Portfolio Characteristics

  • As of Mar 31, 2026

Investment Philosophy

The team focuses on mid-cap companies with characteristics such as turnarounds, emerging growth and undervalued companies, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.

  • Mid Cap Fundamental Investors

    Long-tenured, seasoned team with the disciplined temperament for mid cap investing.

  • Catalyst Driven Value

    Disciplined process focused on mid cap opportunities, demonstrating strong fundamentals and identifiable catalysts for growth.

  • Volatility Leads to Opportunity

    A team and process that lean into volatile markets which they believe are well-positioned for recoveries.

Portfolio Characteristics

  • As of Mar 31, 2026
aerial road insights bg

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.
     

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Emerging growth
      • Undervalued companies

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 40-70 holdings
    • Annual turnover expected 10%–20%

  1. Disclosures

  2. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  3. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. 

    Investments involve risk. Principal loss is possible. 

  4. Definitions

  5. Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

    Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

    Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

    Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

    Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

    Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

    Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

    Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

    Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

    Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

Show More Show Less

Average Annual Returns

FEMD
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FEMD NAV --  -8.27% -- -- -- -- --  -4.54%   0.75%   0.55% Jan 27, 2026
FEMD Market Price --  -8.25% -- -- -- -- --  -4.57%   0.75%   0.55% Jan 27, 2026
Russell Mid Cap Value Index --  -5.06% -- -- -- -- --  -1.34% -- -- --
Russell Mid Cap Index --  -5.33% -- -- -- -- --  -2.94% -- -- --
FEMD NAV --  -8.27% -- -- -- -- --  -4.54%   0.75%   0.55% Jan 27, 2026
FEMD Market Price --  -8.25% -- -- -- -- --  -4.57%   0.75%   0.55% Jan 27, 2026
Russell Mid Cap Value Index --  -5.06% -- -- -- -- --  -1.34% -- -- --
Russell Mid Cap Index --  -5.33% -- -- -- -- --  -2.94% -- -- --

Source: FactSet; data as of Mar 31, 2026.

Source: FactSet; data as of Mar 31, 2026.

  1. Investors should consider the investment objectives, risks, and charges and expenses of the First Eagle ETFs carefully before investing. A prospectus, which contains this and other information about the funds, may be obtained by calling 844-422-3367. The prospectus or summary prospectus should be read carefully before investing.

    ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.55% of the Fund’s average daily net assets. These contractual limitations are in effect until February 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the “Trust”).

    First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. First Eagle ETFs are Distributed by Quasar Distributors, LLC. 

