Towpath Technology Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.3%
1 yr return
25.9%
3 Yr Avg Return
5.6%
5 Yr Avg Return
N/A
Net Assets
$4.67 M
Holdings in Top 10
51.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.44%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 13.45%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TOWTX - Profile
Distributions
- YTD Total Return 1.3%
- 3 Yr Annualized Total Return 5.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.05%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameTowpath Technology Fund
-
Fund Family NameMSS Series Trust
-
Inception DateFeb 03, 2021
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Oelschlager
Fund Description
Oelschlager Investments, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing primarily in U.S. equity securities but may also hold shares of foreign companies either directly or through American Depository Receipts ("ADRs"). Companies in which the Fund invests may be of any capitalization size. Under normal circumstances, the Fund will invest at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in common stocks of technology-related companies. The Fund may meet this objective by directly investing in equity securities, or by investing in other investment companies, including exchange-traded funds ("ETFs"), that invest primarily in equity securities.
The Fund defines technology-related companies as companies that develop, manufacture, or distribute technology, communications and Internet-related products and services, including, computer hardware and software, communications hardware and software, semiconductors, business services, and, media and Internet-related services.
The Fund's portfolio typically consists of 25-40 securities, primarily within the technology sector. The Adviser emphasizes the long-term merits of an investment candidate rather than short-term trading factors, and generally keeps cash in the Fund low. In choosing securities for the Fund, the Adviser employs the following analyses:
| · | Market Analysis: The Adviser takes a broad view of the market and economy, which informs the Adviser's determination of how aggressive or cautious to be and which sectors and industries to focus on. |
| · | Sector Analysis: Sector selection is based on considerations such as macroeconomic and market analysis, competitive dynamics, trend in capacity, valuation, sentiment, management behavior, substitutability, growth potential, and market anomalies. |
| · | Quantitative Analysis: This includes a company's valuation metrics (such as free cash flow yield, price/earnings, price/sales), as well as various aspects of the company's financial statements, such as how it is deploying its capital, trends in its capitalization structure, and its profitability. |
| · | Qualitative Analysis: The Adviser assesses the fundamentals of the company's business, generally favoring those with barriers to entry, pricing power, network effects, limited competition, lock-in effects, – attributes that create sustainable competitive advantages. Often the Adviser invests in such companies when they are out of favor for short-term reasons. |
In general, the Fund sells a security when the price rises to a level that the adviser believes exceeds the long-term risk-reward or when the fundamentals of a company deteriorate but are not reflected by a commensurate adjustment in the stock price.
The Fund is non-diversified, which means that the Fund may invest in fewer securities at any one time than a diversified fund.
TOWTX - Performance
Return Ranking - Trailing
| Period | TOWTX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.3% | -20.9% | 19.0% | 76.89% |
| 1 Yr | 25.9% | -19.9% | 75.0% | 81.78% |
| 3 Yr | 5.6%* | -34.5% | 23.7% | 31.67% |
| 5 Yr | N/A* | -11.6% | 30.4% | N/A |
| 10 Yr | N/A* | -0.2% | 26.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | TOWTX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 29.2% | -5.6% | 96.9% | 82.59% |
| 2022 | -16.4% | -73.9% | -16.4% | 0.45% |
| 2021 | N/A | -44.6% | 51.5% | N/A |
| 2020 | N/A | 5.5% | 154.1% | N/A |
| 2019 | N/A | -3.0% | 63.7% | N/A |
Total Return Ranking - Trailing
| Period | TOWTX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.3% | -20.9% | 19.0% | 76.89% |
| 1 Yr | 25.9% | -19.9% | 75.0% | 81.78% |
