Overview

Investment Objective

The Needham Growth Fund seeks long-term, tax-efficient capital appreciation by investing primarily investing in the equity securities of public companies with above-average prospective long-term growth rates at value prices.

The central premise of the Growth Fund’s investment style is growth, but more specifically, “Growth At a Reasonable Price,” or “GARP.”

Strategy
  • Invest in equity securities, concentrating on growth sectors such as technology, health care and specialty retail
  • Maintain sound valuation discipline of buying growth companies at a reasonable price
  • Invest in venture-backed post-IPO opportunities
  • Invest for long-term capital appreciation with tax efficiency
  • Invest in strong, incentivized management teams
  • Invest in companies with high operating margins
  • Can utilize shorting techniques to dampen volatility

Portfolio Managers

Fund Statistics

Class I Class R
Ticker Symbols NEEIX NEEGX
Inception Date December 30, 2016 January 1, 1996
Minimum Initial Investment $100,000 $2000/$1000 for IRA
Minimum Subsequent Investment None $100/No Min. for IRA
12B-1 Fees None 25 bps
Redemption Fee None None
Gross Expense Ratio 2.15% 2.34%
Net Expense Ratio* 1.90% 2.34%

*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through May 1, 2018 to the extent the Gross Expense Ratio exceeds 1.95% and 1.40% of the average daily net assets of Retail Class Shares and Institutional Class Shares (Expense Cap). The Expense Cap excludes taxes, interest, brokerage, dividends on short positions, fees and expenses of “acquired funds,” extraordinary items and shareholder redemption fees but includes the management fee.

Proxy Voting Record

Independent Service Providers

Transfer Agent
U.S Bancorp Fund Services, LLC
Custodian
U.S. Bancorp Fund Services, LLC
Auditor
KPMG, LLP
Legal Counsel
Proskauer, LLP

Performance

Daily Performance as of 10/16/2018

$ NAV $ Change Daily % YTD %
Needham Growth Fund - Class I $42.78 $1.09 2.61% -0.86%
Needham Growth Fund - Class R $42.37 $1.07 2.59% -1.26%

Quarterly Performance as of 09/30/2018

3rd Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Needham Growth Fund - Class I ** 1.21% 4.98% 2.46% 9.87% 7.38% 10.07% 12.90%
After Taxes on Distributions 1.21% 4.98% 0.34% 8.21% 6.05% 9.05% 11.66%
After Taxes on Distributions & Redemptions 0.71% 2.95% 2.87% 7.52% 5.65% 8.20% 11.04%
Needham Growth Fund - Class R 1.08% 4.61% 1.95% 9.36% 6.90% 9.60% 12.42%
After Taxes on Distributions 1.08% 4.61% -0.17% 7.71% 5.58% 8.58% 11.18%
After Taxes on Distributions & Redemptions 0.64% 2.73% 2.58% 7.13% 5.28% 7.79% 10.60%
Russell 2000 Total Return Index † 3.58% 11.51% 15.24% 17.12% 11.07% 11.11% 9.11%
S&P 400 Index TR †† 3.86% 7.49% 14.21% 15.68% 11.91% 12.49% 11.81%
S&P 500 TR ††† 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 9.12%

