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Capital Appreciation Fund

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Overview

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

Inception Date
December 29, 2011
Investment Style
Large Cap Growth
Fund Index
Russell 1000® Growth Index
CUSIP
68379A602
NAV
  • A
(as of 12/18/2018)
$56.29
Total Assets
(as of 11/30/2018)
$4.41 BN
Gross Expense Ratio
(as of 11/30/2018)
0.63%
Net Expense Ratio
(as of 11/30/2018)
0.63%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • F
as of 09/30/2018
  • F

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Capital Appreciation Fund (NAV)
13.23% 20.00% 15.21% 13.36% - 14.52%
Russell 1000® Growth Index
17.09% 26.30% 20.55% 16.58% 14.31% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Capital Appreciation Fund (NAV)
3.77% 4.84% 8.37% 9.86% - 12.72%
Russell 1000® Growth Index
7.75% 8.59% 13.97% 13.04% 16.54% -
Gross Expense Ratio: 0.63% | Net Expense Ratio: 0.63%

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 Capital Appreciation Fund Russell 1000® Growth Index
2012 14.25% 15.26%
2013 29.82% 33.48%
2014 15.55% 13.05%
2015 3.66% 5.67%
2016 -1.93% 7.08%
2017 27.04% 30.21%

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 Capital Appreciation Fund Russell 1000® Growth Index MSCI World S&P 500
11/30/2008 0.00 0.00 0.00 0.00
12/31/2008 2.53 1.81 3.21 1.06
1/31/2009 -0.50 -3.09 -5.83 -7.45
2/28/2009 -7.08 -10.38 -15.47 -17.31
3/31/2009 1.35 -2.39 -9.10 -10.06
4/30/2009 12.34 6.98 1.10 -1.46
5/31/2009 19.78 12.29 10.26 4.05
6/30/2009 20.67 13.54 9.76 4.26
7/31/2009 29.14 21.61 19.06 12.15
8/31/2009 30.95 24.13 23.97 16.20
9/30/2009 37.00 29.41 28.91 20.53
10/31/2009 33.90 27.66 26.62 18.29
11/30/2009 41.52 35.50 31.79 25.39
12/31/2009 47.78 39.69 34.16 27.81
1/31/2010 39.42 33.59 28.61 23.21
2/28/2010 43.83 38.18 30.43 27.03
3/31/2010 53.18 46.18 38.50 34.69
4/30/2010 51.41 47.81 38.52 36.82
5/31/2010 38.46 36.53 25.25 25.90
6/30/2010 30.59 29.01 20.96 19.31
7/31/2010 37.99 38.21 30.77 27.66
8/31/2010 32.27 31.76 25.88 21.90
9/30/2010 46.32 45.78 37.62 32.78
10/31/2010 53.01 52.75 42.75 37.83
11/30/2010 53.40 54.52 39.67 37.85
12/31/2010 62.01 63.03 49.94 47.06
1/31/2011 63.93 67.18 53.33 50.55
2/28/2011 70.26 72.65 58.70 55.71
3/31/2011 69.41 72.86 57.13 55.77
4/30/2011 74.67 78.65 63.81 60.38
5/31/2011 72.64 76.71 60.41 58.57
6/30/2011 70.90 74.17 57.87 55.92
7/31/2011 68.80 72.43 55.01 52.75
8/31/2011 59.02 63.33 44.09 44.45
9/30/2011 46.00 51.29 31.64 34.30
10/31/2011 62.72 67.89 45.26 48.98
11/30/2011 62.01 67.88 41.71 48.65
12/31/2011 60.11 67.34 41.63 50.17
1/31/2012 68.77 77.33 48.74 56.90
2/29/2012 78.04 85.81 56.01 63.68
3/31/2012 82.66 91.92 58.01 69.07
4/30/2012 82.19 91.62 56.22 68.01
5/31/2012 70.24 79.33 42.73 57.91
6/30/2012 73.28 84.20 50.01 64.42
7/31/2012 75.28 86.67 51.93 66.70
8/31/2012 81.37 91.69 55.79 70.46
9/30/2012 84.52 95.45 60.07 74.86
10/31/2012 78.33 89.75 58.98 71.63
11/30/2012 82.12 92.92 61.02 72.63
12/31/2012 82.74 92.87 64.05 74.20
1/31/2013 90.33 101.14 72.40 83.22
