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On September 13, 2024, the Fund’s Class C shares performed a reverse stock split. The Fund’s Class C reverse stock split reduced the number of outstanding shares and proportionately increased the net asset value (“NAV”) per share with respect to only Class C shares of the Fund. However, the reverse stock split did not impact a shareholder’s total dollar value of an investment in Class C shares of the Fund.
Growth in Unexpected Places
A growth strategy that looks for opportunities beyond traditional growth sectors and industries
High Conviction
Seeks to outperform its benchmark through higher security conviction and market-cap flexibility
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks capital appreciation.
Portfolio Management
15
YRS
MANAGING THIS FUND
24
YRS
AT WELLINGTON MANAGEMENT
29
YRS
EXPERIENCE IN THIS INDUSTRY
19
YRS
MANAGING THIS FUND
24
YRS
AT WELLINGTON MANAGEMENT
31
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and 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. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 03/31/1963
Share Class Inception: 12/22/06.
Class R3-share performance prior to its inception date reflects Y-share performance and operating expenses. SI performance is calculated from 02/19/02.
Characteristics
FUND STATS
| # of Holdings | 55 |
|---|---|
| % in Equities | 98 |
| % in Foreign Equities | 5 |
| Beta (3 year) | 1.16 |
| R Squared (3 year) | 0.95 |
| Standard Deviation | 23.48% |
| Turnover | 111% |
| Active Share | 54% |
Holdings Characteristics
| FUND | Russell 3000 Growth Index | |
|---|---|---|
| As of Date | 2/28/2025 | --- |
| Price/Earnings | 32.4x | 28.7x |
| Price/Book | 12.9x | 12.8x |
| EPS Growth Rate | 17.6% | 14.5% |
| Asset Weighted Market Cap (billions) | $1172.8 | $1513.5 |
| Return on Equity | 31.0% | 50.3% |
| Median Market Cap (billions) | $86.0 | $2.0 |
Top Ten Holdings (%)
| NVIDIA Corp. | 10.82 |
| Amazon.com, Inc. | 8.53 |
| Broadcom, Inc. | 4.82 |
| Apple, Inc. | 4.79 |
| iShares Russell 1000 Growth ETF | 4.53 |
| Eli Lilly & Co. | 4.19 |
| Meta Platforms, Inc. | 3.82 |
| Visa, Inc. | 3.52 |
| Netflix, Inc. | 3.44 |
| Alphabet, Inc. | 3.20 |
| Total Portfolio % | 51.66 |
Market Cap Distribution (%)
| Less than $2 billion | 0 | |
| $2 billion - $5 billion | 0 | |
| $5 billion - $10 billion | 2 | |
| Greater than $10 billion | 93 | |
| Not Classified | 5 | |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
-2.82 |
|
Down Capture (5 Year)
|
117.15 |
|
Information Ratio (5 Year)
|
-0.28 |
|
Sharpe Ratio (5 Year)
|
0.68 |
|
Up Capture (5 Year)
|
105.54 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 12/31/24 | 2/28/25 | 2/28/25 | -10 0 10 | ||||
| Communication Services | 20 | 17 | 13 | ||||
| Financials | 5 | 10 | 7 | ||||
| Health Care | 9 | 10 | 8 | ||||
| Consumer Discretionary | 12 | 16 | 15 | ||||
| Real Estate | 2 | 2 | 1 | ||||
| Energy | 1 | 1 | 1 | ||||
| Utilities | 0 | 0 | 0 | ||||
| Materials | 0 | 0 | 1 | ||||
| Industrials | 3 | 2 | 5 | ||||
| Consumer Staples | 1 | 1 | 4 | ||||
| Information Technology | 47 | 36 | 46 | ||||
Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). Excludes cash. May not total to 100% due to rounding and/or pooled vehicle allocations.
Past distributions are not indicative of future distributions.
Insights
Fund Literature
12/31/2024 - PDF (135 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
12/31/2024 - PDF (784 KB)
This Spotlight presentation highlights the current market opportunity and rationale for investing.
12/31/2024 - PDF (136 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
12/31/2024 - PDF (182 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
12/31/2024 - PDF (106 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
12/31/2024 - PDF (106 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
PDF (113 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
12/31/2024 - PDF (584 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • The securities of large market capitalization companies may underperform other segments of the market. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Growth investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investment styles. • To the extent the Fund focuses on one or more sectors, including the information technology, consumer discretionary and communication services sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Because the Fund may hold a limited number of securities, the Fund is subject to a greater risk of loss if any of those securities decline in price. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments.
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