| 3 Yr | 5.6%* | -34.5% | 23.7% | 31.67% |
| 5 Yr | N/A* | -11.6% | 30.4% | N/A |
| 10 Yr | N/A* | -0.2% | 26.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | TOWTX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 29.8% | -2.3% | 96.9% | 88.39% |
| 2022 | -15.9% | -67.5% | -5.9% | 1.81% |
| 2021 | N/A | -17.8% | 59.2% | N/A |
| 2020 | N/A | 17.5% | 157.5% | N/A |
| 2019 | N/A | 7.5% | 66.9% | N/A |
NAV & Total Return History
TOWTX - Holdings
Concentration Analysis
| TOWTX | Category Low | Category High | TOWTX % Rank | |
|---|---|---|---|---|
| Net Assets | 4.67 M | 4.67 M | 81.2 B | 100.00% |
| Number of Holdings | 35 | 10 | 319 | 88.50% |
| Net Assets in Top 10 | 2.25 M | 1.42 M | 40.5 B | 99.12% |
| Weighting of Top 10 | 51.28% | 11.5% | 100.0% | 48.67% |
Top 10 Holdings
- First American Government Obligations Fund Class X 12.49%
- Alphabet, Inc. Class A 8.43%
- Apple, Inc. 4.93%
- Cisco Systems, Inc. 4.45%
- Meta Platforms, Inc. Class A 3.99%
- Check Point Software Technologies Ltd. (Israel) 3.78%
- VMWare, Inc. Class A 3.78%
- DropBox, Inc. Class A 3.24%
- CGI, Inc. Class A (Canada) 3.21%
- KLA Corp. 2.98%
Asset Allocation
| Weighting | Return Low | Return High | TOWTX % Rank | |
|---|---|---|---|---|
| Stocks | 87.57% | 0.00% | 103.06% | 98.23% |
| Cash | 12.49% | -0.14% | 26.97% | 3.98% |
| Preferred Stocks | 0.00% | 0.00% | 7.72% | 49.12% |
| Other | 0.00% | -0.04% | 26.87% | 55.75% |
| Convertible Bonds | 0.00% | 0.00% | 0.40% | 40.27% |
| Bonds | 0.00% | 0.00% | 90.88% | 41.15% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TOWTX % Rank | |
|---|---|---|---|---|
| Technology | 67.08% | 2.80% | 100.00% | 61.50% |
| Communication Services | 17.92% | 0.00% | 97.05% | 8.41% |
| Industrials | 9.32% | 0.00% | 38.68% | 7.08% |
| Consumer Cyclical | 3.28% | 0.00% | 32.97% | 61.50% |
| Healthcare | 2.40% | 0.00% | 25.57% | 26.55% |
| Utilities | 0.00% | 0.00% | 5.17% | 38.94% |
| Real Estate | 0.00% | 0.00% | 15.05% | 53.10% |
| Financial Services | 0.00% | 0.00% | 38.36% | 84.07% |
| Energy | 0.00% | 0.00% | 1.24% | 38.05% |
| Consumer Defense | 0.00% | 0.00% | 5.64% | 45.13% |
| Basic Materials | 0.00% | 0.00% | 2.38% | 44.25% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TOWTX % Rank | |
|---|---|---|---|---|
| US | 87.57% | 0.00% | 103.06% | 78.32% |
| Non US | 0.00% | 0.00% | 58.19% | 66.81% |
TOWTX - Expenses
Operational Fees
| TOWTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.44% | 0.08% | 6.86% | 4.89% |
| Management Fee | 0.70% | 0.03% | 1.95% | 43.81% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| TOWTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| TOWTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 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.
| TOWTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 13.45% | 0.69% | 281.00% | 10.67% |
TOWTX - Distributions
Dividend Yield Analysis
| TOWTX | Category Low | Category High | TOWTX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.27% | 0.00% | 7.84% | 22.12% |
Dividend Distribution Analysis
| TOWTX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| TOWTX | Category Low | Category High | TOWTX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.05% | -2.30% | 2.08% | 28.38% |
Capital Gain Distribution Analysis
| TOWTX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 22, 2023 | $0.054 | OrdinaryDividend |
| Dec 23, 2021 | $0.078 | OrdinaryDividend |
TOWTX - Fund Manager Analysis
Managers
Mark Oelschlager
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Mark W. Oelschlager, CFA founded Oelschlager Investments in 2019 and serves as the firm’s President and Chief Investment Officer. Prior to 2019, he served as Co-Chief Investment Officer of Oak Associates, ltd. He was Portfolio Manager of Pin Oak Equity Fund, Live Oak Health Sciences Fund, and Red Oak Technology Select Fund, as well as Co-Portfolio Manager of White Oak Select Growth Fund. Prior to joining Oak Associates in 2000, Mr. Oelschlager served as a Senior Securities Analyst for the State Teachers Retirement System of Ohio. Mr. Oelschlager holds a BA in Economics from Trinity College, an MBA from The Ohio State University and the Chartered Financial Analyst (CFA) designation. He has been in the investment industry since 1994.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 32.43 | 8.4 | 1.41 |