Estimated Capital Gains November 13, 2018
Estimated capital gains for Hodges Small Cap Fund, Hodges Small Intrinsic Value Fund, and Hodges Small-Mid Cap Fund.
Why invest in the Hodges Small Intrinsic Value Fund?
- Small value fund focused on investing in companies that have an attractive market price relative to underlying asset value, earnings power, dividend yield, or the potential for a turnaround in business fundamentals.
- The Fund may also invest in companies with mispriced or misunderstood deep, intrinsic value but lacking a near term catalyst to unlock that value. These investments may require a longer time horizon.
- The Fund has historically been skewed towards micro cap stocks.
as of 09/30/19
At A Glance
- Ticker HDSVX
- Total Net Assets $9.1 Million
- CUSIP 74316J318
- Investment Approach Bottom Up, Fundamental
- Typical Cash Position < 10%
- Number of Holdings 33
- Minimum Investment $1000
Risk Profile
LOW HIGHPerformance
| Returns (%) as of 9/30/2019 | QTD | 1 YR | 3 YR | 5 YR | 10 YR | SI |
|---|---|---|---|---|---|---|
| Small Intrinsic Value Fund | 5.58 | -11.17 | 4.39 | 4.86 | -- | 5.11 |
| Russell 2000® Value Total Return | -0.57 | -8.24 | 6.54 | 7.17 | -- | 5.32 |
| Returns for greater than one year are annualized | Gross Expense Ratio | 1.50 | ||||
| Net Expense Ratio | 1.29* | |||||
Calendar Year
| Returns (%) as of 12/31/2018 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013** | 2012 |
|---|---|---|---|---|---|---|---|
| Small Intrinsic Value Fund | -22.68 | 8.76 | 19.76 | -0.83 | 12.04 | -0.30 | -- |
| Russell 2000® Value | -12.86 | 7.84 | 31.74 | -7.47 | 4.22 | 0.06 | -- |
*The Advisor has contractually agreed to reduce its fees at least until July 31, 2020. Investors pay the net expense ratio.
**Not a full calendar year.
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
Additional Resources
Distribution Information
- Record Date:12/12/18
- Ex-Date & Payable Date:12/13/18
- Ordinary Income Rate:Zero
- Short-Term Capital Gains Rate:0.10935/share
- Long-Term Capital Gains Rate:0.85601/share
Holdings
as of 9/30/2019 Top Ten Holdings
| Security | Symbol |
|---|---|
| COMMERCIAL METALS CO | CMC |
| CENTURY COMMUNITIES INC | CCS |
| CALERES INC | CAL |
| EAGLE MATERIALS INC | EXP |
| NORTHWEST PIPE CO | NWPX |
| BRUNSWICK CORP | BC |
| DIXIE GROUP INC | DXYN |
| HILLTOP HOLDINGS INC | HTH |
| DELTA APPAREL INC | DLA |
| SHOE CARNIVAL INC | SCVL |
| Total | 43.82% |
Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.
Portfolio Managers
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Eric J. Marshall, CFA
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Eric J. Marshall, CFA currently serves as the President and Director of Research for Hodges Capital Management. Er … Read Full Bio |
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Christopher R. Terry, CFA
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Chris serves as Vice President and Sr. Research Analyst of Hodges Capital Management. He is the co-manager of the H … Read Full Bio |
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Derek R. Maupin
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Derek serves as Vice President and Sr. Research Analyst of Hodges Capital Management. He is the co-manager of the H … Read Full Bio |
Commentary & News
Stocks to Watch Heading into 2018 Cheddar / December 7, 2017
Eric Marshall discusses the market outlook for 2018. He sees opportunities in consumer stocks such as retailers, restaurants, transportation and regional banks. He’s bullish on retail as companies transition to online shopping and materials as the U.S. looks to rebuild infrastructure following the hurricanes in the fall.
Would tax reform help boost the IPO market? Fox Business / October 31, 2017
Craig Hodges discusses the impact of potential tax and regulatory reform on the IPO market. He believes there is more money in the marketplace than there are places to invest it as companies tend to remain private in the current environment.
Mutual fund investing involves risk. Principal loss is possible. The fund invests in smaller companies, which involves additional risks such as limited liquidity and greater volatility. The fund invests in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods. These risks increase for emerging markets. The fund may also make short sales of securities, which involves the risk that losses may exceed the original amount invested. The fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. These risks may be greater than risks associated with more traditional investments. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.
The Russell 2000 Value is a subset of the Russell 2000 Index. It represents companies with a lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.