TorrayResolute Small/Mid Cap Growth Inst
Name
As of 11/23/2021Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-55.4%
1 yr return
38.2%
3 Yr Avg Return
24.1%
5 Yr Avg Return
18.8%
Net Assets
$15.4 M
Holdings in Top 10
38.2%
52 WEEK LOW AND HIGH
$9.2
$9.22
$23.84
Expenses
OPERATING FEES
Expense Ratio 1.01%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/23/2021Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
TRSMX - Profile
Distributions
- YTD Total Return -55.4%
- 3 Yr Annualized Total Return 24.1%
- 5 Yr Annualized Total Return 18.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.70%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameTorrayResolute Small/Mid Cap Growth Fund
-
Fund Family NameTorray Resolute
-
Inception DateDec 31, 2014
-
Shares Outstanding655341
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerJeffrey Lent
Fund Description
The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small and mid-capitalization companies organized in the United States that the Adviser believes should generate excess returns, as compared to the Russell 2500TM Growth Index, with below-market risk over time, namely companies with superior operating and financial characteristics and proven records of increasing earnings on a consistent and sustainable basis.
The Fund typically invests in a portfolio of 25 to 30 small and mid-capitalization stocks with a long-term orientation and a quality focus. The Fund considers a company to be a small or mid-capitalization company if it has a market capitalization, at the time of purchase, within the capitalization range of the Russell 2500TM Growth Index. The market capitalizations within the Russell 2500TM Growth Index vary, but as of March 31, 2021 they ranged from approximately $49.3 million to $31.3 billion. Although the Fund will invest primarily in the common stocks of U.S. companies, the Fund may invest up to 15% of its assets in common stocks of foreign companies that are organized and headquartered in countries classified as “developed” by MSCI. As of December 31, 2020, the following foreign countries were classified as “developed” by MSCI: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. As a part of its investment in foreign companies, the Fund may also invest in American Depository Receipts (“ADRs”), which are dollar-denominated negotiable certificates issued by a U.S. Bank representing a specified number of shares in a foreign stock that is traded on a U.S. exchange, with the underlying security held by a U.S. financial institution overseas.
In considering whether to invest in the securities of a foreign company, the Adviser considers such factors as the characteristics of the particular company, differences between economic trends and the performance of securities markets within the U.S. and those within other countries, and also factors relating to the general economic, governmental and social conditions of the country or countries where the company is located. The extent to which the Fund invests in foreign companies will fluctuate from time to time depending on the Adviser’s assessment of prevailing market, economic and other conditions.
The Adviser selects securities for the Fund’s investment portfolio by using a bottom-up quantitative and qualitative analysis to identify companies that exhibit sustainable growth characteristics, including durable competitive advantages, high returns on equity, efficient use of capital, demonstrated low volatility in financial and operating metrics, low exposure to cyclical trends, and capital allocation discipline. Risk management is a key component of the Adviser’s portfolio construction process. In the security selection and portfolio construction process, the Adviser targets low correlation among existing and prospective holdings as measured by security price changes over 3, 5 and 10 year periods. The Adviser also employs individual position limits of 7% of total assets in order to manage risk. The Adviser may reduce or sell investment positions for a variety of reasons, including when it identifies superior ideas, when valuations are excessive, when operating volatility increases, when sector or position limits are exceeded, or when an original investment thesis fails. While the Fund will not concentrate its investments in any one industry, the Fund may have a significant exposure to one or more sectors of the economy, including the information technology and health care sectors.
TRSMX - Performance
Return Ranking - Trailing
| Period | TRSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -55.4% | -81.0% | 41.2% | 99.51% |
| 1 Yr | 38.2% | 17.5% | 106.9% | 55.56% |
| 3 Yr | 24.1%* | 11.9% | 51.8% | 62.94% |
| 5 Yr | 18.8%* | 9.9% | 45.5% | 77.04% |
| 10 Yr | N/A* | 9.9% | 22.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | TRSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 39.9% | -69.7% | 2474.5% | 20.25% |
| 2022 | 30.2% | -50.2% | 44.0% | 28.13% |
| 2021 | -8.0% | -70.5% | 9.2% | 19.47% |
| 2020 | 21.9% | -21.1% | 84.9% | 22.24% |
