Small Cap Fund
THE RANGER INVESTMENTS SMALL CAP GROWTH FUND (RFISX) seeks long-term capital appreciation by investing in growth-oriented U.S. public equities of small capitalization companies. The fund further seeks to capture and compound returns, manage risk and preserve capital by employing a disciplined, consistent approach to security selection, risk mitigation and ESG integration.
Fund Overview
As of March 31, 2023
Asset Class | U.S. Small Cap Equity |
Benchmark Index | Russell 2000 Growth |
Investment Approach | Original Research |
Strategy Inception Date | July 1, 2003 |
Vehicles Available | Managed Account, Limited Partnership, Mutual Fund |
Client Type | 97% Institutional |
ESG Integration | PRI, ISG Signatories |
Firm Assets | $1.4 Billion |
Strategy Assets | $1.2 Billion |
Wtd Avg Market Cap | $3.1 Billion |
Median Market Cap | $2.7 Billion |
Number of Holdings | 47 |
Active Management
94%
Active SharE
Concentrated Portfolio
40 – 60
Holdings
Downside Capture Ratio
83%
Trailing 5 Yrs
Asset Class | U.S. Small Cap Equity |
Benchmark Index | Russell 2000 Growth |
Investment Approach | Original Research |
Strategy Inception Date | July 1, 2003 |
Vehicles Available | Managed Account, Limited Partnership, Mutual Fund |
Client Type | 97% Institutional |
ESG Integration | PRI, ISG Signatories |
Firm Assets | $1.4 Billion |
Strategy Assets | $1.2 Billion |
Wtd Avg Market Cap | $3.1 Billion |
Median Market Cap | $2.7 Billion |
Number of Holdings | 47 |
Active Management
94%
Active Share
Concentrated Portfolio
40 – 60
Holdings
Downside Capture Ratio
83%
Trailing 5 Yrs
The above information is current as of 03/31/2023 and should not be relied upon as the sole factor in an investment making decision and is subject to change at any time due to changes in market or economic conditions. Please obtain and review all financial material carefully before investing.
Downside Capture Ratio is a measure of the manager’s performance in down markets relative to the market itself, calculated by dividing the return of the manager during the down-market periods by the return of the market during the same periods.
Fund Performance
As of March 31, 2023
QTD | YTD | 1 Yr* | 3 Yr* | 5 Yr* | 10 Yr* | Since Inception* | |
|---|---|---|---|---|---|---|---|
Ranger Small Cap Fund (Net) | 9.7% | 9.7% | -8.5% | 15.0% | 7.0% | 9.7% | 11.6% |
Russell 2000 Growth Index | 6.1% | 6.1% | -10.6% | 13.4% | 4.3% | 8.5% | 10.9% |
*The inception date for the Ranger Investments Small Cap Fund is September 29, 2011. Performance periods longer than one year are annualized.
Data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance shown. You may obtain performance data current to the most recent month end by calling (866) 458-4744.
Gross Expense Ratio: 1.40% (Institutional); Net Expense Ratio: 1.14% (institutional). Gross Expense Ratio is the total annual operating expense ratio from the most recent prospectus and is based on amounts incurred during the most recent fiscal year. The Net Expense Ratio is an annualized figure which equals the gross expense ratio minus: acquired fund fees; distributions or service (12b-1) fees, and/or; waivers or expense reimbursements made to the Fund by the investment manager pursuant to an expense limitation agreement which is subject to expiration or renewal on November 30, 2023.
There is no guarantee the Ranger Investments Small Cap Fund will achieve its investment objectives.
As of April 30, 2023
| MTD | QTD | YTD | 1 Yr* | 3 Yr* | 5 Yr* | 10 Yr* | Since Inception* |
|---|---|---|---|---|---|---|---|---|
Ranger Small Cap Fund (Net) | -0.4% | 9.7% | 9.7% | -8.5% | 15.0% | 7.0% | 9.7% | 11.6% |
Russell 2000 Growth Index | -1.2% | 6.1% | 6.1% | -10.6% | 13.4% | 4.3% | 8.5% | 10.9% |
Russell 2000 Index | -1.8% | 2.7% | 2.7% | -11.6% | 17.5% | 4.7% | 8.0% | 10.6% |
S&P 500 Index | 1.6% | 7.5% | 7.5% | -7.7% | 18.6% | 11.2% | 12.2% | 13.8% |
*The inception date for the Ranger Investments Small Cap Fund is September 29, 2011. Performance periods longer than one year are annualized.
Data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance shown. You may obtain performance data current to the most recent month end by calling (866) 458-4744.
Gross Expense Ratio: 1.40% (Institutional); Net Expense Ratio: 1.10% (institutional). Gross Expense Ratio is the total annual operating expense ratio from the most recent prospectus and is based on amounts incurred during the most recent fiscal year. The Net Expense Ratio is an annualized figure which equals the gross expense ratio minus: acquired fund fees; distributions or service (12b-1) fees, and/or; waivers or expense reimbursements made to the Fund by the investment manager pursuant to an expense limitation agreement which is subject to expiration or renewal on November 30, 2022.
