Overview

Investment Objective

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

More specifically, the Fund’s investment style is to move early into emerging areas of rapid growth, to stay with the leaders in established growth markets and to exit or short areas and/or companies that the Fund believes can no longer sustain strong, above-average growth profitability.

Strategy
  • Invest in companies with:
    • Strong growth potential
    • Potential for higher operating margins
    • Long-term, sustainable growth
    • Disruptive products or services
  • Invest in companies addressing unmet needs
  • Invest in strong, incentivized management teams
  • Invest in companies that are underfollowed by Wall Street
  • Utilize shorting techniques to dampen volatility
  • Invests in venture-backed, post-IPO opportunities

Portfolio Managers

Fund Statistics

Class I Class R
Ticker Symbols NEAIX NEAGX
Inception Date December 30, 2016 September 4, 2001
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 1.56% 1.90%
Net Expense Ratio* 1.22% 1.82%

*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through April 29, 2025 to the extent the Gross Expense Ratio exceeds 1.85% and 1.18% 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
RSM US LLP
Legal Counsel
Proskauer, LLP

Performance

Daily Performance as of 10/11/2024

$ NAV $ Change Daily % YTD %
Needham Aggressive Growth Fund - Class I $49.37 $1.03 2.13% 16.11%
Needham Aggressive Growth Fund - Class R $46.82 $0.98 2.14% 15.69%

Quarterly Performance as of 09/30/2024

3rd Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Needham Aggressive Growth Fund - Class I ** -0.67% 15.83% 27.96% 10.20% 22.94% 15.37% 12.32%
After Taxes on Distributions -0.67% 15.83% 27.96% 9.64% 21.73% 13.75% 11.33%
After Taxes on Distributions & Redemptions -0.39% 9.37% 16.55% 7.88% 18.46% 12.19% 10.46%
Needham Aggressive Growth Fund - Class R -0.79% 15.42% 27.28% 9.57% 22.20% 14.70% 11.69%
After Taxes on Distributions -0.79% 15.42% 27.28% 8.99% 20.97% 13.08% 10.69%
After Taxes on Distributions & Redemptions -0.47% 9.13% 16.15% 7.38% 17.82% 11.60% 9.87%
Russell 3000 Total Return † 6.23% 20.63% 35.19% 10.29% 15.26% 12.83% 9.44%
Russell 2000 Growth Total Return †† 8.41% 13.22% 27.66% -0.35% 8.82% 8.95% 8.19%