ETF Holdings

As of May 13, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
FLEX Y2573F102 FLEX LTD COMMON STOCK USD 0 444 139.69 $62,022.36 2.88%
NVT G6700G107 NVENT ELECTRIC PLC COMMON STOCK USD 0.01 300 170.74 $51,222.00 2.38%
TTMI 87305R109 TTM TECHNOLOGIES INC COMMON STOCK USD 0.001 300 163.36 $49,008.00 2.28%
TRGP 87612G101 TARGA RESOURCES CORP COMMON STOCK USD 0.001 174 255.16 $44,397.84 2.06%
URI 911363109 UNITED RENTALS INC COMMON STOCK USD 0.01 46 953.79 $43,874.34 2.04%
COHR 19247G107 COHERENT CORP COMMON STOCK USD 0 116 374.01 $43,385.16 2.02%
PR 71424F105 PERMIAN RESOURCES 2,120 20.17 $42,760.40 1.99%
ENTG 29362U104 ENTEGRIS INC 294 145.31 $42,721.14 1.99%
APD 009158106 AIR PRODUCTS AND CHEMICALS INC COMMON STOCK USD 1 138 303.60 $41,896.80 1.95%
OKE 682680103 ONEOK INC COMMON STOCK USD 0.01 456 88.43 $40,324.08 1.88%
ONTO 683344105 ONTO INNOVATION INC COMMON STOCK USD 0 145 277.94 $40,301.30 1.87%
PFGC 71377A103 PERFORMANCE FOOD GROUP CO COMMON STOCK USD 0.01 422 95.03 $40,102.66 1.86%
CP 13646K108 CANADIAN PACIFIC KANSAS CITY LTD COMMON STOCK CAD 462 85.82 $39,648.84 1.84%
RRX 758750103 REGAL REXNORD CORP COMMON STOCK USD 0.01 189 209.78 $39,648.42 1.84%
WLK 960413102 WESTLAKE CORP COMMON STOCK USD 0.01 402 96.54 $38,809.08 1.80%
BKH 092113109 BLACK HILLS CORP COMMON STOCK USD 1 521 74.30 $38,710.30 1.80%
RHP 78377T107 RYMAN HOSPITALITY PROPERTIES INC REIT USD 0.01 354 107.50 $38,055.00 1.77%
PLXS 729132100 PLEXUS CORP COMMON STOCK USD 0.01 143 264.49 $37,822.07 1.76%
EXE 165167735 EXPAND ENERGY CORP COMMON STOCK USD 0.01 390 96.43 $37,607.70 1.75%
CLH 184496107 CLEAN HARBORS INC COMMON STOCK USD 0.01 126 296.39 $37,345.14 1.74%
TDY 879360105 TELEDYNE TECHNOLOGIES INC COMMON STOCK USD 0.01 59 632.17 $37,298.03 1.73%
LPX 546347105 LOUISIANA-PACIFIC CORP COMMON STOCK USD 1 515 71.75 $36,951.25 1.72%
FN G3323L100 FABRINET COMMON STOCK USD 0.01 58 634.48 $36,799.84 1.71%
FLS 34354P105 FLOWSERVE CORP COMMON STOCK USD 1.25 517 69.43 $35,895.31 1.67%
WPC 92936U109 WP CAREY INC REIT USD 0.001 480 74.73 $35,870.40 1.67%
EVR 29977A105 EVERCORE INC COMMON STOCK USD 0.01 104 340.98 $35,461.92 1.65%
HLI 441593100 HOULIHAN LOKEY INC COMMON STOCK USD 0.001 236 149.53 $35,289.08 1.64%
VFC 918204108 VF CORP COMMON STOCK USD 0 2,004 17.59 $35,250.36 1.64%
DGX 74834L100 QUEST DIAGNOSTICS INC COMMON STOCK USD 0.01 183 190.18 $34,802.94 1.62%
UCTT 90385V107 ULTRA CLEAN HOLDINGS INC COMMON STOCK USD 0.001 419 82.99 $34,772.81 1.62%
CNS 19247A100 COHEN & STEERS INC COMMON STOCK USD 0.01 480 72.26 $34,684.80 1.61%
RJF 754730109 RAYMOND JAMES FINANCIAL INC COMMON STOCK USD 0.01 222 153.48 $34,072.56 1.58%
FTAI G3730V105 FTAI AVIATION LTD COMMON STOCK USD 1 125 265.76 $33,220.00 1.54%
HRI 42704L104 HERC HOLDINGS INC COMMON STOCK USD 0.01 238 139.21 $33,131.98 1.54%
XPO 983793100 XPO INC COMMON STOCK USD 0.001 168 196.02 $32,931.36 1.53%
