Overview

Historical Returns (%) as of Sep 30, 2023

10/31/202309/30/2023
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Fund Facts as of Oct 31, 2023

Class A Inception 11/28/2003
Performance Inception 04/30/2002
Investment Objective Long-term capital growth
Total Net Assets $10.7B
Minimum Investment $1000
Expense Ratio2 1.14%
CUSIP 277902656

Top 10 Holdings (%)3,4 as of Oct 31, 2023

W R Berkley Corp 4.75
Carlisle Cos Inc 4.03
Markel Group Inc 3.62
Morningstar Inc 3.40
Brown & Brown Inc 3.24
CACI International Inc 3.08
Booz Allen Hamilton Holding Corp 2.89
AptarGroup Inc 2.64
Teleflex Inc 2.57
Dolby Laboratories Inc 2.50
Total 32.72
 

Morningstar Rating™ as of Oct 31, 2023

Time Period Rating Funds in
Mid-Cap Blend
Category
Overall 385
3 Years 385
5 Years 359
10 Years 239
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

Portfolio Management

Charles B. Reed, CFA Managed Fund since inception
William O. Bell IV, CFA Managed Fund since 2004
W. Matthew Hereford, CFA Managed Fund since 2004

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Top 10 Holdings excludes cash and equivalents.
4. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2023

10/31/202309/30/2023
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Calendar Year Returns (%)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fund at NAV 35.72 4.90 9.46 10.96 24.42 -5.57 34.10 10.95 21.92 -9.03
Russell 2500™ Index1 36.80 7.07 -2.90 17.59 16.81 -10.00 27.77 19.99 18.18 -18.37
 

Fund Facts

Class A Inception 11/28/2003
Performance Inception 04/30/2002
Expense Ratio2 1.14%
Distribution Frequency Annually

Risk Measures (3 Year)6 as of Oct 31, 2023

Alpha (%) 4.97
Beta 0.81
R-Squared (%) 87.35
Standard Deviation (%) 18.61
Sharpe Ratio 0.42
 

Morningstar Rating™ as of Oct 31, 2023

Time Period Rating Funds in
Mid-Cap Blend
Category
Overall 385
3 Years 385
5 Years 359
10 Years 239
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Dec 01, 2023 $31.60 $0.50
Nov 30, 2023 $31.10 $0.32
Nov 29, 2023 $30.78 $0.02
Nov 28, 2023 $30.76 -$0.20
Nov 27, 2023 $30.96 -$0.05
Nov 24, 2023 $31.01 $0.13
Nov 22, 2023 $30.88 $0.14
Nov 21, 2023 $30.74 $0.17
Nov 20, 2023 $30.57 $0.11
Nov 17, 2023 $30.46 $0.07
 

Distribution History7

Ex-Date Distribution Reinvest NAV
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 13, 2022 $3.54150
Dec 01, 2021 $0.29730 $4.02980 $32.61
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
5. The Morningstar Mid-Cap Growth Category includes funds that invest in U.S. companies of all sizes or focus on mid-cap names with growth characteristics such as high earnings growth and high valuations.
6. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)4,8 as of Oct 31, 2023

Portfolio Statistics as of Oct 31, 2023

Average Market Cap $11.0B
Price/Earnings Ratio 18.58
Number of Holdings 53
Price/Book Ratio 3.02
Active Share9 93.88%
 

GICS Sector Breakdown (%)4 as of Oct 31, 2023

Market Cap Breakdown (%)4,10 as of Oct 31, 2023

> $150 Billion 0.00
$50-150 Billion 0.00
$15-50 Billion 24.79
$5-15 Billion 64.53
$1.5-5 Billion 10.68
< $1.5Billion 0.00
 

Fund Holdings (%)4,11 as of Oct 31, 2023

Holding % of Net Assets
W R Berkley Corp 4.75%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 4.45%
Carlisle Cos Inc 4.03%
Markel Group Inc 3.62%
Morningstar Inc 3.41%
Brown & Brown Inc 3.24%
CACI International Inc 3.08%
Booz Allen Hamilton Holding Corp 2.90%
AptarGroup Inc 2.64%
Teleflex Inc 2.57%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Percent of total net assets.
8. A delay in transaction settlement may result in a negative cash position.
9. Active Share is a measure of the differentiation of the holdings of a portfolio from the holdings of its appropriate benchmark index. It is calculated as one half of the sum of the absolute value of the differences found between the portfolio weights and the benchmark weights.
10. Market cap breakdown excludes cash and equivalents.
11. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Charles B. Reed, CFA

Charles B. Reed, CFA

Managing Director
Atlanta Capital Management
Joined Atlanta Capital 1998

Biography

Chip is a managing director of Atlanta Capital Management. He is a portfolio manager on the core equity team and a member of the firm's Management Committee. He joined Atlanta Capital in 1998.

Chip began his career in the investment management industry in 1989. Prior to joining Atlanta Capital, he was a portfolio manager with the Florida State Board of Administration.

Chip earned a B.S. in finance from Florida State University. He is a CFA charterholder.

Education
  • B.S. Florida State University

Experience
  • Managed Fund since inception

Other funds managed
 
William O. Bell IV, CFA

William O. Bell IV, CFA

Managing Director
Atlanta Capital Management
Joined Atlanta Capital 1999

Biography

Bill is a managing director of Atlanta Capital Management. He is a portfolio manager on the core equity team and a member of the firm's Management Committee. He joined Atlanta Capital in 1999.

Bill began his career in the investment management industry in 1995. Prior to joining Atlanta Capital, Bill was a portfolio manager with the Florida State Board of Administration.

Bill earned a B.S. in finance from Florida State University. He is a CFA charterholder.

Education
  • B.S. Florida State University

Experience
  • Managed Fund since 2004

Other funds managed
 
W. Matthew Hereford, CFA

W. Matthew Hereford, CFA

Managing Director
Atlanta Capital Management
Joined Atlanta Capital 2002

Biography

Matt is a managing director of Atlanta Capital Management. He is a portfolio manager on the core equity team and a member of the firm's Management Committee. He joined Atlanta Capital in 2002.

Matt began his career in the investment management industry in 1995. Prior to joining Atlanta Capital, Matt was a portfolio manager at Invesco.

Matt earned a B.B.A. in international business from the University of Mississippi. He is a CFA charterholder.

Education
  • B.B.A. University of Mississippi

Experience
  • Managed Fund since 2004

Other funds managed
 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2023

Commentary

Download Commentary - Last updated: Sep 30, 2023

Attribution

Download Attribution - Last updated: Sep 30, 2023

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Full Prospectus

Download Full Prospectus - Last updated: Jun 30, 2023

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jun 30, 2023

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2023