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Private Client Group
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Domestic Equity

Discovery Fund
  • A
  • 1

The Strategy typically invests in small-cap U.S. growth stocks.

Investment Style
Small Cap Growth
Fund Inception
January 27, 2012
Total Assets (all classes) (as of 4/30/2017)
$1.98 billion
Fund Index
Russell 2000 Growth
NAV (as of 5/24/17)
  • B
$85.80
Special Notice

As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

×

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 4/30/2017
  • G
as of 3/31/2017
  • G

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 5/24/17
  • D
1 yr 3 yr 5 yr since inception
Discovery Fund (NAV)
8.84% 12.86% 20.82% 5.47% 11.54% 12.70%
Cumulative
Annualized
3 mo ytd as of 5/24/17
  • D
1 yr 3 yr 5 yr since inception
Discovery Fund (NAV)
6.92% 12.86% 21.80% 9.62% 11.51% 13.02%
Gross Expense Ratio: 0.68% | Net Expense Ratio: 0.68%

The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Year Discovery Fund Russell 2000 Growth
2013 46.85% 43.30%
2014 -1.76% 5.60%
2015 2.40% -1.38%
2016 4.69% 11.32%

The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Date Discovery Fund Russell 2000® Growth Index MSCI World S&P 500
3/31/2007 0.00 0.00 0.00 0.00
4/30/2007 4.07 2.62 4.41 4.43
5/31/2007 10.01 7.29 7.34 8.07
6/30/2007 10.07 6.69 6.51 6.28
7/31/2007 8.32 1.15 4.15 2.98
8/31/2007 11.70 3.69 4.07 4.53
9/30/2007 19.56 6.70 9.02 8.44
10/31/2007 27.06 11.51 12.36 10.16
11/30/2007 19.06 3.81 7.77 5.56
12/31/2007 20.98 4.46 6.38 4.82
1/31/2008 7.68 -5.12 -1.75 -1.46
2/29/2008 3.74 -8.41 -2.32 -4.67
3/31/2008 2.50 -8.94 -3.25 -5.08
4/30/2008 9.68 -4.26 1.83 -0.45
5/31/2008 16.12 1.16 3.38 0.84
6/30/2008 13.87 -4.87 -4.86 -7.67
7/31/2008 13.95 -2.66 -7.19 -8.44
8/31/2008 13.99 -0.24 -8.49 -7.12
9/30/2008 -0.49 -11.51 -19.38 -15.39
10/31/2008 -19.21 -30.72 -34.66 -29.60
11/30/2008 -28.50 -39.10 -38.89 -34.65
12/31/2008 -25.70 -35.80 -36.93 -33.96
1/31/2009 -29.21 -40.68 -42.46 -39.53
2/28/2009 -35.68 -46.83 -48.35 -45.96
3/31/2009 -32.02 -42.05 -44.45 -41.23
4/30/2009 -27.71 -33.33 -38.22 -35.61
5/31/2009 -25.51 -30.75 -32.62 -32.01
6/30/2009 -23.24 -28.51 -32.93 -31.87
7/31/2009 -18.67 -22.96 -27.24 -26.72
8/31/2009 -17.62 -22.21 -24.24 -24.07
9/30/2009 -12.44 -17.10 -21.22 -21.24
10/31/2009 -16.59 -22.86 -22.62 -22.70
11/30/2009 -12.76 -20.47 -19.46 -18.06
12/31/2009 -5.41 -13.67 -18.02 -16.48
1/31/2010 -10.27 -17.53 -21.41 -19.49
2/28/2010 -6.72 -13.93 -20.30 -16.99
3/31/2010 0.74 -7.10 -15.36 -11.98
4/30/2010 3.87 -3.20 -15.35 -10.59
5/31/2010 -2.58 -9.60 -23.46 -17.73
6/30/2010 -9.07 -15.66 -26.08 -22.04
7/31/2010 -4.79 -10.09 -20.09 -16.58
8/31/2010 -9.37 -16.64 -23.07 -20.34
9/30/2010 2.13 -4.84 -15.90 -13.23
10/31/2010 8.19 -0.75 -12.76 -9.93
11/30/2010 14.06 3.58 -14.65 -9.92
12/31/2010 20.83 11.44 -8.37 -3.90
1/31/2011 23.13 10.82 -6.30 -1.62
2/28/2011 32.36 17.34 -3.02 1.75
3/31/2011 38.72 21.74 -3.98 1.79
