Summitry Equity Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.4%
1 yr return
27.6%
3 Yr Avg Return
6.8%
5 Yr Avg Return
12.4%
Net Assets
$73.8 M
Holdings in Top 10
51.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.34%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 23.57%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GGEFX - Profile
Distributions
- YTD Total Return 8.4%
- 3 Yr Annualized Total Return 6.8%
- 5 Yr Annualized Total Return 12.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.61%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameSummitry Equity Fund
-
Fund Family NameGolub
-
Inception DateApr 03, 2009
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKurt Hoefer
Fund Description
The Fund invests primarily in common stocks that in the opinion of the Fund’s adviser, Summitry LLC, (the “Adviser”) appear to be temporarily undervalued by the market. The Adviser focuses on businesses that have strong cash flow, solid balance sheets, a history of consistent profitability, high return on capital, and the capacity to pay and regularly increase dividends. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowing for investment purposes) in equity securities.
The Adviser considers a security to be temporarily undervalued if the security’s intrinsic value as assessed by the Adviser’s proprietary “Equity Research and Portfolio Implementation Process,” is significantly greater than the range in which the security is trading in the securities markets. In order to implement this strategy, the Adviser will focus on large capitalization global businesses, pay strict attention to the valuation of each business, and invest for the long-term.
The Adviser will select portfolio securities after a security has passed through its “Equity Research and Portfolio Implementation Process.” Typically, this process begins with quantitative screens or other idea sources that narrow the initial universe of stocks based on market capitalization, valuation metrics, return metrics, growth characteristics and financial strength.
Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights or warrants, which give the Fund the ability to purchase the common stock, and convertible securities, which are securities that are convertible into the common stock), real estate investment trusts (“REITs”), and shares of other investment companies (including open-end and closed-end funds and exchange-traded funds (“ETFs”)) whose portfolios primarily consist of equity securities. The Fund also may invest in foreign companies, either directly or through American Depositary Receipts (“ADRs”), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. The Fund may invest up to 20% of its net assets in cash and other cash equivalents.
Overpriced securities and those with deteriorating fundamentals that cannot support the current valuation of the security are candidates for sale.
GGEFX - Performance
Return Ranking - Trailing
| Period | GGEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.4% | -3.2% | 11.2% | 16.44% |
| 1 Yr | 27.6% | -1.1% | 41.3% | 13.34% |
| 3 Yr | 6.8%* | -12.2% | 26.8% | 59.45% |
| 5 Yr | 12.4%* | -9.7% | 105.9% | 50.84% |
| 10 Yr | 10.2%* | -0.3% | 20.3% | 73.58% |
* Annualized
Return Ranking - Calendar
| Period | GGEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 20.3% | -42.6% | 47.4% | 41.92% |
| 2022 | -31.5% | -56.3% | -4.2% | 94.30% |
| 2021 | 17.3% | -27.2% | 53.7% | 47.59% |
| 2020 | 15.4% | -36.2% | 2181.7% | 31.30% |
| 2019 | 23.3% | -22.7% | 40.4% | 49.16% |
Total Return Ranking - Trailing
| Period | GGEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.4% | -3.2% | 11.2% | 16.44% |
| 1 Yr | 27.6% | -1.1% | 41.3% | 13.34% |
| 3 Yr | 6.8%* | -12.2% | 26.8% | 59.45% |
| 5 Yr | 12.4%* | -9.7% | 105.9% | 50.84% |
| 10 Yr | 10.2%* | -0.3% | 20.3% | 73.58% |
* Annualized
Total Return Ranking - Calendar
| Period | GGEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 30.9% | -5.0% | 47.4% | 5.12% |
| 2022 | -20.4% | -36.8% | -2.2% | 82.83% |
| 2021 | 25.3% | 3.0% | 124.3% | 64.98% |
| 2020 | 15.4% | -15.8% | 2266.0% | 59.20% |
| 2019 | 26.6% | -0.4% | 241.3% | 80.00% |
NAV & Total Return History
GGEFX - Holdings
Concentration Analysis
| GGEFX | Category Low | Category High | GGEFX % Rank | |
|---|---|---|---|---|
| Net Assets | 73.8 M | 2.34 M | 1.55 T | 89.39% |
| Number of Holdings | 26 | 1 | 4053 | 96.54% |
| Net Assets in Top 10 | 35.1 M | 885 K | 387 B | 87.50% |
| Weighting of Top 10 | 51.06% | 0.3% | 112.0% | 7.89% |
Top 10 Holdings
- Ulta Beauty, Inc. 5.71%
- Taiwan Semiconductor Manufacturing Co. Ltd. 5.61%
- Berkshire Hathaway, Inc. 5.46%
- Fiserv, Inc. 5.31%
- Visa, Inc. 5.25%
- Alphabet, Inc. 5.21%
- Meta Platforms, Inc. 5.13%
- Amazon.com, Inc. 4.79%
- MasterCard, Inc. 4.59%
- Agilent Technologies, Inc. 4.00%
Asset Allocation
| Weighting | Return Low | Return High | GGEFX % Rank | |
|---|---|---|---|---|
| Stocks | 97.65% | 0.00% | 124.03% | 73.19% |
| Cash | 2.35% | 0.00% | 99.06% | 25.86% |
| Preferred Stocks | 0.00% | 0.00% | 2.38% | 16.35% |
| Other | 0.00% | -13.91% | 100.00% | 46.07% |