Historical Monthly Returns Since Inception

Select Year:
Class I Class R
Jan 96 - -
Feb 96 12.11% 12.07%
Mar 96 3.41% 3.37%
Apr 96 7.67% 7.64%
May 96 6.69% 6.65%
Jun 96 -1.91% -1.94%
Jul 96 -2.44% -2.47%
Aug 96 3.81% 3.77%
Sep 96 5.27% 5.24%
Oct 96 -0.43% -0.46%
Nov 96 1.91% 1.88%
Dec 96 -0.79% -0.82%
Class I Class R
Jan 97 3.97% 3.93%
Feb 97 0.56% 0.53%
Mar 97 0.50% 0.46%
Apr 97 0.30% 0.26%
May 97 4.50% 4.46%
Jun 97 1.60% 1.57%
Jul 97 5.72% 5.69%
Aug 97 1.03% 0.99%
Sep 97 3.01% 2.97%
Oct 97 -3.49% -3.53%
Nov 97 -1.03% -1.06%
Dec 97 -1.23% -1.27%
Class I Class R
Jan 98 2.12% 2.08%
Feb 98 8.32% 8.29%
Mar 98 -3.29% -3.32%
Apr 98 2.96% 2.92%
May 98 -2.61% -2.65%
Jun 98 3.73% 3.69%
Jul 98 -3.71% -3.75%
Aug 98 -19.76% -19.79%
Sep 98 10.96% 10.92%
Oct 98 11.06% 11.02%
Nov 98 0.82% 0.79%
Dec 98 12.70% 12.65%
Class I Class R
Jan 99 4.50% 4.46%
Feb 99 -5.79% -5.82%
Mar 99 5.10% 5.06%
Apr 99 3.57% 3.53%
May 99 6.80% 6.76%
Jun 99 9.72% 9.68%
Jul 99 3.27% 3.23%
Aug 99 2.19% 2.15%
Sep 99 -0.58% -0.61%
Oct 99 -4.82% -4.85%
Nov 99 16.64% 16.60%
Dec 99 23.39% 23.35%
Class I Class R
Jan 00 2.76% 2.72%
Feb 00 27.63% 27.58%
Mar 00 -6.54% -6.57%
Apr 00 -0.49% -0.52%
May 00 -7.91% -7.94%
Jun 00 11.46% 11.42%
Jul 00 -3.17% -3.21%
Aug 00 15.29% 15.25%
Sep 00 -4.85% -4.88%
Oct 00 -3.81% -3.85%
Nov 00 -12.99% -13.02%
Dec 00 -3.09% -3.13%
Class I Class R
Jan 01 22.21% 22.16%
Feb 01 -11.54% -11.57%
Mar 01 -5.91% -5.94%
Apr 01 10.53% 10.49%
May 01 1.40% 1.37%
Jun 01 3.83% 3.80%
Jul 01 -4.34% -4.37%
Aug 01 -5.58% -5.61%
Sep 01 -11.93% -11.97%
Oct 01 8.12% 8.09%
Nov 01 7.36% 7.32%
Dec 01 3.04% 3.00%
Class I Class R
Jan 02 -0.11% -0.14%
Feb 02 -4.26% -4.29%
Mar 02 5.95% 5.91%
Apr 02 -4.80% -4.84%
May 02 -4.82% -4.86%
Jun 02 -10.85% -10.88%
Jul 02 -12.44% -12.47%
Aug 02 -0.87% -0.91%
Sep 02 -10.69% -10.72%
Oct 02 6.75% 6.72%
Nov 02 15.45% 15.41%
Dec 02 -7.91% -7.95%
Class I Class R
Jan 03 -0.46% -0.50%
Feb 03 -0.42% -0.45%
Mar 03 -1.64% -1.67%
Apr 03 6.94% 6.91%