2/28/2013 92.61 103.64 72.69 85.71
3/31/2013 98.97 111.28 76.73 92.68
4/30/2013 100.24 115.76 82.30 96.39
5/31/2013 103.67 119.77 82.37 100.98
6/30/2013 98.79 115.64 77.87 98.28
7/31/2013 108.99 127.07 87.24 108.37
8/31/2013 105.05 123.18 83.25 102.34
9/30/2013 114.05 133.12 92.42 108.68
10/31/2013 122.73 143.44 99.95 118.27
11/30/2013 129.41 150.30 103.50 124.93
12/31/2013 137.00 157.45 107.81 130.62
1/31/2014 130.17 150.11 100.11 122.65
2/28/2014 144.48 162.99 110.13 132.83
3/31/2014 136.89 160.34 110.44 134.79
4/30/2014 134.63 160.35 112.59 136.52
5/31/2014 144.67 168.46 116.77 142.08
6/30/2014 152.18 173.69 120.65 147.08
7/31/2014 152.56 169.50 117.13 143.67
8/31/2014 163.28 181.85 121.92 153.42
9/30/2014 159.92 177.76 115.89 149.86
10/31/2014 166.30 185.08 117.29 155.97
11/30/2014 174.04 194.11 121.64 162.85
12/31/2014 173.33 191.05 118.07 162.19
1/31/2015 169.15 186.59 114.12 154.32
2/28/2015 186.64 205.70 126.66 168.93
3/31/2015 182.94 202.22 123.11 164.68
4/30/2015 181.03 203.73 128.35 167.22
5/31/2015 185.21 208.01 129.13 170.66
6/30/2015 184.55 202.58 123.81 165.42
7/31/2015 192.78 212.84 127.82 170.98
8/31/2015 172.20 193.85 112.75 154.63
9/30/2015 161.06 186.58 104.90 148.33
10/31/2015 184.55 211.25 121.14 169.28
11/30/2015 187.34 212.13 120.04 170.08
12/31/2015 182.81 207.55 116.17 165.82
1/31/2016 162.96 190.38 103.24 152.63
2/29/2016 152.91 190.25 101.72 152.29
3/31/2016 163.15 209.83 115.41 169.40
4/30/2016 160.31 207.00 118.82 170.44
5/31/2016 168.94 212.96 120.05 175.30
6/30/2016 165.21 211.73 117.59 176.01
7/31/2016 179.77 226.44 126.78 186.19
8/31/2016 178.40 224.82 126.97 186.59
9/30/2016 180.85 226.01 128.17 186.65
10/31/2016 172.47 218.35 123.76 181.42
11/30/2016 174.04 225.28 126.97 191.84
12/31/2016 176.82 229.31 132.40 197.61
1/31/2017 188.47 240.41 138.01 203.25
2/28/2017 199.97 254.54 144.62 215.29
3/31/2017 205.44 258.65 147.22 215.66
4/30/2017 213.37 266.85 150.88 218.90
5/31/2017 219.14 276.39 156.19 223.39
6/30/2017 219.04 275.40 157.18 225.41
7/31/2017 224.46 285.37 163.33 232.10
8/31/2017 228.95 292.44 163.70 233.12
9/30/2017 231.41 297.54 169.62 239.99
10/31/2017 239.48 312.94 174.72 247.92
11/30/2017 247.56 325.49 180.67 258.59
12/31/2017 251.05 328.80 184.46 262.58
1/31/2018 275.48 359.17 199.48 283.34
2/28/2018 261.84 347.13 187.08 269.21
3/31/2018 248.60 334.87 180.82 259.83
4/30/2018 249.60 336.39 184.05 261.21
5/31/2018 266.30 355.52 185.83 269.91
6/30/2018 267.63 359.90 185.69 272.19
7/31/2018 279.93 373.40 194.61 286.04
8/31/2018 296.40 399.29 198.26 298.61
9/30/2018 297.02 402.08 199.92 300.88
10/31/2018 260.79 357.18 177.90 273.48
11/30/2018 263.74 362.03 181.05 281.09

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 12/18/2018

Date 2014 2015 2016 2017 2018
Short Term 1.6941 0.3461 1.8556 0.4362
Long Term 7.8660 7.0818 2.1269 3.5868 4.2007
Total Amount of Distribution 9.5601 7.4279 2.1269 5.4424 4.6369
Record Date 12/8/14 12/4/15 12/2/16 12/13/17 12/12/18
Ex Div Date 12/9/14 12/7/15 12/5/16 12/14/17 12/13/18
Pay Date 12/9/14 12/7/15 12/5/16 12/14/17 12/13/18

