ALGSX – Alambic Small Cap Plus Fund

previously, Alambic Small Cap Growth Plus Fund


The Alambic Small Cap Plus Fund seeks long-term capital appreciation by investing predominately in securities of smaller capitalization companies, those companies that have a market cap equal to or less than the largest company in the Russell 2000® Index.

The Fund’s objective is to generate returns that over time exceed those of its benchmark, Russell 2000 Index (previously, the Russell 2000 Growth® Index.) Alambic’s stock selection methodology relies on the systematic application of fundamental equity research principles across the universe of Russell 2000 stocks. Alambic’s proprietary return forecasting model identifies investment opportunities based on valuation, quality and growth factors that were formulated by the portfolio managers based on decades of equity research experience and rigorous statistical and historical testing. The resulting portfolio consists of a relatively large number of small positions and although its turnover is high relative to our peer group, the portfolio is expected to be relatively tax efficient. Alambic Investment Management, LP was founded in 2006 by Albert Richards and Brian Thompson.

Link to Morningstar*

*The above link is provided for informational purposes based on publicly available information from sources we believe to be reliable – we cannot assure the accuracy or completeness of the information. The information can change at any time without notice.

To more accurately and appropriately reflect the nature of the strategy, the advisor changed the name and broad-based market index for the fund in a supplement dated April 9, 2019.

Ticker: ALGSX
CUSIP: 90386H743
Minimum Investment: $5,000
Inception Date: 12/29/2015
Net Expense Ratio: 0.95%
Gross Expense Ratio: 6.09% (as of 12/31/2018)

Data as of 6/30/20193M Change6M ChangeYTD 20191-Year
Since Inception Annual.
Russell 2000® Index 2.10%16.98%16.98%-3.31%12.30%10.46%
Russell 2000 Growth® Index (previous benchmark)2.75%20.36%20.36%-0.49%14.69%11.26%
Data as of 6/30/20192018Q12018Q22018Q32018Q42019Q12019Q2
Russell 2000® Index0.08%7.75%3.58%-20.2%14.58%2.10%
Russell 2000 Growth® Index (previous benchmark)2.30%7.23%5.52%-21.65%17.14%2.75%

Quarterly Performance vs. Benchmark

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, call Shareholder Services at 1-888-890-8988.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes.  Russell® is a trademark of Russell Investment Group.

Expense Waiver:

Alambic Investment Management, LP (the “Adviser”) has contractually agreed, until December 31, 2019, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; Acquired Fund fees and expenses; extraordinary expenses such as litigation and merger or reorganization costs, and other expenses not incurred in the ordinary course of the Fund’s business; and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) to an amount not exceeding 0.95% of the Fund’s average daily net assets. Prior to December 31, 2019, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees.

Investment Risks: Investment in the Fund is subject to investment risks, including, without limitation, active management risk, equity securities risk, convertible stock risk, preferred stock risk, REIT risk, small-cap risk, foreign securities risk, ADR risk, growth investing risk, issuer risk, new fund risk, portfolio turnover risk, and quantitative model risk. For more information about the Fund, including the Fund’s objectives, charges, expenses and risks (including more information about the risks listed above), please read the prospectus.

Index Definitions: Russell 2000® Index is an index that measures the performance of the 2,000 smallest companies in the Russell 3000® Index. You cannot invest directly in an index.
Russell 2000 Growth® Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.