Easterly Snow Small Cap Value Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.0%
1 yr return
34.9%
3 Yr Avg Return
7.0%
5 Yr Avg Return
13.7%
Net Assets
$21.5 M
Holdings in Top 10
40.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.45%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee 0.50%
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SNWAX - Profile
Distributions
- YTD Total Return 8.0%
- 3 Yr Annualized Total Return 7.0%
- 5 Yr Annualized Total Return 13.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.30%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameEasterly Snow Small Cap Value Fund
-
Fund Family NameEasterly Funds
-
Inception DateNov 30, 2010
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJoshua Schachter
Fund Description
To achieve its investment objective, under normal market conditions the Small Cap Value Fund will invest at least 80% of its net assets, at cost, in equity securities of companies with market capitalizations in the range of the Russell 2000 Value® Index (“small-cap companies”). As of February 28, 2023, the market capitalization range of companies in the Russell 2000 Value® Index was between $11.4 million and $6.67 billion. The Fund’s investments in equity securities may include common and preferred stocks, convertible securities, and shares of other investment companies and exchange-traded funds (“ETFs”) that invest in equity securities of small-cap companies.
In addition to equity securities, the Fund may also invest up to 15% of its net assets in U.S. Government or U.S. agency obligations. The Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities, including investments in emerging markets.
Easterly Investment Partners LLC (“Easterly” or the “Adviser”), the Fund’s investment adviser, selects equity securities for the Fund using a bottom-up approach that seeks to identify small-cap companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations. The Fund’s portfolio typically consists of 40 to 60 equity securities that are weighted according to the Adviser’s projected return expectations. The Adviser’s disciplined investment process seeks to yield a portfolio that is amply diversified across a wide spectrum of economic classifications and sectors. In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the company’s financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.
An important component of the Adviser’s investment process is an intense focus on a company’s balance sheet and cash flow statement. The Adviser’s analysis of balance sheets and cash flow statements is centered on determining whether a company can sustain itself through the problems that have caused its equity valuation to fall and subsequently brought the company’s stock to the Adviser’s attention. The Adviser generally attempts to purchase equities for the Fund’s portfolio after an event in which the company’s equity valuation has fallen and business conditions are unfavorable, if not at or near a cyclical bottom. This is done in conjunction with extensive research to confirm the Adviser’s opinion that a company can survive the near-term problems. While the Adviser’s analysis does not eliminate the occurrence of short-term equity valuation volatility, the Adviser believes that this process provides for a reasonable level of capital protection.
SNWAX - Performance
Return Ranking - Trailing
Period | SNWAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.0% | -11.0% | 11.8% | 3.74% |
1 Yr | 34.9% | -0.8% | 43.6% | 1.76% |
3 Yr | 7.0%* | -12.8% | 69.3% | 16.90% |
5 Yr | 13.7%* | -3.6% | 49.5% | 6.22% |
10 Yr | 6.9%* | -3.4% | 26.6% | 51.11% |
* Annualized
Return Ranking - Calendar
Period | SNWAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.2% | -18.4% | 33.6% | 3.07% |
2022 | -8.4% | -36.7% | 212.9% | 9.62% |
2021 | 26.0% | -62.0% | 147.6% | 32.03% |
2020 | 21.8% | -24.8% | 31.3% | 2.59% |
2019 | 18.1% | -30.1% | 34.0% | 56.05% |
Total Return Ranking - Trailing
Period | SNWAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.0% | -11.0% | 11.8% | 3.74% |
1 Yr | 34.9% | -0.8% | 43.6% | 1.76% |
3 Yr | 7.0%* | -12.8% | 69.3% | 16.90% |
5 Yr | 13.7%* | -3.6% | 49.5% | 6.22% |
10 Yr | 6.9%* | -3.4% | 26.6% | 51.11% |
* Annualized
Total Return Ranking - Calendar
Period | SNWAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.2% | -15.5% | 35.4% | 12.94% |
2022 | -8.4% | -36.7% | 250.0% | 27.29% |
2021 | 26.0% | -3.2% | 157.9% | 78.11% |