| Convertible Bonds | 0.00% | 0.00% | 5.54% | 12.22% |
| Bonds | 0.00% | -0.50% | 93.78% | 17.45% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GGEFX % Rank | |
|---|---|---|---|---|
| Communication Services | 22.45% | 0.00% | 27.94% | 1.36% |
| Consumer Cyclical | 22.16% | 0.00% | 30.33% | 0.72% |
| Financial Services | 21.37% | 0.00% | 55.59% | 6.96% |
| Technology | 20.42% | 0.00% | 48.94% | 74.40% |
| Industrials | 6.34% | 0.00% | 29.90% | 93.20% |
| Healthcare | 5.34% | 0.00% | 60.70% | 98.40% |
| Consumer Defense | 1.91% | 0.00% | 47.71% | 96.16% |
| Utilities | 0.00% | 0.00% | 20.91% | 85.84% |
| Real Estate | 0.00% | 0.00% | 31.91% | 87.76% |
| Energy | 0.00% | 0.00% | 41.64% | 86.72% |
| Basic Materials | 0.00% | 0.00% | 25.70% | 94.48% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GGEFX % Rank | |
|---|---|---|---|---|
| US | 97.65% | 0.00% | 124.03% | 63.44% |
| Non US | 0.00% | 0.00% | 62.81% | 30.97% |
GGEFX - Expenses
Operational Fees
| GGEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.34% | 0.01% | 16.07% | 20.09% |
| Management Fee | 1.00% | 0.00% | 1.89% | 96.13% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 3.30% |
| Administrative Fee | N/A | 0.00% | 0.85% | 52.21% |
Sales Fees
| GGEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| GGEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 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.
| GGEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 23.57% | 0.00% | 496.00% | 46.57% |
GGEFX - Distributions
Dividend Yield Analysis
| GGEFX | Category Low | Category High | GGEFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 26.27% | 89.76% |
Dividend Distribution Analysis
| GGEFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| GGEFX | Category Low | Category High | GGEFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.61% | -54.00% | 6.06% | 96.15% |
Capital Gain Distribution Analysis
| GGEFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 10, 2019 | $0.511 | OrdinaryDividend |
| Dec 09, 2016 | $0.046 | OrdinaryDividend |
| Dec 11, 2015 | $0.052 | OrdinaryDividend |
| Dec 12, 2014 | $0.067 | OrdinaryDividend |
| Dec 13, 2013 | $0.101 | OrdinaryDividend |
| Dec 28, 2012 | $0.144 | OrdinaryDividend |
| Dec 28, 2009 | $0.085 | OrdinaryDividend |
GGEFX - Fund Manager Analysis
Managers
Kurt Hoefer
Start Date
Tenure
Tenure Rank
Apr 01, 2009
13.17
13.2%
Kurt has conducted investment analysis and related work since 1987. Prior to joining the firm, he founded Hoefer Capital Management, LLC to counsel families and individuals on investment and financial matters. Previously, he was an investment banker with Thomas Weisel Partners and Banc of America Securities, an institutional stock analyst at Salomon Brothers, and a member of the investment team for a family office, Shamrock Capital Partners. Kurt received his MBA from the UCLA–Anderson School of Management and his Bachelor of Arts in Economics from Stanford University. In addition, Kurt is a CFA charterholder.
Colin Higgins
Start Date
Tenure
Tenure Rank
Apr 01, 2009
13.17
13.2%
Colin has been conducting investment analysis, equity research and portfolio management since 1996. Colin has been a member of the Charles Schwab Advisory Board and was recognized as a “40 under Forty” by the Silicon Valley/San Jose Business Journal. Prior to the formation of the Golub Group, Colin served as a research analyst and portfolio manager with regional investment firms Branch Cabell, & Co. and Hoefer and Arnett, Inc. Colin graduated from Washington and Lee University with a Bachelor of Arts in 1994 where he was a captain and an All-American lacrosse player.
Michael Kon
Start Date
Tenure
Tenure Rank
Jan 01, 2017
5.41
5.4%
Michael Kon, CFA — Portfolio Manager and Senior Research Analyst of the Adviser. Mr. Kon has been involved in securities and financial analysis since 2002. Prior to joining Summitry, he was a senior analyst covering financial services for Morningstar, a leading investment research firm based in Chicago Illinois, from 2006 to 2012. He also served as a senior M&A attorney at Rotman & Co from 1998 to 2002. Mr. Kon received his LLB degree from Tel Aviv University in 1999, his Bachelor of Arts in Economics & Management from the Tel Aviv Open University in 2000, and his MBA from McGill University in 2004. Mr. Kon also achieved the Chartered Financial Analyst designation in 2006.
Matthew Gordon
Start Date
Tenure
Tenure Rank
Oct 31, 2018
3.58
3.6%
Matthew Gordon, CFA — Senior Equity Analyst of Golub Group, LLC. Mr. Gordon has been involved in securities and financial analysis since 2003. He began his career at Putnam Investments in Boston, focusing on the healthcare sector. Mr. Gordon joined Golub Group as an Equity Analyst in 2013 before going on to found Grouse Rock, LLC, a registered investment adviser, in 2015. He rejoined Golub Group in 2017. Mr. Gordon earned his BA in Computer Science from Amherst College and his MBA from Columbia Business School. Mr. Gordon achieved the Chartered Financial Analyst designation in 2007.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 39.02 | 7.24 | 2.42 |