Investment objective & strategy
As of July 24, 2025 · prospectusObjective. The Tributary Small Company Fund (the Fund) seeks long-term capital appreciation.
Strategy. Under normal market conditions, the Fund intends to invest at least 80% of its assets (defined as net assets plus borrowings for investment purposes), in common stocks and securities that can be converted into common stocks, such as convertible bonds, convertible preferred stocks, options, and rights, of companies with small market capitalization. A companys market capitalization is generally considered small if it is less than $7 billion. The Fund may also invest up to 20% of its assets in foreign securities either directly or through the purchase of sponsored or unsponsored American Depositary Receipts (ADRs). ADRS are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities and may be issued as sponsored or … Under normal market conditions, the Fund intends to invest at least 80% of its assets (defined as net assets plus borrowings for investment purposes), in common stocks and securities that can be converted into common stocks, such as convertible bonds, convertible preferred stocks, options, and rights, of companies with small market capitalization. A companys market capitalization is generally considered small if it is less than $7 billion. The Fund may also invest up to 20% of its assets in foreign securities either directly or through the purchase of sponsored or unsponsored American Depositary Receipts (ADRs). ADRS are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities and may be issued as sponsored or unsponsored programs. The investment adviser seeks to implement a core investment approach to the portfolio with a value bias, targeting companies whose stock is trading below what the investment adviser considers its intrinsic value. The investment adviser may also consider other factors, including price-to-earnings ratio, balance sheet strength, cash flow, capital usage efficiency, management style and adaptability, market share, product lines and pricing flexibility, distribution systems, and use of technology to improve productivity and quality.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ESCO TECHNOLOGIES INC | — | $23.66M | 4.15% |
| ENPRO INDUSTRIES INC | — | $17.92M | 3.14% |
| VIAVI SOLUTIONS INC | — | $16.27M | 2.86% |
| MOELIS & CO-CL A | — | $15.52M | 2.72% |
| ADV ENERGY INDS | — | $15.33M | 2.69% |
| NORTHERN OIL AND GAS INC | — | $15.02M | 2.64% |
| SEACOAST BANKING CORP FLORIDA | — | $14.32M | 2.51% |
| BENCHMARK ELECTRONICS INC | — | $13.30M | 2.33% |
| DIODES INC | — | $13.21M | 2.32% |
| ATLANTIC UNION B | — | $13.11M | 2.30% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| TRIBUTARY SMALL/MID CAP FUND · FSMCX, FSMBX | 37% | 0.90% |
| WESTWOOD QUALITY SMALLCAP FUND · WHGAX, WHGSX, WWSYX, WHGCX | 18% | 0.79% |
| Hartford Schroders US Small Cap Opportunities Fund · SCUVX, HOOCX, SCUIX, HOORX, HOOSX, HOOTX, HOOYX, SCURX, HOOFX | 17% | 0.95% |
Advisers
| Firm | Role |
|---|---|
| Tributary Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of July 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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