4/30/2011 45.37 26.12 0.10 4.80
5/31/2011 41.34 23.66 -1.98 3.62
6/30/2011 40.52 21.02 -3.53 1.89
7/31/2011 34.61 16.28 -5.28 -0.18
8/31/2011 23.41 6.32 -11.95 -5.61
9/30/2011 12.91 -5.90 -19.55 -12.24
10/31/2011 25.85 9.02 -11.23 -2.65
11/30/2011 24.86 8.44 -13.40 -2.87
12/31/2011 22.61 8.20 -13.45 -1.87
1/31/2012 28.76 16.29 -9.11 2.53
2/29/2012 36.69 20.13 -4.67 6.96
3/31/2012 40.44 22.57 -3.44 10.48
4/30/2012 44.07 20.55 -4.54 9.79
5/31/2012 34.38 11.96 -12.78 3.19
6/30/2012 38.11 17.74 -8.33 7.44
7/31/2012 38.41 15.69 -7.15 8.93
8/31/2012 44.56 19.84 -4.80 11.38
9/30/2012 48.89 23.43 -2.19 14.26
10/31/2012 43.50 19.59 -2.85 12.15
11/30/2012 41.64 20.51 -1.60 12.80
12/31/2012 43.44 23.99 0.25 13.83
1/31/2013 51.77 32.14 5.35 19.73
2/28/2013 52.14 33.55 5.53 21.35
3/31/2013 59.81 40.36 8.00 25.90
4/30/2013 58.33 39.44 11.40 28.33
5/31/2013 65.86 46.52 11.44 31.33
6/30/2013 67.15 45.61 8.70 29.57
7/31/2013 80.64 56.62 14.42 36.16
8/31/2013 83.23 53.56 11.98 32.22
9/30/2013 94.41 64.25 17.59 36.36
10/31/2013 99.01 67.24 22.19 42.63
11/30/2013 103.91 74.11 24.36 46.98
12/31/2013 109.59 77.67 26.99 50.70
1/31/2014 106.23 74.60 22.29 45.49
2/28/2014 116.90 83.04 28.41 52.15
3/31/2014 104.57 78.53 28.60 53.42
4/30/2014 86.68 69.37 29.91 54.56
5/31/2014 86.02 71.00 32.47 58.19
6/30/2014 99.84 81.61 34.84 61.45
7/31/2014 87.52 70.61 32.69 59.23
8/31/2014 96.40 80.13 35.61 65.60
9/30/2014 90.12 70.48 31.93 63.28
10/31/2014 99.97 81.06 32.78 67.26
11/30/2014 101.89 82.22 35.44 71.76
12/31/2014 104.99 87.63 33.26 71.33
1/31/2015 101.32 83.35 30.85 66.19
2/28/2015 116.44 96.54 38.51 75.74
3/31/2015 120.20 100.07 36.34 72.96
4/30/2015 112.33 94.18 39.54 74.62
5/31/2015 122.74 101.32 40.02 76.86
6/30/2015 127.98 104.02 36.77 73.44
7/31/2015 135.41 104.86 39.22 77.07
8/31/2015 116.04 89.33 30.01 66.39
9/30/2015 106.15 77.37 25.21 62.27
10/31/2015 113.98 87.44 35.14 75.96
11/30/2015 117.34 94.30 34.46 76.48
12/31/2015 109.06 85.04 32.10 73.70
1/31/2016 89.10 64.99 24.20 65.08
2/29/2016 85.30 63.82 23.27 64.86
3/31/2016 96.93 76.37 31.64 76.04
4/30/2016 100.11 78.13 33.72 76.72
5/31/2016 105.57 82.93 34.47 79.90
6/30/2016 110.29 82.09 32.96 80.36
7/31/2016 119.08 93.99 38.58 87.01
8/31/2016 119.89 96.06 38.70 87.28
9/30/2016 119.85 98.88 39.43 87.31
10/31/2016 108.59 86.52 36.74 83.89
11/30/2016 121.24 103.21 38.70 90.70
12/31/2016 117.88 105.98 42.02 94.47
1/31/2017 127.21 109.32 45.45 98.16
2/28/2017 132.29 114.46 49.48 106.03
3/31/2017 136.93 117.00 51.08 106.27

The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 5/24/2017

Date 2012 2013 2014 2015 2016
Short Term
Long Term 4.3957 5.9890 7.0126 4.6368 2.9326
Total Amount of Distribution 4.3957 5.9890 7.0126 4.6368 2.9326
Record Date 12/4/12 12/3/13 12/2/14 12/2/15 12/5/16
Ex Div Date 12/5/12 12/4/13 12/3/14 12/3/15 12/6/16
Pay Date 12/6/12 12/5/13 12/3/14 12/3/15 12/6/16

There is no guarantee of the payment of any dividend or other distributions at any level.

