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Name

As of 04/17/2024

Price

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

VELA Small Cap Fund

VESAX | Fund

$17.86

$82.2 M

0.42%

$0.08

1.41%

Vitals

YTD Return

3.5%

1 yr return

14.3%

3 Yr Avg Return

4.5%

5 Yr Avg Return

N/A

Net Assets

$82.2 M

Holdings in Top 10

34.0%

52 WEEK LOW AND HIGH

$18.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load 5.00%

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

Price

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

VELA Small Cap Fund

VESAX | Fund

$17.86

$82.2 M

0.42%

$0.08

1.41%

VESAX - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 4.5%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.34%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    VELA Small Cap Fund
  • Fund Family Name
    VELA Funds
  • Inception Date
    Sep 30, 2020
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeannette Hubbard

Fund Description

The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that the Adviser believes are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined by the fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $17.41 million and $14.51 billion as of September 30, 2023. The size of the companies included in the Russell 2000 Index will change with market conditions.

The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins, balance sheet strength, free cash flow generation, management stewardship, and other economic factors. The Adviser also typically considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.

Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance, and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating, if the company’s stock price is discounting more than the company’s long range earnings potential, or if it identifies a stock that it believes offers a better investment opportunity.

The fund may sell (write) put options or covered call options to generate additional income or hedge exposure.

Read More

VESAX - Performance

Return Ranking - Trailing

Period VESAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -13.8% 6.6% 2.22%
1 Yr 14.3% -5.6% 30.6% 28.38%
3 Yr 4.5%* -14.1% 66.2% 17.67%
5 Yr N/A* -4.5% 46.9% N/A
10 Yr N/A* -3.9% 25.9% N/A

* Annualized

Return Ranking - Calendar

Period VESAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.4% -18.4% 33.6% 58.06%
2022 -6.2% -36.7% 212.9% 5.41%
2021 30.1% -62.0% 147.6% 16.01%
2020 N/A -24.8% 31.3% N/A
2019 N/A -30.1% 34.0% N/A

Total Return Ranking - Trailing

Period VESAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -13.8% 6.6% 2.22%
1 Yr 14.3% -5.6% 30.6% 28.38%
3 Yr 4.5%* -14.1% 66.2% 17.67%
5 Yr N/A* -4.5% 46.9% N/A
10 Yr N/A* -3.9% 25.9% N/A

* Annualized

Total Return Ranking - Calendar

Period VESAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.9% -15.5% 35.4% 82.78%
2022 -5.7% -36.7% 250.0% 17.12%
2021 31.3% -3.2% 157.9% 48.96%
2020 N/A -13.5% 33.4% N/A
2019 N/A -17.4% 34.3% N/A

NAV & Total Return History

VESAX - Holdings

Concentration Analysis

VESAX Category Low Category High VESAX % Rank
Net Assets 82.2 M 2.13 M 52.9 B 82.71%
Number of Holdings 87 10 1578 65.43%
Net Assets in Top 10 27.9 M 180 K 3.01 B 70.90%
Weighting of Top 10 33.98% 0.3% 88.4% 16.23%

Top 10 Holdings

  1. Kirby Corp. 5.24%
  2. Federated Hermes Treasury Oligations Fund 4.20%
  3. Greenbrier Companies, Inc./The 3.70%
  4. Applied Industrial Technologies, Inc. 3.47%
  5. Hub Group, Inc. 3.26%
  6. Range Resources Corp. 2.86%
  7. Performance Food Group Co. 2.84%
  8. Civitas Resources, Inc. 2.83%
  9. Graham Holdings Co 2.80%
  10. BWX Technologies, Inc. 2.78%

Asset Allocation

Weighting Return Low Return High VESAX % Rank
Stocks 		97.49% 0.99% 104.11% 68.71%
Cash 		4.30% 0.00% 99.01% 21.44%
Preferred Stocks 		0.00% 0.00% 2.62% 24.29%
Convertible Bonds 		0.00% 0.00% 2.63% 21.06%
Bonds 		0.00% 0.00% 73.18% 23.41%
Other 		-1.78% -1.78% 40.01% 99.78%