May 03 13.15% 13.11%
Jun 03 2.25% 2.22%
Jul 03 7.08% 7.05%
Aug 03 6.04% 6.00%
Sep 03 0.70% 0.66%
Oct 03 5.26% 5.22%
Nov 03 2.36% 2.32%
Dec 03 -0.44% -0.47%
Class I Class R
Jan 04 5.90% 5.86%
Feb 04 -1.06% -1.09%
Mar 04 -2.34% -2.38%
Apr 04 -4.30% -4.33%
May 04 2.72% 2.68%
Jun 04 2.72% 2.68%
Jul 04 -10.41% -10.44%
Aug 04 -3.29% -3.32%
Sep 04 5.00% 4.96%
Oct 04 2.11% 2.07%
Nov 04 6.13% 6.09%
Dec 04 4.70% 4.67%
Class I Class R
Jan 05 -4.59% -4.62%
Feb 05 4.20% 4.17%
Mar 05 -2.84% -2.87%
Apr 05 -5.95% -5.98%
May 05 7.39% 7.36%
Jun 05 2.01% 1.98%
Jul 05 9.50% 9.46%
Aug 05 -0.14% -0.18%
Sep 05 2.84% 2.81%
Oct 05 -4.19% -4.23%
Nov 05 6.88% 6.84%
Dec 05 0.32% 0.28%
Class I Class R
Jan 06 8.70% 8.66%
Feb 06 0.57% 0.54%
Mar 06 1.19% 1.15%
Apr 06 1.56% 1.52%
May 06 -3.31% -3.35%
Jun 06 -0.28% -0.31%
Jul 06 0.94% 0.91%
Aug 06 2.96% 2.93%
Sep 06 0.36% 0.32%
Oct 06 2.62% 2.59%
Nov 06 1.70% 1.66%
Dec 06 0.53% 0.49%
Class I Class R
Jan 07 0.75% 0.72%
Feb 07 0.01% -0.03%
Mar 07 1.16% 1.12%
Apr 07 2.60% 2.57%
May 07 2.32% 2.28%
Jun 07 -0.66% -0.70%
Jul 07 -3.61% -3.65%
Aug 07 -0.32% -0.35%
Sep 07 1.75% 1.71%
Oct 07 2.66% 2.62%
Nov 07 -3.20% -3.24%
Dec 07 0.26% 0.22%
Class I Class R
Jan 08 -8.37% -8.40%
Feb 08 -3.45% -3.48%
Mar 08 -2.35% -2.38%
Apr 08 6.24% 6.20%
May 08 4.03% 4.00%
Jun 08 -8.49% -8.53%
Jul 08 0.00% -0.03%
Aug 08 3.09% 3.06%
Sep 08 -10.19% -10.22%
Oct 08 -19.68% -19.71%
Nov 08 -10.15% -10.18%
Dec 08 2.51% 2.48%
Class I Class R
Jan 09 -6.53% -6.56%
Feb 09 -5.35% -5.39%
Mar 09 7.96% 7.92%
Apr 09 12.91% 12.87%
May 09 4.30% 4.26%
Jun 09 3.90% 3.87%
Jul 09 8.37% 8.33%
Aug 09 2.50% 2.46%
Sep 09 6.86% 6.82%
Oct 09 -3.71% -3.75%
Nov 09 2.30% 2.26%
Dec 09 7.94% 7.90%
Class I Class R
Jan 10 -3.22% -3.26%
Feb 10 5.42% 5.38%
Mar 10 8.21% 8.17%
Apr 10 2.50% 2.47%
May 10 -7.28% -7.31%
Jun 10 -4.39% -4.43%
Jul 10 3.59% 3.56%
Aug 10 -6.54% -6.58%
Sep 10 16.06% 16.03%
Oct 10 3.71% 3.68%
Nov 10 3.64% 3.60%
Dec 10 8.89% 8.85%
Class I Class R
