Investment objective & strategy
As of Jan. 27, 2025 · prospectusObjective. The Fund seeks long-term growth of capital.
Strategy. The Fund invests, under normal circumstances, at least 80% of its assets in microcap value stocks. For purposes of this policy, the term assets means net assets plus the amount of borrowings for investment purposes. The Fund buys microcap value stocks using a quantitative model. Microcap value stocks combine the characteristics of microcap stocks and value stocks. The Fund defines microcap stocks as stocks of companies that have market capitalization at the time of the Funds initial purchase of between $20 million and the market capitalization that marks the point between the 8th and 9th deciles of New York Stock Exchange listed stocks (upper limit). At the close of business on December 12, 2024, this upper limit was approximately $779.4 … The Fund invests, under normal circumstances, at least 80% of its assets in microcap value stocks. For purposes of this policy, the term assets means net assets plus the amount of borrowings for investment purposes. The Fund buys microcap value stocks using a quantitative model. Microcap value stocks combine the characteristics of microcap stocks and value stocks. The Fund defines microcap stocks as stocks of companies that have market capitalization at the time of the Funds initial purchase of between $20 million and the market capitalization that marks the point between the 8th and 9th deciles of New York Stock Exchange listed stocks (upper limit). At the close of business on December 12, 2024, this upper limit was approximately $779.4 million. The Fund defines value stocks primarily as those with low price-to-book characteristics. Stocks may be purchased for the Funds portfolio if they meet the microcap stock and value stock criteria described above, are issued by companies which have reported net income for the twelve-month period prior to purchase of the stock, and have a low price-to-book valuation. Low liquidity may eliminate a stock which otherwise meets market capitalization and value criteria or may result in the stock being assigned a lower portfolio weighting. There will be a portfolio review, which may result in a readjustment of holdings, at least once per year. Sales of portfolio holdings may be made gradually over time as required by the liquidity criteria of an individual security.
Top holdings
As of June 30, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| DUCOMMUN INC | — | $2.21M | 2.10% |
| ISHARES RUSSELL MICROCAP INDEX FUND | IWC | $2.07M | 1.96% |
| US GOVERNMENT MONEY MARKET FUND | TUGXX | $1.97M | 1.87% |
| WILLIS LEASE FINANCE CORP | — | $1.44M | 1.37% |
| BEL FUSE INC NV CL B | — | $1.13M | 1.07% |
| MILLER INDUSTRIES INC TENN | — | $928.72K | 0.88% |
| OIL-DRI CORP OF AMERICA | — | $864.79K | 0.82% |
| INGLES MARKETS INC-CL A | — | $745.35K | 0.71% |
| NORTH AMERICAN CONSTRUCTION GROUP LTD | NOA CN | $740.51K | 0.70% |
| BEAZER HOMES USA INC | — | $730.83K | 0.69% |
Portfolio moves
Mar 31, 2025 → Jun 30, 2025How 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. |
|---|---|---|
| RBC Enterprise Fund · TETAX, TETIX | 11% | 1.12% |
| CornerCap Small-Cap Value Fund · CSCVX, CSCJX | 10% | 0.95% |
| Lazard US Systematic Small Cap Equity Portfolio · LUSIX, LUSOX, RUSRX | 7% | 0.99% |
Advisers
| Firm | Role |
|---|---|
| RBC Global Asset Management (US) Inc. | Adviser |
Footnotes
- Expense ratio as of January 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of June 30, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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