Why invest in the Hodges Fund?

Core equity fund that invests in publicly traded companies ranging from large, blue chip companies to undiscovered small cap companies.
Combines multiple investment themes and gives the manager the flexibility to invest where they see value regardless of company size.

as of 03/31/23

At A Glance

Ticker HDPMX
Total Net Assets $148.8 Million
CUSIP 742935109
Investment Approach Bottom Up, Fundamental
Typical Cash Position < 10%
Number of Holdings 43
Minimum Investment $1,000

Risk Profile

LOW HIGH

Performance

Returns (%) as of 3/31/2023	QTD	1 YR	3 YR	5 YR	10 YR	SI
Hodges Fund	7.60	-12.44	36.33	3.18	8.72	9.17
S&P 500^®	7.50	-7.73	18.60	11.19	12.24	10.06
Returns for greater than one year are annualized			Gross Expense Ratio			1.35
			Net Expense Ratio			1.17¹

Calendar Year

Returns (%) as of 12/31/2022	2022	2021	2020	2019	2018	2017	2016	2015	2014
Hodges Fund	-21.80	29.50	29.58	23.02	-34.18	13.83	39.78	-11.48	7.30
S&P 500®	-18.11	28.71	18.40	31.49	-4.38	21.83	11.96	1.38	13.69

¹ The Advisor has contractually agreed to reduce its fees at least until July 31, 2023.

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 of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling (866) 811 0224, or visiting www.hodgesfunds.com for quarterly performance. The fun imposes a 1.00% redemption fee on retail class shares held less than 30 days. Performance data does not reflect the redemption fee. If reflected, total return would be reduced. Performance reflected is net of all other fees and expenses.

Additional Resources

Prospectus
Summary Prospectus
SAI
Annual Report
Semi-Annual Report
Full Holdings
1Q Holdings
3Q Holdings

Holdings

as of 3/31/2023 Top Ten Holdings

Security	Ticker
MATADOR RESOURCES CO	MTDR
UBER TECHNOLOGIES	UBER
TEXAS PACIFIC LAND CORP	TPL
ON HOLDINGS	ONON
ON SEMICONDUCTOR	ON
ENCORE WIRE CORP	WIRE
CLEVELAND-CLIFFS INC	CLF
CHESAPEAKE ENERGY CORP	CHK
CINEMARK HOLDINGS INC	CNK
EAGLE MATERIALS INC	EXP
Total	44.61%

Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Portfolio Managers

Craig D. Hodges
Chief Executive Officer, Chief Investment Officer

Craig Hodges is co-founder and principal of the Dallas based money management firm Hodges Capital Management. Craig …

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Eric J. Marshall, CFA
President, Co-Chief Investment Officer

Eric J. Marshall, CFA, currently serves as President, Co-Chief Investment Officer, and Director of Research for Hod …

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Commentary & News

Manager’s Commentary - First Quarter 2023 Review April 18, 2023

The first quarter of 2023 proved to be another volatile one for U.S. stocks as market sentiment shifted daily between pricing in a hard, soft, or emergency landing for the economy. While turbulence surrounding bank failures and systemic risk to financial markets is unsettling, we are pleased to report that three Hodges Mutual Funds generated positive first quarter 2023 returns relative to their respective benchmarks. Positive relative performance in several of our fund strategies was attributed to our steadfast focus on companies with sound business fundamentals and reasonable valuations.

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Manager’s Commentary - Fourth Quarter 2022 Review January 13, 2023

While the recent turbulence in financial markets has been unsettling, three of the four Hodges Mutual Funds generated positive 2022 returns relative to their respective benchmarks. Although broad repricing of most risk assets resulted in few places to hide in 2022, our focus on companies with sound business fundamentals and reasonable valuations contributed to positive relative performance in several fund strategies.

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2022 Estimated Capital Gains November 28, 2022

Estimated capital gains for Hodges Fund, Hodges Small Cap Fund, Hodges Blue Chip Equity Income Fund, and Hodges Small Intrinsic Fund.

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Mutual fund investing involves risk. Principal loss is possible. Hodges Capital Management (HCM) is the adviser to the Hodges Funds, which are distributed by Quasar Distributors, LLC. -The funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other information about the investment company and can be found on this web page or by calling 1-866-811-0224.

The Standard & Poor’s 500 is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. It is not possible to invest directly in an index.