Jan 11 2.80% 2.76%
Feb 11 1.95% 1.92%
Mar 11 0.55% 0.51%
Apr 11 2.46% 2.43%
May 11 -1.46% -1.49%
Jun 11 -2.16% -2.19%
Jul 11 -7.40% -7.43%
Aug 11 -10.26% -10.29%
Sep 11 -10.61% -10.64%
Oct 11 17.52% 17.48%
Nov 11 -1.66% -1.69%
Dec 11 0.07% 0.03%
Class I Class R
Jan 12 9.40% 9.37%
Feb 12 3.24% 3.21%
Mar 12 2.47% 2.43%
Apr 12 -2.55% -2.59%
May 12 -9.15% -9.18%
Jun 12 4.27% 4.23%
Jul 12 0.46% 0.43%
Aug 12 3.26% 3.22%
Sep 12 1.11% 1.08%
Oct 12 -3.60% -3.63%
Nov 12 1.77% 1.74%
Dec 12 3.02% 2.99%
Class I Class R
Jan 13 5.12% 5.08%
Feb 13 1.39% 1.36%
Mar 13 2.69% 2.65%
Apr 13 0.93% 0.90%
May 13 6.80% 6.76%
Jun 13 -0.60% -0.63%
Jul 13 5.62% 5.59%
Aug 13 -2.32% -2.36%
Sep 13 3.68% 3.64%
Oct 13 1.49% 1.45%
Nov 13 3.49% 3.46%
Dec 13 2.65% 2.62%
Class I Class R
Jan 14 0.39% 0.35%
Feb 14 3.19% 3.16%
Mar 14 -2.56% -2.59%
Apr 14 -3.36% -3.39%
May 14 1.27% 1.23%
Jun 14 5.48% 5.45%
Jul 14 -2.97% -3.01%
Aug 14 3.29% 3.26%
Sep 14 -3.46% -3.49%
Oct 14 6.04% 6.01%
Nov 14 0.61% 0.57%
Dec 14 1.74% 1.70%
Class I Class R
Jan 15 -1.49% -1.52%
Feb 15 6.39% 6.36%
Mar 15 -1.06% -1.10%
Apr 15 -2.00% -2.04%
May 15 3.12% 3.09%
Jun 15 -1.02% -1.06%
Jul 15 -2.11% -2.14%
Aug 15 -6.62% -6.65%
Sep 15 -3.78% -3.82%
Oct 15 4.96% 4.92%
Nov 15 1.15% 1.12%
Dec 15 -1.57% -1.61%
Class I Class R
Jan 16 -7.29% -7.32%
Feb 16 3.35% 3.32%
Mar 16 4.75% 4.72%
Apr 16 -0.23% -0.27%
May 16 0.67% 0.63%
Jun 16 0.28% 0.24%
Jul 16 3.59% 3.56%
Aug 16 0.85% 0.82%
Sep 16 1.54% 1.51%
Oct 16 -3.89% -3.93%
Nov 16 8.46% 8.42%
Dec 16 -0.67% -0.71%
Class I Class R
Jan 17 1.68% 1.64%
Feb 17 1.31% 1.27%
Mar 17 -1.10% -1.14%
Apr 17 0.59% 0.57%
May 17 1.78% 1.73%
Jun 17 -0.02% -0.07%
Jul 17 3.84% 3.79%
Aug 17 -0.94% -0.98%
Sep 17 4.00% 3.97%
Oct 17 0.17% 0.12%
Nov 17 0.80% 0.76%
Dec 17 -3.34% -3.40%
Class I Class R
Jan 18 4.59% 4.57%
Feb 18 -4.59% -4.64%
Mar 18 -0.70% -0.72%
Apr 18 -2.22% -2.26%
May 18 5.79% 5.71%
Jun 18 1.20% 1.18%
Jul 18 1.83% 1.78%
Aug 18 1.49% 1.44%
Sep 18 -2.08% -2.09%

