The Tributary Small/Mid Cap Fund is built on our core belief that long-term ownership of quality businesses, trading at a discount to fair value, provides the opportunity to generate consistent excess returns over time.


Using a fundamental, bottom-up research driven approach, we identify small to mid-capitalization companies possessing a blend of good business models and attractive valuation. Our investment universe consists primarily of U.S. listed stocks that have a cap size no larger than the maximum market cap in the Russell 2500 Index and a minimum average daily trading volume of $5 million. We can hold stocks up to $30 billion.


The objective of the Tributary Small/Mid Cap Fund is to achieve long-term, above-average performance with below-average risk. We utilize an active management approach in the portfolio due to our belief that small and mid-cap asset classes can be less efficient and offer the potential for good managers to generate excess return for their investors.

Fund Literature

Monthly Performance as of: 06/30/2024
  Return (%) Expense (%)
YTD 1 Month 3 Month 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date Gross Net
Institutional: FSMCX 4.19 -1.28 -2.00 12.22 5.34 N/A N/A 11.50 08/02/2019 5.93 0.91
Institutional Plus: FSMBX 4.19 -1.28 -2.00 12.22 5.40 N/A N/A 11.65 08/01/2019 1.76 0.90
Fund Facts
Class Morningstar Category Ticker Cusip Inception Dividend Frequency Minimum Investment
Institutional Small Blend FSMCX 89609H829 8/2/2019 Annually $1,000
Institutional Plus Small Blend FSMBX 89609H811 8/1/2019 Annually $5,000,000
Class Net Management Fee Other Expenses Distribution (12b-1) Fees Sales Charge Shareholder Servicing Fee Total Net Expense
Institutional -4.15% 5.07% None None 0.01% 0.93%
Institutional Plus 0.00% 0.91% None None None 0.91%

Portfolio Managers

Mark Wynegar, CFA®

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.

Donald Radtke

Don serves as portfolio manager for the Small/Mid Cap Fund. Don has over 30 years of industry experience and joined Tributary Capital Management's predecessor, First Investment Group, in 2007. Prior to joining Tributary Capital Management, Don spent over seven years as an equity and fixed income analyst and fund co-manager for WB Capital Management in Des Moines, Iowa. He was also an analyst at Bank of America Capital Management in St. Louis, Missouri, and Piper Jaffray and Craig-Hallum in Minneapolis, Minnesota. He received his Bachelor of Arts in economics from the University of Wisconsin-Milwaukee and Masters of Business Administration from the University of Minnesota.

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. 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 The gross and net expense ratios are as reflected in the current prospectus. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high grade fixed income securities. The net asset value per share will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.