Fund Overview

Fund Overview

Share Class

N

NAV | as of 12/05/2022

$28.55
-$0.78 (-2.73%)

Morningstar | Style Box

V B G L M S

Overall Morningstar Rating


Rated against 589 Small Blend funds as of 10/31/2022

View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 12/10/1996 to 11/30/2022 = $80,019.58

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

The performance data shown represents past performance. Past performance 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. For performance information through the most recent month end please call 800.835.3879. 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, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Objective

The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks.

Why Consider

  • Provides investors with exposure to a portfolio of small cap companies which may offer a greater universe of opportunities
  • Employs a fundamental, research-oriented investment process that is built on the belief that a company’s ability to generate consistent, long-term sustainable earnings growth will drive enhanced stock price performance over time
  • Manages risk with a sell discipline and exposure limits for each company and diversification of sector and growth profiles embedded in the portfolio construction process

Daniel L. Miller, CFA

PARTNER AND DIRECTOR OF EQUITIES

Jeffrey W. Thibault, CFA

PARTNER AND PORTFOLIO MANAGER

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

The performance data shown represents past performance. Past performance 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. For performance information through the most recent month end please call 800.835.3879. 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, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized.

Expense Ratios

  • Gross Expense Ratio: 1.30%
  • Net Expense Ratio: 1.30%
  • Expense Cap Expiration Date: N/A

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 15, 2021 $3.033700 $0.574900 $2.458800
Dec 16, 2020 $0.729200 $0.181400 $0.547800
Dec 16, 2019 $1.370300 $1.370300
Dec 27, 2018 $3.023500 $0.097400 $2.926100
Dec 27, 2017 $1.529900 $0.045300 $1.484600
Dec 27, 2016 $1.042500 $1.042500
Dec 28, 2015 $0.894200 $0.059200 $0.835000
Dec 26, 2014 $1.336300 $0.188700 $1.147600
Dec 26, 2013 $0.868000 $0.070200 $0.797800
Dec 26, 2012 $0.438500 $0.082200 $0.356300
Dec 28, 2010 $0.002300 $0.002300
Dec 26, 2008 $0.022500 $0.022500
Nov 06, 2008 $0.095040 $0.095040
Sep 11, 2008 $0.250970 $0.003730 $0.247240
Dec 21, 2007 $1.875890 $0.137310 $0.005250 $1.733330
Jul 20, 2007 $0.340100 $0.000680 $0.050410 $0.289010
Jan 24, 2007
Jan 23, 2007
Dec 21, 2006 $0.109750 $0.100280 $0.009470
Jul 21, 2006 $0.000330 $0.000330
Dec 21, 2005 $0.101990 $0.101990
Dec 21, 2004 $0.065590 $0.065590
Jul 21, 2004 $0.002110 $0.002110
Apr 29, 2004 $0.002131 $0.002131
Dec 19, 2003 $0.036230 $0.036230
Dec 20, 2002 $0.004000 $0.004000
Sep 25, 2001 $0.411200 $0.411200
Nov 17, 2000 $1.856400 $1.856400
Nov 30, 1999 $0.393100 $0.393100
Dec 31, 1998 $0.028000 $0.028000
Dec 31, 1997 $0.040000 $0.040000
Nov 28, 1997 $1.223000 $1.223000

Risk & Return Stats

As of: 11/30/2022

3YR 5YR 10YR
Alpha
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha.
2.71 1.95 1.81
Standard Deviation
Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
24.28 21.79 17.63
Sharpe Ratio
Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
0.34 0.27 0.59
Upside Capture Ratio (%)
Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets.
96.33 92.37 79.73
Downside Capture Ratio (%)
Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets.
93.58 94.91 94.75
Beta
Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk.
0.92 0.92 0.90
R-Squared
R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures.
94.78 94.54 93.81
Tracking Error (%)
Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero.
5.92 5.43 4.81
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 09/30/2022

RBC Bearings Inc 2.06%
Performance Food Group Co 2.05%
Texas Roadhouse Inc, Class A 2.02%
SPX Technologies Inc 2.01%
Matador Resources Co, Class A 1.99%
Supernus Pharmaceuticals Inc 1.88%
Halozyme Therapeutics Inc 1.84%
MACOM Technology Solutions Holdings Inc 1.77%
Ameris Bancorp 1.76%
Globus Medical Inc, Class A 1.66%
% in Top 10 Holdings 19.06%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Equity)

As of: 09/30/2022

View Allocation Details

Investment Approach

Investment Approach

GW&K Small Cap Core Fund

  • GW&K believes companies with consistent, long-term, above-average and sustainable earnings growth will drive enhanced stock price performance over time
  • GW&K believes most money managers overlook the sustainability of earnings growth by focusing on short-term fundamentals and stock price movements
  • GW&K believes companies that can generate sustainable earnings growth possess these key attributes:
    (1) A high-quality management team focused on enhancing long-term value for shareholders and (2) strong products or services in attractive niche markets
  • GW&K believes they add value through their fundamental research process. Their disciplined long-term research focus allows them to develop a deep understanding of their targeted companies

Additional Fund Highlight

Risk management parameters, including exposure limits for each company and diversification of sector and growth profiles, are embedded in the portfolio construction process.

Keep Calm and Remain Diversified

A Short- and Long-Term Review on the Power of Diversification

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The Fed’s Search for Balance

The Federal Reserve raised its benchmark federal funds rate for the first time since 2018. The highly anticipated move is now driving a wider conversation on how high interest rates can go from here and, by extension, if the U.S. economy is inching closer to a recessionary period.

Read Blog

About

Background

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today.

Learn More

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

Discover how the boutique advantage helps generate alpha.

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