The Needham Growth Fund inception date is 1/1/96. Performance data quoted represents past performance and does not guarantee future results. Figures include changes in principal value, reinvested dividends and capital gains distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Current performance may be lower or higher than the performance data quoted. Please visit www.needhamfunds.com or call 1-800-625-7071 for the most current month-end performance data.

**Performance for any periods prior to the inception date of Institutional Class Shares are based on the historical performance of the Retail Class Shares adjusted to assume the expenses associated with Institutional Class Shares.

Growth of 10K as of 09/30/2018

NEEIX NEEGX Russell 2000 Total Return Index S&P 500 TR †† S&P 400 TR ††††
01/01/1996 10000 10000 10000 10000 10000
01/31/1996 10854 10850 9989 10340 10145
02/29/1996 12168 12160 10301 10436 10490
03/31/1996 12583 12570 10510 10537 10616
04/30/1996 13549 13530 11072 10692 10940
05/31/1996 14455 14430 11509 10968 11088
06/30/1996 14180 14150 11036 11010 10921
07/31/1996 13834 13800 10072 10523 10183
08/31/1996 14360 14320 10657 10745 10770
09/30/1996 15117 15070 11073 11350 11239
10/31/1996 15053 15000 10903 11663 11272
11/30/1996 15340 15281 11352 12545 11907
12/31/1996 15219 15156 11649 12296 11920
01/31/1997 15824 15752 11882 13064 12368
02/28/1997 15913 15836 11594 13167 12266
03/31/1997 15992 15909 11047 12626 11743
04/30/1997 16040 15951 11078 13379 12048
05/31/1997 16761 16662 12310 14194 13101
06/30/1997 17030 16924 12838 14830 13469
07/31/1997 18005 17886 13435 16010 14803
08/31/1997 18190 18064 13743 15113 14785
09/30/1997 18737 18601 14748 15941 15634
10/31/1997 18083 17944 14101 15408 14954
11/30/1997 17897 17754 14009 16122 15176
12/31/1997 17676 17529 14255 16398 15765
01/31/1998 18050 17893 14030 16580 15465
02/28/1998 19553 19376 15067 17776 16746
03/31/1998 18909 18732 15688 18686 17501
04/30/1998 19468 19279 15775 18874 17821
05/31/1998 18959 18769 14926 18549 17019
06/30/1998 19666 19462 14957 19303 17126
07/31/1998 18936 18732 13746 19097 16462
08/31/1998 15193 15025 11077 16336 13398
09/30/1998 16859 16666 11944 17383 14648
10/31/1998 18724 18503 12431 18797 15957
11/30/1998 18878 18649 13082 19936 16754
12/31/1998 21274 21009 13892 21085 18778
01/31/1999 22231 21945 14076 21967 18047
02/28/1999 20944 20668 12936 21284 17102
03/31/1999 22012 21714 13138 22135 17580
04/30/1999 22796 22481 14316 22993 18966
05/31/1999 24347 24001 14525 22450 19049
06/30/1999 26713 26325 15181 23696 20068
07/31/1999 27587 27176 14765 22956 19642
08/31/1999 28190 27760 14218 22842 18969
09/30/1999 28027 27590 14222 22216 18383
10/31/1999 26677 26252 14279 23622 19320
11/30/1999 31116 30610 15132 24102 20334
12/31/1999 38394 37757 16845 25521 21542
01/31/2000 39453 38784 16574 24239 20936
02/29/2000 50352 49482 19311 23780 22401
03/31/2000 47059 46230 18038 26107 24276
04/30/2000 46828 45987 16952 25321 23428
05/31/2000 43125 42335 15964 24802 23136
06/30/2000 48068 47171 17356 25413 23475
07/31/2000 46544 45659 16798 25016 23846
08/31/2000 53658 52620 18079 26570 26509
09/30/2000 51058 50052 17548 25167 26327
10/31/2000 49111 48127 16765 25061 25434
11/30/2000 42732 41861 15044 23085 23515
12/31/2000 41410 40552 16336 23198 25314
01/31/2001 50606 49540 17186 24021 25877
02/28/2001 44767 43810 16059 21831 24401
03/31/2001 42122 41207 15273 20448 22586
04/30/2001 46556 45529 16468 22037 25078
05/31/2001 47209 46151 16873 22184 25662
06/30/2001 49018 47902 17455 21644 25558
07/31/2001 46890 45807 16510 21431 25178
08/31/2001 44275 43237 15977 20090 24354
09/30/2001 38991 38063 13826 18467 21325
10/31/2001 42159 41141 14636 18819 22268
11/30/2001 45261 44153 15769 20263 23925
12/31/2001 46637 45480 16742 20441 25161
01/31/2002 46587 45414 16568 20142 25030
02/28/2002 44603 43466 16114 19754 25061
03/31/2002 47257 46036 17409 20497 26852
04/30/2002 44987 43810 17567 19254 26727
05/31/2002 42817 41681 16788 19112 26276
06/30/2002 38173 37147 15955 17751 24353
07/31/2002 33424 32513 13545 16367 21994
