The Tributary Small Company Fund is built on our core belief that long-term ownership of quality businesses, trading at a discount to fair value, offers the opportunity to generate consistent excess returns over time.
Using a fundamental, bottom-up research driven approach, we identify small-capitalization companies possessing a blend of good business models and attractive valuation. We define “small” market capitalization as less than $6 billion, and invest primarily in the common stocks of these companies.
The objective of the Tributary Small Company Fund is to achieve long-term, above-average performance with below-average risk. As an asset class, small cap stocks provide attractive return and diversification characteristics, and because these markets can be less efficient, they offer the potential for good managers to generate excess return for their investors.
| Monthly Performance as of: 03/31/2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Return (%) | Expense (%) | |||||||||||
| YTD | 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | Inception Date | Gross | Net | ||
| Institutional: FOSCX | 3.75 | 3.75 | 3.75 | 16.26 | 7.08 | 9.08 | 8.07 | 9.07 | 06/10/1996 | 1.35 | 1.18 | |
| Institutional Plus: FOSBX | 3.83 | 3.79 | 3.83 | 16.50 | 7.32 | 9.32 | 8.30 | 9.19 | 12/17/2010 | 1.06 | 0.96 | |
| Fund Facts | ||||||
|---|---|---|---|---|---|---|
| Class | Morningstar Category | Ticker | Cusip | Inception | Dividend Frequency | Minimum Investment |
| Institutional | Small Blend | FOSCX | 89609H878 | 6/10/1996 | Annually | $1,000 |
| Institutional Plus | Small Blend | FOSBX | 89609H704 | 12/17/2010 | Annually | $5,000,000 |
| Expenses | ||||||
|---|---|---|---|---|---|---|
| Class | Net Management Fee | Other Expenses | Distribution (12b-1) Fees | Sales Charge | Shareholder Servicing Fee | Total Net Expense |
| Institutional | 0.67% | 0.28% | None | None | 0.22% | 1.17% |
| Institutional Plus | 0.74% | 0.21% | None | None | None | 0.95% |
Mark is President of Tributary Capital Management and is a Portfolio Manager for the Small Company and Small/Mid Cap Funds. Mark has nearly 30 years of industry experience and joined Tributary Capital Management’s predecessor, First Investment Group in May 1999. Prior to joining Tributary Capital Management, he worked five years at Westchester Capital Management as a Senior Securities Analyst and two years at Union Pacific Railroad as a Financial Analyst both in Omaha, Nebraska. Mark received his Bachelors in Business Administration from the University of Nebraska at Lincoln and earned his Chartered Financial Analyst (CFA) designation in 1997. He is a member of the CFA Society and the CFA Institute and served on the Board of the CFA Society of Nebraska from 2002 to 2009, holding the Presidency during 2007/2008.
Mike serves as a Portfolio Manager for the Small Company Fund and is responsible for researching the technology and telecommunication sectors. Mike has over 30 years of industry experience and joined Tributary Capital Management’s predecessor, First Investment Group in March 2005. Prior to joining Tributary Capital Management, he worked 11 years at Principal Global Investors in Des Moines, Iowa as an Equity Analyst and Portfolio Manager. Mike received his Bachelors in Business Administration from the University of Nebraska at Lincoln and Masters of Business Administration from Drake University. Mike earned his Chartered Financial Analyst (CFA) designation in 1997 and is a member of the CFA Society of Nebraska and the CFA Institute.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. Returns greater than one year are annualized. Investment performance reflects contractual fee waivers. Without these fee waivers, the performance would have been lower. The performance information shown above for the Institutional Plus Class reflects the Fund’s Institutional Class returns for the periods prior to the inception date of the Institutional Plus Class as noted above. Unlike Institutional Plus Class shares, Institutional Class shares impose a non-12b-1 shareholder services fee of 0.25%, which is reflected in the return information. Accordingly, had the Institutional Plus Class been in operation prior to the inception date noted above, the performance for that period would have been different as a result of lower annual operating expenses. The gross and net expense ratios are as reflected in the current prospectus. Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.
1427-NLD-12/2/2016