2020 | 21.8% | -13.5% | 33.4% | 2.83% |
2019 | 18.1% | -17.4% | 34.3% | 92.10% |
NAV & Total Return History
SNWAX - Holdings
Concentration Analysis
SNWAX | Category Low | Category High | SNWAX % Rank | |
---|---|---|---|---|
Net Assets | 21.5 M | 2.53 M | 46.3 B | 91.30% |
Number of Holdings | 47 | 10 | 1583 | 88.48% |
Net Assets in Top 10 | 8.57 M | 217 K | 2.97 B | 88.48% |
Weighting of Top 10 | 40.21% | 0.3% | 88.4% | 9.80% |
Top 10 Holdings
- CNO FINANCIAL GR 4.77%
- PHOTRONICS INC 4.49%
- PILGRIM'S PRIDE 4.40%
- DELEK US HOLDING 4.30%
- JACKSON FI-A 4.11%
- BLOOMIN' BRANDS 3.87%
- BRINKER INTL 3.61%
- LINCOLN NATL CRP 3.60%
- COLUMBIA BANKING 3.53%
- SILICON MOTI-ADR 3.53%
Asset Allocation
Weighting | Return Low | Return High | SNWAX % Rank | |
---|---|---|---|---|
Stocks | 99.13% | 0.99% | 105.89% | 25.65% |
Cash | 0.87% | 0.00% | 99.01% | 70.00% |
Preferred Stocks | 0.00% | 0.00% | 2.62% | 24.78% |
Other | 0.00% | -1.78% | 40.01% | 45.65% |
Convertible Bonds | 0.00% | 0.00% | 2.63% | 20.93% |
Bonds | 0.00% | 0.00% | 73.18% | 23.48% |
Stock Sector Breakdown
Weighting | Return Low | Return High | SNWAX % Rank | |
---|---|---|---|---|
Financial Services | 35.05% | 0.00% | 35.71% | 0.67% |
Consumer Cyclical | 16.96% | 0.00% | 51.62% | 15.78% |
Industrials | 15.04% | 0.65% | 48.61% | 69.78% |
Technology | 12.37% | 0.00% | 34.03% | 19.11% |
Communication Services | 9.50% | 0.00% | 24.90% | 2.67% |
Energy | 4.94% | 0.00% | 29.42% | 75.33% |
Basic Materials | 4.04% | 0.00% | 67.30% | 72.44% |
Healthcare | 2.10% | 0.00% | 25.76% | 90.00% |
Utilities | 0.00% | 0.00% | 13.86% | 84.44% |
Real Estate | 0.00% | 0.00% | 44.41% | 94.67% |
Consumer Defense | 0.00% | 0.00% | 13.22% | 96.89% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | SNWAX % Rank | |
---|---|---|---|---|
US | 99.13% | 0.96% | 105.89% | 19.57% |
Non US | 0.00% | 0.00% | 67.90% | 44.13% |
SNWAX - Expenses
Operational Fees
SNWAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.45% | 0.05% | 37.04% | 6.30% |
Management Fee | 0.95% | 0.00% | 1.50% | 84.97% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 36.57% |
Administrative Fee | N/A | 0.01% | 0.35% | N/A |
Sales Fees
SNWAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 2.50% | 5.75% | 11.29% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
SNWAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 0.50% | 0.50% | 2.00% | 94.87% |
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.
SNWAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 7.00% | 252.00% | 81.97% |
SNWAX - Distributions
Dividend Yield Analysis
SNWAX | Category Low | Category High | SNWAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.04% | 0.00% | 14.21% | 90.43% |
Dividend Distribution Analysis
SNWAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
SNWAX | Category Low | Category High | SNWAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.30% | -1.43% | 4.13% | 87.33% |
Capital Gain Distribution Analysis
SNWAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 08, 2023 | $0.022 | OrdinaryDividend |
Dec 28, 2021 | $0.010 | OrdinaryDividend |
SNWAX - Fund Manager Analysis
Managers
Joshua Schachter
Start Date
Tenure
Tenure Rank
Nov 30, 2010
11.51
11.5%
Joshua R. Schachter is a Senior Portfolio Manager of the Snow Capital Small Cap Value and the All Cap Value portfolios. He joined Snow Capital at the firm's inception in 2001. Joshua's duties include security research, selection and portfolio management. Joshua is a graduate of Allegheny College where he earned a B.S. degree. He received his MBA in finance from the University of Pittsburgh. Joshua is a Chartered Financial Analyst and member of the CFA Institute.
Philip Greenblatt
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Philip J. Greenblatt, CFA, is a Portfolio Manager for the Small Cap Value Fund and is jointly responsible for the day-to-day management of the Small Cap Value Fund’s investment portfolio. Mr. Greenblatt joined Easterly as Portfolio Manager / Senior Analyst in July 2021 following the transfer of Snow Capital’s investment advisory business to the Adviser. Mr. Greenblatt joined the Adviser in 2010 in the Operations group. He worked as an Analyst and as the Firm’s Director of Operations. Mr. Greenblatt is a graduate of the University of Pittsburgh, where he earned a B.S. degree in Finance with a minor in Economics. He holds the Chartered Financial Analyst® designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 37.45 | 8.17 | 3.58 |