Stock Sector Breakdown

Weighting Return Low Return High VESAX % Rank
Industrials 		22.36% 0.65% 48.61% 15.66%
Financial Services 		21.15% 0.00% 35.71% 68.46%
Energy 		15.36% 0.00% 29.42% 6.71%
Consumer Cyclical 		8.94% 0.00% 51.62% 76.73%
Healthcare 		8.85% 0.00% 25.76% 18.34%
Consumer Defense 		8.00% 0.00% 13.22% 8.50%
Basic Materials 		7.39% 0.00% 67.30% 15.21%
Utilities 		3.29% 0.00% 13.86% 36.02%
Technology 		2.85% 0.00% 34.03% 96.20%
Communication Services 		1.79% 0.00% 24.90% 65.77%
Real Estate 		0.00% 0.00% 44.41% 96.42%

Stock Geographic Breakdown

Weighting Return Low Return High VESAX % Rank
US 		95.40% 0.96% 104.11% 76.81%
Non US 		2.09% 0.00% 67.90% 14.22%

VESAX - Expenses

Operational Fees

VESAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.05% 37.04% 34.57%
Management Fee 0.75% 0.00% 1.50% 34.65%
12b-1 Fee 0.25% 0.00% 1.00% 37.74%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

VESAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.00% 2.50% 5.75% 79.03%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

VESAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

VESAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 7.00% 252.00% 5.76%

VESAX - Distributions

Dividend Yield Analysis

VESAX Category Low Category High VESAX % Rank
Dividend Yield 0.42% 0.00% 14.65% 83.37%

Dividend Distribution Analysis

VESAX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

VESAX Category Low Category High VESAX % Rank
Net Income Ratio -0.34% -1.43% 4.13% 89.26%

Capital Gain Distribution Analysis

VESAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

VESAX - Fund Manager Analysis

Managers

Jeannette Hubbard

Start Date

Tenure

Tenure Rank

Sep 30, 2020

1.67

1.7%

Ms. Hubbard is a Research Analyst and Co-Portfolio Manager of the Small Cap Strategy. Ms. Hubbard joined VELA Investment Management, LLC in 2020. Prior to joining the firm, Ms. Hubbard served as a Research Analyst and Assistant Portfolio Manager of the Small-Mid Cap and Mid Cap Strategies at Diamond Hill Capital Management, having joined the firm in 2007. Ms. Hubbard has industry experience since 1996, including positions with ABN/AMRO LaSalle Bank and Avondale Partners. Ms. Hubbard holds the Chartered Financial Analyst (CFA) designation, a M.A. in International Economic Development Policy from Stanford University, and a B.A. in English from the University of Colorado.

Ric Dillon

Start Date

Tenure

Tenure Rank

Sep 30, 2020

1.67

1.7%

Mr. Dillon is one of the founders of VELA Investment Management, LLC and has served as CEO, CIO & Co-Portfolio Manager of the firm since November 2019. Early in his career, Mr. Dillon was a Portfolio Manager at Loomis, Sayles & Company. In the 1990s, Mr. Dillon founded Dillon Capital Management, where he served as President and Chief Investment Officer until the company was acquired by Loomis, Sayles & Company, where he returned to work as a Portfolio Manager until 2000. In May 2000, Mr. Dillon founded Diamond Hill Capital Management, where he served as CEO and Portfolio Manager on their Small Cap and Long-Short Strategies. Mr. Dillon retired from Diamond Hill Capital Management in 2018. Mr. Dillon holds the Chartered Financial Analyst (CFA) designation. He received an MBA from the University of Dayton, as well as a M.A. in Finance and a B.S. in Business Administration from The Ohio State University.

Brian Hilderbrand

Start Date

Tenure

Tenure Rank

May 28, 2021

1.01

1.0%

Mr. Hilderbrand is a Research Analyst and Co-Portfolio Manager of the Small Cap Strategy. Mr. Hilderbrand joined the Adviser in 2021. Prior to joining the Adviser, he was a Research Analyst at Diamond Hill Capital Management, covering restaurants, recreation, and managed care. Mr. Hilderbrand has industry experience since 2005, including Investment Analyst roles at Homrich Berg and LCG Associates. Mr. Hilderbrand holds the Chartered Financial Analyst (CFA) designation, an MBA from London Business School, and a B.B.A. in Finance from University of Georgia (magna cum laude).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.15 3.58

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