08/31/2002 33133 32219 13511 16475 22104
09/30/2002 29592 28764 12540 14684 20324
10/31/2002 31589 30696 12942 15977 21204
11/30/2002 36470 35428 14097 16917 22431
12/31/2002 33584 32612 13313 15923 21509
01/31/2003 33428 32448 12944 15506 20881
02/28/2003 33286 32301 12553 15273 20383
03/31/2003 32741 31760 12715 15422 20555
04/30/2003 35014 33954 13920 16692 22048
05/31/2003 39620 38407 15414 17571 23875
06/30/2003 40512 39258 15693 17795 24179
07/31/2003 43382 42025 16675 18109 25037
08/31/2003 46000 44546 17439 18462 26173
09/30/2003 46321 44841 17117 18266 25772
10/31/2003 48757 47182 18555 19300 27721
11/30/2003 49907 48279 19213 19469 28686
12/31/2003 49688 48050 19603 20491 29171
01/31/2004 52618 50866 20455 20867 29803
02/29/2004 52060 50309 20638 21157 30518
03/31/2004 50841 49114 20831 20838 30648
04/30/2004 48656 46986 19769 20510 29642
05/31/2004 49978 48246 20083 20792 30257
06/30/2004 51335 49540 20929 21196 30945
07/31/2004 45991 44366 19520 20495 29501
08/31/2004 44480 42893 19419 20578 29424
09/30/2004 46702 45021 20331 20800 30296
10/31/2004 47687 45954 20731 21118 30780
11/30/2004 50609 48754 22530 21973 32613
12/31/2004 52990 51029 23196 22720 33979
01/31/2005 50560 48672 22229 22167 33112
02/28/2005 52686 50702 22605 22633 34222
03/31/2005 51190 49245 21958 22232 33844
04/30/2005 48144 46298 20700 21811 32528
05/31/2005 51703 49703 22055 22505 34487
06/30/2005 52743 50686 22906 22537 35287
07/31/2005 57754 55482 24357 23375 37140
08/31/2005 57672 55384 23906 23161 36726
09/30/2005 59312 56939 23981 23349 37009
10/31/2005 56825 54533 23236 22960 36213
11/30/2005 60735 58266 24364 23828 37983
12/31/2005 60928 58429 24253 23836 38245
01/31/2006 66226 63488 26427 24468 40499
02/28/2006 66606 63832 26355 24534 40159
03/31/2006 67398 64568 27633 24839 41162
04/30/2006 68447 65551 27629 25173 41741
05/31/2006 66180 63357 26077 24448 39859
06/30/2006 65998 63161 26245 24481 39868
07/31/2006 66620 63734 25391 24632 38731
08/31/2006 68594 65600 26143 25219 39173
09/30/2006 68841 65813 26360 25868 39437
10/31/2006 70646 67515 27878 26711 41076
11/30/2006 71846 68639 28611 27219 42398
12/31/2006 72224 68975 28707 27601 42192
01/31/2007 72768 69470 29188 28019 43725
02/28/2007 72773 69452 28956 27471 44045
03/31/2007 73614 70230 29266 27778 44638
04/30/2007 75530 72033 29792 29008 45996
05/31/2007 77282 73678 31012 30020 48301
06/30/2007 76771 73165 30558 29522 47246
07/31/2007 73997 70495 28468 28606 45211
08/31/2007 73763 70248 29113 29035 45628
09/30/2007 75051 71450 29613 30121 46835
10/31/2007 77047 73324 30463 30600 48067
11/30/2007 74578 70950 28275 29321 45646
12/31/2007 74770 71108 28258 29118 45558
01/31/2008 68511 65131 26331 27371 42751
02/29/2008 66147 62863 25355 26482 41956
03/31/2008 64593 61364 25461 26368 41526
04/30/2008 68623 65171 26527 27652 44726
05/31/2008 71390 67774 27746 28010 47093
06/30/2008 65326 61995 25609 25649 43780
07/31/2008 65328 61975 26557 25433 42968
08/31/2008 67348 63869 27517 25801 43704
09/30/2008 60486 57340 25324 23502 39023
10/31/2008 48581 46038 20056 19555 30540
11/30/2008 43652 41352 17684 18152 27709
12/31/2008 44748 42376 18710 18345 29052
01/31/2009 41828 39596 16629 16798 26945
02/28/2009 39589 37464 14608 15010 24336
03/31/2009 42740 40432 15912 16325 26538
04/30/2009 48259 45638 18372 17887 30484
05/31/2009 50332 47582 18926 18887 31318
06/30/2009 52296 49422 19204 18925 31512
07/31/2009 56673 53540 21054 20356 34266
08/31/2009 58088 54857 21657 21091 35763
09/30/2009 62072 58600 22907 21878 37809
10/31/2009 59769 56404 21351 21472 36093
11/30/2009 61141 57680 22022 22760 37555
12/31/2009 65995 62237 23794 23200 39912
01/31/2010 63869 60209 22918 22365 38629
02/28/2010 67327 63450 23951 23058 40641
03/31/2010 72854 68634 25900 24449 43541
04/30/2010 74678 70328 27366 24835 45397
05/31/2010 69242 65185 25290 22852 42129
06/30/2010 66201 62300 23330 21656 39368
07/31/2010 68580 64516 24933 23173 42087
08/31/2010 64093 60272 23087 22127 40008
09/30/2010 74388 69931 25964 24102 44531
10/31/2010 77150 72502 27026 25019 46067
11/30/2010 79959 75115 27963 25022 47436
