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.
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 09/30/22
At A Glance
- Ticker HDSVX
- Total Net Assets $15.3 Million
- CUSIP 74316J318
- Investment Approach Bottom Up, Fundamental
- Typical Cash Position < 10%
- Number of Holdings 42
- Minimum Investment $1,000
Risk Profile
LOW HIGHPerformance
| Returns (%) as of 9/30/2022 | QTD | 1 YR | 3 YR | 5 YR | 10 YR | SI |
|---|---|---|---|---|---|---|
| Small Intrinsic Value Fund | -4.90 | -6.53 | 11.99 | 6.02 | -- | 7.42 |
| Russell 2000® | -2.19 | -23.50 | 4.29 | 3.55 | -- | 5.58 |
| Russell 2000® Value Return | -4.61 | -17.69 | 4.72 | 2.87 | -- | 5.12 |
| Returns for greater than one year are annualized | Gross Expense Ratio | 2.05 | ||||
| Net Expense Ratio | 1.291 | |||||
Calendar Year
| Returns (%) as of 12/31/2021 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|
| Small Intrinsic Value Fund | 44.09 | 6.60 | 29.42 | -22.68 | 8.76 | 19.76 | -0.83 | 12.04 |
| Russell 2000® | 14.82 | 19.96 | 25.52 | -11.01 | 14.65 | 21.31 | -4.41 | 4.89 |
| Russell 2000® Value Return | 28.27 | 4.63 | 22.39 | -12.86 | 7.84 | 31.74 | -7.47 | 4.22 |
1The 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 fund imposes a 1.00% redemption fee on 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.
Holdings
as of 9/30/2022 Top Ten Holdings
| Security | Ticker |
|---|---|
| TEXAS CAPITAL BANCSHARES | TCBI |
| US DOLLAR | CASH |
| CHESAPEAKE ENERGY CORP | CHK |
| CHORD ENERGY CORP | CHRD |
| EAGLE MATERIALS INC | EXP |
| STRATUS PROPERTIES INC | STRS |
| LEGATO MERGER GROUP | LGTO |
| HIGHPEAK ENERGY INC | HPK |
| BUILDERS FIRSTSOURCE INC | BLDR |
| VISTA OUTDOOR INC | VSTO |
| Total | 35.62% |
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 President, Co-Chief Investment Officer, and Director of Research for Hod … Read Full Bio |
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Christopher R. Terry, CFA, CIPM
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Chris Terry, CFA, CIPM is Vice President, Portfolio Manager and Senior Research Analyst for Hodges Capital Manageme … Read Full Bio |
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Derek R. Maupin
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Derek serves as Vice President, Portfolio Manager and Sr. Research Analyst of Hodges Capital Management. He is the … Read Full Bio |
Commentary & News
Manager’s Commentary - Third Quarter 2022 Review October 13, 2022
U.S. stocks experienced a dramatic sell-off that accelerated in the final weeks of the third Quarter of 2022, as global economic uncertainty arose from inflationary pressures and the Fed hiked interest rates at the fastest pace in forty years.
Manager’s Commentary - Second Quarter 2022 Review July 13, 2022
U.S. stocks entered bear market territory in the Second Quarter of 2022, as global economic uncertainty arose from inflationary pressures. While the recent turbulence in financial markets has been unsettling, three of the four Hodges Mutual Funds have maintained positive year-to-date returns relative to their respective benchmarks as of June 30, 2022.
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 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.