Analytics

(As of 4/30/2017)

Morningstar 4/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
602
Category
Small Growth
Analyst Rating (as of 11/23/16)
Silver
Performance Statistics
3Y
5Y
Alpha
1.52
0.02
Information Ratio
0.07
-0.26
Upside Capture
90.62
89.70
Downside Capture
84.92
90.02
Sharpe Ratio
0.69
0.81
R-Squared
89.46
87.56
Standard Deviation
14.74
14.59
Sortino Ratio
0.30
0.36
Win Ratio
50.00
48.00
Loss Ratio
50.00
52.00
Beta
0.86
0.90
Tracking Error
5.32
5.37
Dividends
  • E
Est. Frequency
Annual
Last Pay Date
12/6/2016
Per Share ($)
$0.00
Net Income
0.00%
Net Profit from Sale
100.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.00
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$4.00 B
$2.40 B
Median Market Cap (weighted)
$3.50 B
$2.30 B
Trailing P/E
50.94
49.07
Forward P/E
30.39
29.21
Price/Book
5.27
4.11
Return on Equity
9.32%
7.36%
Turnover Ratio
89.00%
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Top Issuers

(32.2% of assets as of 04/30/17)


Portfolio Holdings Breakdown

Country 5
Developed Markets 5
Equity Sector 5
Industry 5
Asset Allocation 5
Market Cap 6
Country Discovery Fund Russell 2000 Growth Overweight / Underweight
United States 93.8% 99.7% -5.9%
Canada 2.4% - -
Israel 0.8% 0.1% 0.7%
Developed Markets Discovery Fund Russell 2000 Growth Overweight / Underweight
Americas 96.2% 99.7% -3.5%
Middle East 0.8% 0.1% 0.7%
Equity Sector Discovery Fund Russell 2000 Growth Overweight / Underweight
Information Technology 29.8% 25.0% 4.8%
Health Care 22.4% 21.6% 0.7%
Industrials 18.3% 16.0% 2.3%
Consumer Discretionary 11.9% 15.0% -3.1%
Financials 8.3% 5.5% 2.8%
Materials 3.9% 5.5% -1.6%
Energy 1.5% 1.1% 0.4%
Consumer Staples 1.1% 3.0% -2.0%
Industry Discovery Fund Russell 2000 Growth Overweight / Underweight
Health Care Equipment & Supplies 12.5% 5.0% 7.5%
Software 10.1% 6.8% 3.3%
Semiconductors & Semiconductor Equipment 9.4% 5.3% 4.0%
Internet Software & Services 6.3% 4.4% 2.0%
Machinery 4.9% 3.5% 1.4%
Aerospace & Defense 3.6% 0.8% 2.8%
Banks 3.5% 2.1% 1.4%
Electronic Equipment Instruments & Components 3.5% 2.6% 0.8%
Hotels Restaurants & Leisure 3.3% 4.6% -1.3%
Health Care Technology 3.3% 1.0% 2.3%
Biotechnology 3.1% 8.3% -5.2%
Construction & Engineering 3.0% 1.3% 1.7%
Capital Markets 2.9% 1.5% 1.4%
Trading Companies & Distributors 2.7% 0.9% 1.8%
Specialty Retail 2.3% 2.2% 0.2%
Building Products 2.3% 2.3% 0.0%
Chemicals 2.1% 3.5% -1.4%
Distributors 2.0% 0.2% 1.8%
Health Care Providers & Services 1.7% 2.6% -0.9%
Life Sciences Tools & Services 1.7% 1.2% 0.4%
Asset Allocation Discovery Fund Russell 2000 Growth Overweight / Underweight
Equity 97.0% 100.0% -3.0%
Market Cap Discovery Fund Russell 2000 Growth Overweight / Underweight
Small 57.9% 90.4% -32.5%
Mid 38.4% 9.6% 28.7%
Large 0.8% - -
Was this helpful? Yes No
  1. 1. Special Risks: Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.
  2. 2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  3. 3. Access index definitions.
  4. 4. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
  5. 5. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
  6. 6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
  7. 7. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  8. A. As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information. ↩
  9. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily. ↩
  10. C. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment. ↩
  11. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions. ↩
  12. E. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
  13. F. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
  14. G. The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
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