12/31/2010 87066 81763 30184 26694 50544
01/31/2011 89502 84021 30106 27327 51554
02/28/2011 91246 85631 31757 28263 53954
03/31/2011 91746 86070 32580 28274 55276
04/30/2011 94006 88161 33441 29112 56777
05/31/2011 92635 86844 32814 28782 56012
06/30/2011 90636 84941 32057 28302 54872
07/31/2011 83931 78628 30898 27727 52933
08/31/2011 75321 70537 28210 26221 49167
09/30/2011 67331 63032 25048 24377 43963
10/31/2011 79126 74049 28839 27042 50006
11/30/2011 77815 72797 28734 26982 49855
12/31/2011 77866 72819 28924 27258 49669
01/31/2012 85188 79639 30967 28479 52950
02/29/2012 87950 82193 31708 29711 55332
03/31/2012 90121 84193 32521 30689 56372
04/30/2012 87821 82016 32018 30496 56246
05/31/2012 79787 74485 29899 28663 52599
06/30/2012 83194 77639 31391 29844 53593
07/31/2012 83580 77973 30957 30259 53570
08/31/2012 86301 80483 31990 30940 55434
09/30/2012 87261 81349 33040 31740 56509
10/31/2012 84122 78395 32323 31154 56061
11/30/2012 85611 79756 32495 31334 57296
12/31/2012 88200 82139 33653 31620 58549
01/31/2013 92714 86312 35759 33258 62776
02/28/2013 94002 87483 36153 33709 63392
03/31/2013 96527 89802 37823 34974 66424
04/30/2013 97426 90607 37684 35647 66841
05/31/2013 104048 96732 39190 36481 68352
06/30/2013 103428 96122 38990 35991 67090
07/31/2013 109243 101491 41718 37823 71246
08/31/2013 106708 99099 40393 36727 68577
09/30/2013 110635 102711 42970 37879 72150
10/31/2013 112278 104199 44051 39620 74831
11/30/2013 116199 107802 45816 40828 75821
12/31/2013 119284 110625 46717 41861 78163
01/31/2014 119750 111018 45424 40414 76503
02/28/2014 123577 114529 47564 42263 80240
03/31/2014 120415 111558 47240 42618 80536
04/30/2014 116375 107777 45408 42933 79277
05/31/2014 117847 109103 45772 43941 80685
06/30/2014 124307 115044 48207 44848 84023
07/31/2014 120610 111583 45289 44230 80431
08/31/2014 124582 115216 47535 45999 84520
09/30/2014 120271 111190 44659 45354 80676
10/31/2014 127537 117868 47603 46462 83551
11/30/2014 128313 118545 47646 47712 85096
12/31/2014 130543 120563 49004 47591 85798
01/31/2015 128603 118728 47428 46163 84835
02/28/2015 136822 126276 50243 48816 89181
03/31/2015 135366 124887 51119 48044 90357
04/30/2015 132657 122345 49815 48505 89010
05/31/2015 136798 126119 50952 49128 90592
06/30/2015 135396 124782 51334 48177 89398
07/31/2015 132542 122109 50737 49187 89520
08/31/2015 123769 113984 47549 46219 84525
09/30/2015 119086 109633 45216 45076 81803
10/31/2015 124995 115033 47763 48878 86411
11/30/2015 126435 116318 49317 49023 87581
12/31/2015 124445 114446 46841 48250 83931
01/31/2016 115371 106064 42722 45856 79155
02/29/2016 119239 109584 42720 45794 80272
03/31/2016 124907 114753 46130 48900 87108
04/30/2016 124616 114446 46853 49090 88174
05/31/2016 125451 115173 47909 49971 90212
06/30/2016 125798 115452 47879 50101 90587
07/31/2016 130320 119559 50737 51948 94474
08/31/2016 131432 120537 51635 52021 94945
09/30/2016 133458 122353 52210 52031 94341
10/31/2016 128262 117548 49728 51082 91817
11/30/2016 139113 127449 55273 52974 99167
12/31/2016 138174 126545 56822 54021 101338
01/31/2017 140498 128615 57046 55045 103037
02/28/2017 142345 130248 58147 57231 105740
03/31/2017 140785 128761 58223 57298 105330
04/30/2017 141612 129490 58861 57886 106210
05/31/2017 144128 131735 57664 58701 105694
06/30/2017 144096 131648 59657 59067 107405
07/31/2017 149635 136634 60100 60282 108352
08/31/2017 148235 135292 59336 60466 106689
09/30/2017 154156 140657 63039 61713 110866
10/31/2017 154411 140832 63576 63154 113374
11/30/2017 155646 141900 65408 65091 117543
12/31/2017 150451 137077 65144 65814 117799
01/31/2018 157354 143338 66847 69582 121185
02/28/2018 150137 136693 64258 67018 115813
03/31/2018 149091 135703 65090 65315 116889
04/30/2018 145778 132636 65652 65565 116586
05/31/2018 154216 140207 69637 67144 121397
06/30/2018 156064 141868 70136 67557 121908
07/31/2018 158923 144392 71359 70071 124058
08/31/2018 161294 146469 74435 72355 128022
09/30/2018 157947 143402 72645 72767 126618
NEEIX $157,947
NEEGX $143,402
Russell 2000 Total Return Index $72,645
S&P 500 TR †† $72,767
S&P 400 TR †††† $126,618