| 2019 | 7.7% | -61.7% | 20.7% | 18.63% |
Total Return Ranking - Trailing
| Period | TRSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -55.4% | -81.0% | 41.2% | 99.51% |
| 1 Yr | 38.2% | 15.6% | 106.9% | 50.96% |
| 3 Yr | 24.1%* | -5.6% | 51.8% | 58.74% |
| 5 Yr | 18.8%* | 9.9% | 45.5% | 74.86% |
| 10 Yr | N/A* | 9.8% | 22.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | TRSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 39.9% | -69.7% | 2474.5% | 20.25% |
| 2022 | 30.2% | -50.2% | 44.0% | 28.13% |
| 2021 | -8.0% | -51.7% | 12.2% | 40.83% |
| 2020 | 21.9% | -7.0% | 84.9% | 61.32% |
| 2019 | 7.7% | -61.7% | 20.7% | 24.84% |
NAV & Total Return History
TRSMX - Holdings
Concentration Analysis
| TRSMX | Category Low | Category High | TRSMX % Rank | |
|---|---|---|---|---|
| Net Assets | 15.4 M | 831 K | 115 B | 94.17% |
| Number of Holdings | 31 | 19 | 3650 | 94.21% |
| Net Assets in Top 10 | 6.08 M | 2.5 K | 12.6 B | 87.96% |
| Weighting of Top 10 | 38.20% | 3.4% | 91.6% | 19.33% |
Top 10 Holdings
- Qualys Inc 4.81%
- Pool Corp 4.47%
- Dunkin' Brands Group Inc 4.31%
- SBA Communications Corp 4.17%
- Mettler-Toledo International Inc 4.08%
- Catalent Inc 3.92%
- Halozyme Therapeutics Inc 3.91%
- Monolithic Power Systems Inc 3.87%
- Sapiens International Corp NV 3.87%
- Jack Henry & Associates Inc 3.87%
Asset Allocation
| Weighting | Return Low | Return High | TRSMX % Rank | |
|---|---|---|---|---|
| Stocks | 96.38% | 16.18% | 100.57% | 83.84% |
| Cash | 3.61% | -0.57% | 25.07% | 12.04% |
| Preferred Stocks | 0.00% | 0.00% | 1.48% | 35.67% |
| Other | 0.00% | -2.98% | 30.27% | 40.85% |
| Convertible Bonds | 0.00% | 0.00% | 0.16% | 30.18% |
| Bonds | 0.00% | 0.00% | 46.55% | 33.08% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TRSMX % Rank | |
|---|---|---|---|---|
| Healthcare | 36.22% | 0.00% | 38.09% | 0.91% |
| Technology | 33.13% | 0.00% | 58.57% | 45.58% |
| Industrials | 16.47% | 0.00% | 38.40% | 27.74% |
| Consumer Cyclical | 4.64% | 0.00% | 59.36% | 96.65% |
| Real Estate | 4.33% | 0.00% | 11.53% | 19.82% |
| Financial Services | 2.71% | 0.00% | 38.42% | 89.33% |
| Consumer Defense | 2.51% | 0.00% | 12.72% | 39.94% |
| Utilities | 0.00% | 0.00% | 9.55% | 48.78% |
| Energy | 0.00% | 0.00% | 68.96% | 65.40% |
| Communication Services | 0.00% | 0.00% | 21.73% | 91.01% |
| Basic Materials | 0.00% | 0.00% | 23.51% | 79.57% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TRSMX % Rank | |
|---|---|---|---|---|
| US | 90.01% | 16.04% | 100.13% | 77.74% |
| Non US | 6.37% | 0.00% | 36.14% | 28.81% |
TRSMX - Expenses
Operational Fees
| TRSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.01% | 0.01% | 2.77% | 46.92% |
| Management Fee | 0.80% | 0.00% | 1.50% | 72.29% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 9.22% |
| Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
| TRSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| TRSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.20% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| TRSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 33.00% | 0.00% | 457.00% | 31.94% |
TRSMX - Distributions
Dividend Yield Analysis
| TRSMX | Category Low | Category High | TRSMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 0.16% | 29.92% |
Dividend Distribution Analysis
| TRSMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Semi-Annually | Monthly | Semi-Annually |
Net Income Ratio Analysis
| TRSMX | Category Low | Category High | TRSMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.70% | -69.00% | 1.22% | 66.84% |
Capital Gain Distribution Analysis
| TRSMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually |
TRSMX - Fund Manager Analysis
Managers
Jeffrey Lent
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.08
0.1%
Mr. Lent is a Principal at Torray and a Senior Research Analyst for the TorrayResolute Growth strategies, Portfolio Manager for the TorrayResolute Equity Income strategy, and a Co-Portfolio Manager for the Torray Large Cap Value strategy at Torray LLC. He began his investment career in 1987 with Kemper Mutual Funds in Chicago. Prior to joining Torray in 2010, he was an analyst and portfolio manager with Resolute Capital Management, and a Vice President with Tucker Anthony Inc. where he formed the Corporate Services Group. Mr. Lent received a BS from the University of New Hampshire in 1987.
James Bailey
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.08
0.1%
Mr. Bailey joined Torray LLC as an analyst in July, 2010 as part of its acquisition of Resolute Capital Management, LLC. Prior to joining Resolute in 1999, Mr. Bailey was an analyst for Washington International Advisors, whre he worked on emerging market securities. Mr. Bailey is a Chartered Financial Analyst and received his Charter in 1999, and is a member of the CFA Society of Washington, DC. He is a member of the CFA Institute, and serves on the CFA Council of Examiners, where his role is to compose questions for the CFA exam.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.72 | 8.48 | 0.88 |