There is no guarantee the Ranger Investments Small Cap Fund will achieve its investment objectives.
There is no guarantee the Ranger Small Cap Fund (the “Fund” will achieve its investment objectives.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Fund’s Prospectus and Statement of Additional Information (“SAI”), copies of which may be obtained on-line at www. rangerinvestmentsfunds.com, by e-mailing [email protected], or by calling (866) 458-4744. Prospective investors are strongly encouraged to read the Prospectus and SAI carefully before investing.
An investment in the Ranger Small Cap Fund is subject to a variety of risks, including the possible loss of investment capital. Additional risks associated with the Ranger Small Cap Fund include, but are not limited to:
Small Cap Company Risk; Equity Market Risk. Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Fund portfolio invests in small capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies.
Liquidity Risk. Some small cap securities may have few market-makers and low trading volume, which can increase transaction costs and may make it difficult or impossible for the Fund to dispose of a security position at all or at a price which represents current or fair market value.
A number of other risks are associated with an investment in the Fund, including: issuer specific risks, liquidity risks, and risks associated with the Investment Manager’s judgment. GREATER DETAIL ON EACH OF THE ABOVE STATED RISKS MAY BE FOUND IN THE FUND’S PROSPECTUS.
The S&P 500 includes 500 leading U.S. companies across a variety of industries and is widely regarded as a gauge of the U.S. equities market. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The S&P 500 Index and Russell 2000® Growth Index are presented for illustration purposes only. The Indexes are not actively managed nor can you invest in an Index. The holdings of the Fund differ significantly from the securities represented in an Index. Accordingly, comparing or contrasting the results of the Fund to the results of an Index may be of limited use.
The Fund is distributed by Arbor Court Capital, LLC – Member SIPC and FINRA.
THE RANGER SMALL CAP FUND IS NOT FDIC INSURED AND HAS NO BANK GUARANTEE
Security Name | Weight |
|---|---|
Grocery Outlet Holding | 4.9% |
WNS (Holdings) Limited | 4.9% |
Medpace Holdings | 4.0% |
e.l.f. Beauty | 4.0% |
Qualys | 3.8% |
Simulations Plus | 3.5% |
EVO Payments | 3.5% |
Repligen Corporation | 3.2% |
Mesa Laboratories | 3.0% |
Texas Roadhouse | 2.9% |
Top 10 Holdings
As of March 31, 2023
Security Name | Weight |
|---|---|
WNS Holdings Limited | 4.8% |
Texas Roadhouse | 4.3% |
e.l.f. Beauty | 3.9% |
Earthstone Energy | 3.4% |
LeMaitre Vascular | 3.1% |
Workiva | 3.1% |
Grocery Outlet | 3.0% |
Permian Resources | 3.0% |
Boot Barn | 2.9% |
Qualys | 2.9% |
37.7%
of the total portfolio
| Ranger Small Cap Fund | Russell 2000 Growth Index |
|---|---|---|
Wtd. Avg. Market Cap | $3.1 billion | $2.8 billion |
Median Market Cap | $2.7 billion | $1.1 billion |
Historical Earnings Growth (5 Yr) | 18.0% | 16.4% |
Debt-to-Capitalization | 39.0% | 38.2% |
Return on Equity (5 Yr) | 15.0% | 3.3% |
Current P/E | 36.7 | 46.6 |
Forward P/E | 19.3 | 13.1 |
P/E to Long-Term Growth | 1.1 | 0.7 |
P/E to Current Growth | 0.6 | 0.6 |
Price-to-Sales | 3.0 | 1.5 |
Historical Earnings Growth is the compounded annualized rate of growth of earnings for companies in the current portfolio over the past 60 months. Debt to Capitalization is a ratio that measures the total amount of outstanding company debt as a percentage of the firm’s total capitalization. The ratio is an indicator of the company’s leverage, which is debt used to purchase assets. Current P/E is a valuation ratio that measures a company’s current share price relative to its current per-share earnings (EPS). Forward price-to-earnings ratio (Forward P/E) is a ratio for valuing a company that measures its current share price relative to its forecasted per-share earnings. The price/earnings to long-term growth ratio (P/E to Long Term Growth) is a stock’s current price-to-earnings ratio divided by the growth rate of its earnings over the past 5 years. The price/earnings to growth ratio (P/E to Current Growth) is a stock’s current price-to-earnings ratio divided by the growth rate of its earnings over the past 12 months. Price to Sales (P/S) is a valuation ratio that compares a company’s stock price to its revenues by taking a company’s market capitalization (the number of outstanding shares multiplied by the share price) and dividing it by the company’s total sales or revenue over the past 12 months.
This information is for illustrative purposes only and should not be considered investment advice or a recommendation to purchase or sell any specific security or invest in a specific strategy. It should not be solely relied upon in making a decision to invest in this product. Portfolio Characteristics and holdings information presented above may or may not be representative of current and/or future portfolio holdings and is subject to change without notice. A complete list of holdings as of the previous quarter end may be obtained by contacting Ranger Investments at (214) 871-5262 or at [email protected] There is no guarantee, and it should not be assumed, that future portfolio characteristics will conform.