The chart illustrates the performance of a hypothetical $10,000 investment made in the Fund since the Fund’s inception. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of redemption fees. This chart does not imply any future performance.

† The Russell 2000 is a broad unmanaged index comprised of the smallest 2,000 companies in the Russell 3000 Index.

†† The S&P 500 and the S&P 400 indices are broad unmanaged measures of the U.S. stock market.

††† The S&P 500 and the S&P 400 indices are broad unmanaged measures of the U.S. stock market.

 

Distributions as of 12/31/2017

Class I & Class R Shares
Record Date 11/9/17
Ex Date 11/10/17
Pay Date 11/10/17
Long-Term Capital Gains ($/Share) $4.13367 per share
Short-Term Capital Gains ($/Share) $0.02658 per share
Ordinary Income ($/Share) $0.00 per share

Portfolio

Portfolio Characteristics as of 6/30/18

Net Assets
$106 Million
Number of Holdings
71
12-Month Trailing Turnover
7%
Morningstar Category
Mid-Cap Growth
Lipper Classification
Multi-Cap Core

Top Ten Holdings as of 9/30/18

% Of Net Assets
Thermo Fisher Scientific, Inc. 9.20%
Gilead Sciences, Inc. 6.45%
KVH Industries, Inc. 6.25%
CarMax, Inc. 6.20%
Becton Dickinson and Co. 5.36%
% Of Net Assets
FormFactor, Inc. 4.53%
PDF Solutions, Inc. 4.14%
Amber Road 4.13%
Entegris, Inc. 3.97%
ViaSat, Inc. 3.94%
Total 54.17%

Market Capitalization Exposure as of 9/30/18

> $8 billion 45.68
$2 - 8 billion 16.73
$250 million - $2 billion 29.71
< $250 million 7.88

Sector Weightings as of 9/30/18 *

Industry Long Short Total 1 2
Automobiles 0.0 (0.1) (0.1)
Biotechnology 6.9 0.0 6.9
Capital Markets 0.8 0.0 0.8
Commercial Services & Supplies/Professional Services 1.2 0.0 1.2
Communications Equipment 10.8 (4.8) 6.0
Comsumer Finance 0.0 (1.5) (1.5)
Diversified Manufacturing 0.1 0.0 0.1
Electrical Equipment/Electronic Equipment, Instruments & Components 6.8 0.0 6.8
Energy Equipment & Services 1.8 0.0 1.8
Entertainment 0.9 0.0 0.9
Health Care Equipment & Supplies 9.0 0.0 9.0
Household Products/Household Durables 0.7 0.0 0.7
Industrial Conglomerates 0.4 0.0 0.4
Insurance 0.2 (0.2) 0.0
IT Services 2.7 0.0 2.7
Life Sciences Tools & Services 9.8 0.0 9.8
Media 4.1 0.0 4.1
Oil, Gas & Consumable Fuels 0.6 0.0 0.6
Pharmaceuticals 0.7 0.0 0.7
Semiconductors & Semiconductor Equipment 20.3 0.0 20.3
Software 11.3 0.0 11.3
Specialty Retail 6.6 0.0 6.6
Technology Hardware, Storage & Peripherals 7.0 0.0 7.0
Trading Companies & Distributors 2.2 0.0 2.2
Money Market Fund 1.7 0.0 1.7
TOTAL 106.6 (6.6) 100.0

* Current portfolio holdings may not be indicative of future portfolio holdings.

1 Percentage of total investments includes all stocks, plus cash minus all short positions.

2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.

Risk/Reward Metrics as of 9/30/18 *

Fund S&P 500
Average Annual Return 12.42 9.12
Active Share 108.9 0.00
Alpha 3.35 0.00
Beta 1.06 1.00
Maximum Drawdown -49.15 -50.95
Downside Capture Ratio 103.67 100.00
Standard Deviation 21.21 14.68
R-Squared 54.16 100.00
Sharpe Ratio 0.46 0.46

*Risk/Reward metrics based on the Fund’s retail share class. Metrics are since inception of the Fund, 1/1/96 to 6/30/18. Active Share is as of 9/30/18.

Active Share: Represents the proportion of portfolio holdings that differ from those in the benchmark index.

Alpha: A statistic that measures the difference between the Fund’s actual returns and its benchmark, given its level of risk as measured by beta. The difference is expressed as an annual percentage.

Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market.

Maximum Drawdown: Measures the largest single drop from peak to trough in the value of a portfolio (before a new peak is achieved).

Downside Capture Ratio: Measures a fund’s performance versus a benchmark during periods where the benchmark had a negative return.

Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility.

R-Squared: Measures the percentage of a fund’s returns that can be explained by the returns of the benchmark.

Sharpe Ratio: The Sharpe ratio is calculated by subtracting the risk-free rate, such as that of the 10-year U.S. Treasury bond from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.