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

Portfolio

Top Issuers

(62.1% of assets as of 11/30/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Equity Sector
Industry
Asset Allocation
Market Cap 6
Country Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
United States 94.6% 100.0% -5.3%
Canada 1.8% - -
China 1.4% 0.0% 1.4%
United Kingdom 0.7% - -
Belgium 0.4% - -
Developed Markets Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
Americas 96.5% 100.0% -3.5%
Europe 1.1% 0.0% 1.1%
Equity Sector Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
Information Technology 30.0% 31.6% -1.5%
Consumer Discretionary 19.4% 15.1% 4.4%
Health Care 13.2% 14.3% -1.1%
Communication Services 11.6% 11.6% 0.0%
Industrials 11.5% 12.1% -0.6%
Financials 5.5% 4.5% 1.1%
Consumer Staples 2.5% 6.0% -3.6%
Energy 2.4% 0.8% 1.5%
Utilities 1.5% - -
Materials 1.4% 1.8% -0.4%
Industry Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
Software 12.2% 11.1% 1.1%
Interactive Media & Services 10.6% 8.2% 2.3%
Internet & Direct Marketing Retail 9.6% 6.4% 3.3%
IT Services 6.4% 8.3% -1.9%
Specialty Retail 6.2% 3.8% 2.4%
Technology Hardware Storage & Peripherals 5.7% 7.0% -1.3%
Biotechnology 5.4% 5.1% 0.3%
Health Care Providers & Services 4.9% 3.6% 1.4%
Semiconductors & Semiconductor Equipment 4.7% 3.9% 0.8%
Capital Markets 4.5% 2.2% 2.3%
Hotels Restaurants & Leisure 3.6% 2.2% 1.4%
Machinery 2.6% 2.3% 0.3%
Oil Gas & Consumable Fuels 2.4% 0.6% 1.8%
Road & Rail 2.4% 1.2% 1.1%
Aerospace & Defense 2.2% 3.4% -1.3%
Airlines 1.9% 0.2% 1.7%
Commercial Services & Supplies 1.6% 0.6% 1.0%
Gas Utilities 1.5% - -
Health Care Equipment & Supplies 1.3% 2.6% -1.3%
Food Products 1.2% 0.3% 0.9%
Asset Allocation Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
Equity 99.0% 100.0% -1.0%
Market Cap Capital Appreciation Fund Russell 1000® Growth Index Overweight / Underweight
Large 82.0% 86.7% -4.7%
Mid 12.2% 13.0% -0.8%
Small 4.8% 0.4% 4.5%
Analytics
(As of 11/30/2018)

Morningstar 11/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
1252
Category
Large Growth
Performance Statistics
3Y
5Y
Alpha
-5.16
-3.17
Beta
1.01
1.03
Information Ratio
-1.65
-0.93
R-Squared
91.56
91.94
Sharpe Ratio
0.66
0.79
Standard Deviation
11.67
12.02
Upside Capture
90.76
95.78
Downside Capture
133.79
120.17
Sortino Ratio
0.96
1.26
Win Ratio
31.00
38.00
Loss Ratio
69.00
62.00
Tracking Error
3.39
3.43
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$277.67 B
$272.43 B
Median Market Cap (weighted)
$88.21 B
$103.08 B
P/E Ratio (LTM)
21.44
22.93
P/E Ratio (NTM)
17.97
19.63
Price/Book
5.55
7.11
Return on Equity
24.14%
23.02%
Turnover Ratio
29%
-
Active Share
61.83%
-
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/13/2018
Per Share ($)
$0.1431
12-Month Distribution ($)
$0.2503
Distribution Sources
  • D
Net Income
0.30%
Net Profit from Sale
99.70%
Other Capital Sources
0.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Paul Larson was added as portfolio manager of the Fund as of October 5, 2016. Michael Kotlarz will no longer be portfolio manager of the Fund as of October 5, 2016.
  2. 2. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.
  3. 3. 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.
  4. 4. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and cannot be purchased directly by investors.   Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  5. 5. Holdings are subject to change, and are dollar weighted based on total new 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. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  8. A. 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 7:00pm ET daily.
  9. B. 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.
  10. C. "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.
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  12. E. 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.
  13. F. 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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