, the Fund’s performance will be calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total return for the Predecessor Fund.

Monthly Performance – Investor (as of 04/30/2021)

  Inception 1 Mo. 3 Mo. YTD 1 Year 3 Years 5 Years 10 Years Life of Fund
NAV 05/31/2017 0.94% 8.91% 22.54% 86.38% 23.91 22.21%
Russell 2000® Growth Index 05/31/2017 2.18% 2.23% 7.16% 69.15% 17.97 18.32%
Russell 2000® Index 05/31/2017 2.10% 9.55% 15.07% 74.91% 15.23 15.23%

Quarterly Performance – Investor (as of 03/31/2021)

  Inception 1 Mo. 3 Mo. YTD 1 Year 3 Years 5 Years 10 Years Life of Fund
NAV 05/31/2017 -1.98% 21.4% 21.40% 111.89% 23.27 22.44%
Russell 2000® Growth Index 05/31/2017 -3.15% 4.88% 4.88% 90.20% 17.16 18.08%
Russell 2000® Index 05/31/2017 1.00% 12.7% 12.70% 94.85% 14.76 14.95%

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns of the Fund are net of expenses, and the returns of the indices exclude expenses.

Expense Ratios – Investor

Gross Expense Ratio:

1.62%

NET Expense Ratio:

1.45%

Expense Cap Expiration Date:

4/30/2021

 

The Fund’s Adviser has contractually agreed, through at least April 30, 2021, to waive its management fees and/or pay Fund expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund’s prospectus for additional information on the Fund’s expenses.

Investor Calendar Year Returns

YearFundRussell 2000® Growth IndexRussell 2000® Index
202027.01%34.63%19.96%
201916.70%28.48%25.52%
20184.51%-9.31%-11.01%

Performance shown prior to May 31, 2017 is for Series B Units of the Friess Small Cap Trust (the “Predecessor Fund”), an unregistered Delaware Business Trust that commenced operations on August 6, 2002. The Predecessor Fund offered Series A and Series B Units. Performance is shown for Series B Units because Series B Units have been outstanding since inception of the Predecessor Fund. Returns for Series A Units, for the periods they were outstanding, would generally have been higher than returns for Series B Units. The Predecessor Fund was reorganized into the Fund by transferring all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on May 31, 2017, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund will utilize and by the same Investment Adviser and Sub-Adviser. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects the same as those of the Predecessor Fund. At the time of the Reorganization the Predecessor Fund’s investment portfolio was managed by the same portfolio manager and team of investment professionals who will manage the Fund’s investment portfolio.

The Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”) or Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which, if they had been applicable, might have adversely affected the Predecessor Fund’s performance. After the Reorganization, the Fund’s performance will be calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total return for the Predecessor Fund.

Fund Analytics

Top 10 Holdings

Fund Holdings % Russell 2000® Growth Index %
GrowGeneration Corp.4.93 %Plug Power Inc.1.07 %
Voyager Digital Ltd.4.33 %Sunrun Inc.0.70 %
Kirkland's Inc.3.87 %RH0.68 %
Aspira Women's Health Inc.2.74 %Deckers Outdoor Corporation0.67 %
Calix Inc.2.54 %Caesars Entertainment Inc0.67 %
Kulicke & Soffa Industries Inc.2.53 %Churchill Downs Incorporated0.63 %
Ichor Holdings Ltd.2.46 %Penn National Gaming, Inc.0.60 %
Chart Industries Inc.2.39 %SiteOne Landscape Supply, Inc.0.54 %
Winnebago Industries Inc.2.36 %Mirati Therapeutics Inc.0.53 %
Sientra Inc.2.29 %Tetra Tech, Inc.0.53 %

Sectors or Industries listed are Global Industries Classifications Standard (GICS® industries, provided by FactSet).

Sector Allocation

As of 03/31/2021

Market Cap

As of 03/31/2021

 

Top Industries

As of 03/31/2021
 

 

Downloadable Documents

Fund Information:
The Friess Small Cap Growth Fund is not required to make an income or capital gains distribution for its fiscal year ending December 31, 2020

 

 

 

Investors should carefully consider the Friess Small Cap Growth Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call (855) 656-3017 or visit www.friessfunds.com. Read the Prospectus carefully before investing.

 

Risks

Mutual fund investing involves risk. Principal loss is possible. Friess Small Cap Growth Fund invests in small-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may also invest in depositary receipts, which are generally subject to the same risks as the foreign securities because their values depend on the performance of the underlying foreign securities.

Friess Small Cap Growth Fund is distributed by Foreside Fund Services, LLC

 

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