PPG 693506107 PPG INDUSTRIES INC COMMON STOCK USD 1.66666 306 106.38 $32,552.28 1.51%
RGA 759351604 REINSURANCE GROUP OF AMERICA INC COMMON STOCK USD 153 210.18 $32,157.54 1.50%
EXP 26969P108 EAGLE MATERIALS INC COMMON STOCK USD 0.01 159 202.03 $32,122.77 1.49%
LOPE 38526M106 GRAND CANYON EDUCATION INC COMMON STOCK USD 0.01 198 161.21 $31,919.58 1.48%
BDC 077454106 BELDEN INC COMMON STOCK USD 0.01 288 109.97 $31,671.36 1.47%
CSL 142339100 CARLISLE COS INC COMMON STOCK USD 1 90 351.05 $31,594.50 1.47%
ODFL 679580100 OLD DOMINION FREIGHT LINE INC COMMON STOCK USD 0.1 163 191.12 $31,152.56 1.45%
ENSG 29358P101 ENSIGN GROUP INC/THE COMMON STOCK USD 0.001 171 176.04 $30,102.84 1.40%
QXO 82846H405 QXO INC COMMON STOCK USD 0.00001 1,691 17.74 $29,998.34 1.39%
BXP 101121101 BXP INC REIT USD 0.01 498 59.01 $29,386.98 1.37%
THC 88033G407 TENET HEALTHCARE CORP COMMON STOCK USD 0.05 149 195.88 $29,186.12 1.36%
SN G8068L108 SHARKNINJA INC COMMON STOCK 264 108.41 $28,620.24 1.33%
STE G8473T100 STERIS PLC COMMON STOCK USD 75 132 210.85 $27,832.20 1.29%
GEHC 36266G107 GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK USD 440 62.29 $27,407.60 1.27%
KWR 747316107 QUAKER CHEMICAL CORP 193 139.95 $27,010.35 1.26%
DAL 247361702 DELTA AIR LINES INC COMMON STOCK USD 0.0001 363 70.71 $25,667.73 1.19%
CLX 189054109 CLOROX CO/THE COMMON STOCK USD 1 279 89.11 $24,861.69 1.16%
PHM 745867101 PULTEGROUP INC COMMON STOCK USD 0.01 216 114.55 $24,742.80 1.15%
CIGI 194693107 COLLIERS INTERNATIONAL GROUP INC COMMON STOCK CAD 247 95.40 $23,563.80 1.10%
DY 267475101 DYCOM INDUSTRIES INC COMMON STOCK USD 0.3333333 54 429.40 $23,187.60 1.08%
WCN 94106B101 WASTE CONNECTIONS INC COMMON STOCK 143 151.25 $21,628.75 1.01%
MSA 553498106 MSA SAFETY INC COMMON STOCK USD 0 125 169.55 $21,193.75 0.99%
MKTX 57060D108 MARKETAXESS HOLDINGS INC COMMON STOCK USD 0.003 146 141.37 $20,640.02 0.96%
CELH 15118V207 CELSIUS HOLDINGS INC COMMON STOCK USD 0.001 576 29.61 $17,055.36 0.79%
JLL 48020Q107 JONES LANG LASALLE INC COMMON STOCK USD 0.01 54 315.78 $17,052.12 0.79%
LAD 536797103 LITHIA MOTORS INC COMMON STOCK USD 0 60 275.30 $16,518.00 0.77%
AIR 000361105 AAR CORP COMMON STOCK USD 1 147 111.51 $16,391.97 0.76%
SIMO 82706C108 SILICON MOTION TECHNOLOGY CORP ADR USD 0.01 58 258.71 $15,005.18 0.70%
ECL 278865100 ECOLAB INC COMMON STOCK USD 1 44 251.70 $11,074.80 0.51%
TXRH 882681109 TEXAS ROADHOUSE INC COMMON STOCK USD 0.001 59 183.57 $10,830.63 0.50%
LFUS 537008104 LITTELFUSE INC COMMON STOCK USD 0.01 14 456.23 $6,387.22 0.30%
FTAI G3730V105 FTAI AVIATION LTD COMMON STOCK USD 1 22 265.76 $5,846.72 0.27%
WTW G96629103 WILLIS TOWERS WATSON PLC 23 251.44 $5,783.12 0.27%
FLEX Y2573F102 FLEX LTD COMMON STOCK USD 0 35 139.69 $4,889.15 0.23%
WTW G96629103 WILLIS TOWERS WATSON PLC 15 251.44 $3,771.60 0.18%
STE G8473T100 STERIS PLC COMMON STOCK USD 75 13 210.85 $2,741.05 0.13%
CASH 1,980 100.00 $1,979.91 0.09%
681937520 JPMORGAN US GOVT MM 962 100.00 $962.47 0.04%

