TOWTX
Towpath Technology Fund
MSS Series Trust
Expense ratio1
1.12%
Net assets2
$7.76M
Holdings2
41
Category
US Equity
2025 return3
9.55%

Investment objective & strategy

As of March 31, 2026 · prospectus

Objective. The Towpath Technology Fund (the "Fund") the Fund seeks long-term capital appreciation.

Strategy. Oelschlager Investments, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing primarily in U.S. equity securities but may also hold shares of foreign companies either directly or through American Depository Receipts ("ADRs"). Companies in which the Fund invests may be of any capitalization size. Under normal circumstances, the Fund will invest at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in common stocks of technology-related companies. The Fund may meet this objective by directly investing in equity securities, or by investing in other investment companies, including exchange-traded funds ("ETFs"), that invest primarily in equity securities. The Fund defines technology-related companies as companies that develop, manufacture, or distribute technology, communications and … Oelschlager Investments, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing primarily in U.S. equity securities but may also hold shares of foreign companies either directly or through American Depository Receipts ("ADRs"). Companies in which the Fund invests may be of any capitalization size. Under normal circumstances, the Fund will invest at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in common stocks of technology-related companies. The Fund may meet this objective by directly investing in equity securities, or by investing in other investment companies, including exchange-traded funds ("ETFs"), that invest primarily in equity securities. The Fund defines technology-related companies as companies that develop, manufacture, or distribute technology, communications and Internet-related products and services, including, computer hardware and software, communications hardware and software, semiconductors, business services, and, media and Internet-related services. The Fund's portfolio typically consists of 25-40 securities, primarily within the technology sector. The Adviser emphasizes the long-term merits of an investment candidate rather than short-term trading factors, and generally keeps cash in the Fund low. In choosing securities for the Fund, the Adviser employs the following analyses: Market Analysis: The Adviser takes a broad view of the market and economy, which informs the Adviser's determination of how aggressive or cautious to be and which sectors and industries to focus on. Sector Analysis: Sector selection is based on considerations such as macroeconomic and market analysis, competitive dynamics, trend in capacity, valuation, sentiment, management behavior, substitutability, growth potential, and market anomalies. Quantitative Analysis: This includes a company's valuation metrics (such as free cash flow yield, price/earnings, price/sales), as well as various aspects of the company's financial statements, such as how it is deploying its capital,trends in its capitalization structure, and its profitability. Qualitative Analysis: The Adviser assesses the fundamentals of the company's business, generally favoring those with barriers to entry, pricing power, network effects, limited competition, lock-in effects, attributes that create sustainable competitive advantages. Often the Adviser invests in such companies when they are out of favor for short-term reasons. In general, the Fund sells a security when the price rises to a level that the Adviser believes exceeds the long-term risk-reward or when the fundamentals of a company deteriorate but are not reflected by a commensurate adjustment in the stock price. The Fund is non-diversified, which means that the Fund may invest in fewer securities at any one time than a diversified fund.

Top holdings

As of Feb. 28, 2026 · N-PORT
SecurityTickerValue% of fund
ALPHABET INC CL A $876.05K 11.29%
FMR-TREASURY-III FCSXX $754.24K 9.72%
KLA CORP $525.97K 6.78%
Ituran Location & Control Ltd. ITRN $383.57K 4.94%
META PLATFORMS INC CL A $382.43K 4.93%
APPLE INC $367.21K 4.73%
CISCO SYSTEMS INC $254.27K 3.28%
Common Stock CHKP US $225.06K 2.90%
ZOOM VIDEO COMMUNICATIONS INC CL A $203.34K 2.62%
SALESFORCE INC $187.00K 2.41%
View all holdings →

Allocation by sector

As of February 28, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Nov 30, 2025 → Feb 28, 2026
Opened
0
Exited
1
Increased
9
Decreased
4
Unchanged
28

How 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.

View portfolio moves →

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Advisers

As of November 30, 2025 · N-CEN
FirmRole
Oelschlager Investments, LLC Adviser

Footnotes

  1. Expense ratio as of March 31, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
  3. 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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