Allocation by Sector (%)

Industrials: 26.44%
Information Technology: 14.40%
Financials: 14.07%
Materials: 10.18%
Health Care: 8.79%
Consumer Discretionary: 8.35%
Energy: 8.32%
Real Estate: 7.55%
Consumer Staples: 1.44%
Short-Term, Cash & Cash Equivalents: 0.47%
Source: FactSet; data as of Mar 31, 2026.
Industrials 26.44%
Information Technology 14.40%
Financials 14.07%
Materials 10.18%
Health Care 8.79%
Consumer Discretionary 8.35%
Energy 8.32%
Real Estate 7.55%
Consumer Staples 1.44%
Short-Term, Cash & Cash Equivalents 0.47%
Industrials 25.40%
Information Technology 18.38%
Financials 16.12%
Health Care 12.47%
Consumer Discretionary 10.49%
Consumer Staples 4.90%
Energy 3.34%
Short-Term, Cash & Cash Equivalents 2.93%
Real Estate 2.48%
Materials 1.72%
Communication Services 1.38%
Utilities 0.40%

Allocation by Asset Class (%)

US Equity: 94.71%
International Equity: 4.82%
Short-Term, Cash & Cash Equivalents: 0.47%
Source: FactSet; data as of Mar 31, 2026.
US Equity 94.71%
International Equity 4.82%
Short-Term, Cash & Cash Equivalents 0.47%
Equity 93.92%
Short-Term, Cash & Cash Equivalents 6.08%

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

Percentages may not sum to 100% due to rounding.

    Fund Management

    • Suzanne Franks Headshot

      Suzanne Franks

      Associate Portfolio Manager and Senior Research Analyst
      Industry start:  
      2004
      Year joined:  
      2021
    • Bill Hench Headshot

      Bill Hench

      Head of Small Cap Team and Portfolio Manager
      Industry start:  
      1992
      Year joined:  
      2021
    • Adam Mielnik Headshot

      Adam Mielnik

      Associate Portfolio Manager and Senior Research Analyst
      Industry start:  
      2014
      Year joined:  
      2021

    Investment Process

    The team uses a bottom-up process, building the portfolio stock by stock.

    • 01

      Narrow the Universe

      The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

    • 02

      Conduct Fundamental Research

      The team aims to identify companies that have low multiples and a potential catalyst for improvement.
       

      Low Multiples
      • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
      • Holdings typically fall into at least one category below:
        • Turnarounds
        • Emerging growth
        • Undervalued companies

      Catalyst for Improvement
      • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
      • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
        • New management
        • More favorable business cycle
        • Margin improvement
        • Product innovation
    • 03

      Construct Portfolio

      • Diversified with approximately 40-70 holdings
      • Annual turnover expected 10%–20%

    1. Disclosures

    2. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

      Investments involve risk. Principal loss is possible.

    3. Definitions

    4. Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

      Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

      Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

      Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

      Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

      Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

      Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

      Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

      Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

      Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Show More Show Less

    Ticker: FEMD

    Expense Ratio as of January 27, 2026

     

    Annual Fund Operating Expenses (%)
    Management Fees1 0.75%
    Distribution and/or Service (12b-1) Fee0.00%
    Other Expenses20.00%
    Total Annual Fund Operating Expenses (%) 0.75%
    Fee Waivers and/or Expense Reimbursement1-0.20%
    Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement (%) 0.55%
    1. 1

      First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.55% of the Fund’s average daily net assets. These contractual limitations are in effect until February 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the “Trust”).

    2. 2

      "Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.

    1. Disclosures

    2. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

      Investments involve risk. Principal loss is possible.

    3. Definitions

    4. Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

      Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

      Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

      Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

      Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

      Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

      Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

      Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

      Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

      Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Show More Show Less

    Fund Information

    First Eagle Mid Cap Equity ETF Profile
    Fact Sheet
    Portfolio Composition
    Holdings

    1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

    1. Disclosures

    2. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. 

      Investments involve risk. Principal loss is possible. 

    3. Definitions

    4. Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

      Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

      Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

      Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

      Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

      Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

      Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

      Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

      Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

      Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

    Show More Show Less

    1. Risk Disclosures

      All investments involve the risk of loss of principal.

      The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity.

      The Fund will invest in medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a smaller company's securities, also may be more difficult or expensive to trade. The Fund defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index.

      “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

      The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.