Historical Monthly Returns Since Inception

Select Year:
Class I Class R
Sep 01 -0.66% -0.70%
Oct 01 1.96% 1.91%
Nov 01 6.57% 6.52%
Dec 01 4.22% 4.17%
Class I Class R
Jan 02 -1.65% -1.69%
Feb 02 -2.40% -2.45%
Mar 02 4.88% 4.83%
Apr 02 -1.55% -1.59%
May 02 -2.11% -2.16%
Jun 02 -7.68% -7.73%
Jul 02 -5.74% -5.78%
Aug 02 -0.80% -0.85%
Sep 02 -5.19% -5.23%
Oct 02 3.88% 3.83%
Nov 02 9.18% 9.13%
Dec 02 -7.48% -7.53%
Class I Class R
Jan 03 -1.60% -1.65%
Feb 03 -2.64% -2.68%
Mar 03 1.77% 1.72%
Apr 03 5.36% 5.31%
May 03 7.34% 7.30%
Jun 03 1.55% 1.50%
Jul 03 5.07% 5.02%
Aug 03 3.05% 3.00%
Sep 03 -0.96% -1.00%
Oct 03 3.54% 3.50%
Nov 03 2.36% 2.31%
Dec 03 0.05% 0.00%
Class I Class R
Jan 04 3.70% 3.65%
Feb 04 0.55% 0.50%
Mar 04 -0.62% -0.67%
Apr 04 -2.64% -2.69%
May 04 0.05% 0.00%
Jun 04 2.03% 1.98%
Jul 04 -6.47% -6.51%
Aug 04 -0.04% -0.09%
Sep 04 1.22% 1.18%
Oct 04 2.29% 2.24%
Nov 04 4.78% 4.73%
Dec 04 7.49% 7.44%
Class I Class R
Jan 05 -4.39% -4.44%
Feb 05 0.21% 0.16%
Mar 05 -0.12% -0.16%
Apr 05 -4.27% -4.32%
May 05 4.98% 4.94%
Jun 05 3.05% 3.00%
Jul 05 5.56% 5.51%
Aug 05 -0.77% -0.82%
Sep 05 3.66% 3.61%
Oct 05 -3.51% -3.56%
Nov 05 4.96% 4.91%
Dec 05 1.23% 1.18%
Class I Class R
Jan 06 5.22% 5.17%
Feb 06 0.74% 0.69%
Mar 06 1.35% 1.31%
Apr 06 0.86% 0.81%
May 06 -4.74% -4.78%
Jun 06 -0.17% -0.21%
Jul 06 -4.35% -4.39%
Aug 06 2.57% 2.52%
Sep 06 2.00% 1.95%
Oct 06 4.16% 4.11%
Nov 06 4.10% 4.05%
Dec 06 0.91% 0.87%
Class I Class R
Jan 07 2.34% 2.29%
Feb 07 -0.38% -0.42%
Mar 07 3.56% 3.52%
Apr 07 2.29% 2.24%
May 07 3.37% 3.32%
Jun 07 1.14% 1.09%
Jul 07 -0.97% -1.02%
Aug 07 1.40% 1.35%
Sep 07 2.58% 2.54%
Oct 07 3.51% 3.46%
Nov 07 -2.90% -2.95%
Dec 07 -0.59% -0.63%
Class I Class R
Jan 08 -9.50% -9.55%
Feb 08 -3.01% -3.05%
Mar 08 -1.49% -1.53%
Apr 08 7.83% 7.78%
May 08 3.54% 3.50%
Jun 08 -10.09% -10.13%
Jul 08 3.31% 3.27%
Aug 08 4.48% 4.43%
Sep 08 -8.44% -8.48%
Oct 08 -13.12% -13.16%
Nov 08 -6.09% -6.13%
Dec 08 4.01% 3.96%
Class I Class R
Jan 09 -7.79% -7.83%
Feb 09 -4.66% -4.71%
Mar 09 6.67% 6.63%
Apr 09 13.95% 13.90%
May 09 2.63% 2.58%
Jun 09 2.66% 2.61%
Jul 09 4.57% 4.52%
Aug 09 1.31% 1.26%
Sep 09 6.64% 6.59%
Oct 09 -4.46% -4.51%
Nov 09 2.46% 2.41%
Dec 09 5.95% 5.90%
Class I Class R
Jan 10 -3.27% -3.31%
Feb 10 4.97% 4.93%
Mar 10 9.05% 9.00%
Apr 10 2.24% 2.19%
May 10 -5.39% -5.43%
Jun 10 -4.94% -4.99%
Jul 10 4.34% 4.30%
Aug 10 -3.69% -3.74%
Sep 10 18.75% 18.70%
Oct 10 3.92% 3.87%
Nov 10 3.14% 3.10%
Dec 10 7.65% 7.60%
Class I Class R
Jan 11 1.68% 1.63%
Feb 11 1.94% 1.89%
Mar 11 1.45% 1.41%
Apr 11 1.60% 1.56%
May 11 -2.03% -2.08%
Jun 11 -2.47% -2.51%
Jul 11 -9.70% -9.74%
Aug 11 -10.05% -10.10%
Sep 11 -9.91% -9.96%
Oct 11 18.09% 18.04%
Nov 11 -2.97% -3.01%
Dec 11 1.30% 1.26%
Class I Class R
Jan 12 10.72% 10.67%
Feb 12 4.78% 4.73%
Mar 12 1.53% 1.49%
Apr 12 -4.70% -4.74%
May 12 -8.87% -8.91%
Jun 12 6.46% 6.41%
Jul 12 -0.40% -0.44%
Aug 12 3.42% 3.38%
Sep 12 1.59% 1.54%
Oct 12 -4.87% -4.92%
Nov 12 2.86% 2.81%
Dec 12 3.34% 3.29%
Class I Class R
Jan 13 3.42% 3.37%
Feb 13 -1.59% -1.63%
Mar 13 1.53% 1.48%
Apr 13 2.84% 2.80%
May 13 9.57% 9.52%
Jun 13 0.04% 0.00%
Jul 13 6.52% 6.47%
Aug 13 -1.56% -1.60%
Sep 13 5.53% 5.48%
Oct 13 -0.80% -0.84%
Nov 13 4.11% 4.06%
Dec 13 2.91% 2.86%
Class I Class R
Jan 14 -0.84% -0.88%
Feb 14 1.47% 1.42%
Mar 14 -3.11% -3.16%
Apr 14 -3.04% -3.08%
May 14 1.59% 1.54%
Jun 14 6.82% 6.77%
Jul 14 -4.31% -4.36%
Aug 14 3.70% 3.65%
Sep 14 -3.83% -3.87%
Oct 14 6.75% 6.70%
Nov 14 0.90% 0.85%
Dec 14 2.22% 2.17%
Class I Class R
Jan 15 -2.42% -2.46%
Feb 15 7.36% 7.31%
Mar 15 -0.81% -0.85%
Apr 15 -2.33% -2.37%
May 15 2.60% 2.56%
Jun 15 -1.06% -1.10%
Jul 15 -2.72% -2.77%
Aug 15 -6.96% -7.01%
Sep 15 -4.48% -4.52%
Oct 15 4.02% 3.97%
Nov 15 1.81% 1.76%
Dec 15 -0.97% -1.01%
Class I Class R
Jan 16 -5.73% -5.78%
Feb 16 1.62% 1.57%
Mar 16 6.89% 6.84%
Apr 16 -2.06% -2.10%
May 16 0.35% 0.31%
Jun 16 1.06% 1.02%
Jul 16 3.98% 3.93%
Aug 16 1.84% 1.79%
Sep 16 3.38% 3.33%
Oct 16 -0.09% -0.14%
Nov 16 9.39% 9.35%
Dec 16 0.95% 0.91%
Class I Class R
Jan 17 -0.49% -0.58%
Feb 17 1.40% 1.35%
Mar 17 0.84% 0.85%
Apr 17 0.93% 0.84%
May 17 -0.17% -0.22%
Jun 17 -1.01% -1.05%
Jul 17 4.42% 4.39%
Aug 17 -1.14% -1.19%
Sep 17 7.45% 7.39%
Oct 17 0.84% 0.76%
Nov 17 0.25% 0.21%
Dec 17 -3.89% -3.92%
Class I Class R
Jan 18 0.56% 0.48%
Feb 18 -1.80% -1.81%
Mar 18 0.65% 0.62%
Apr 18 -2.25% -2.31%
May 18 8.96% 8.94%
Jun 18 0.73% 0.66%
Jul 18 -0.53% -0.57%
Aug 18 2.92% 2.87%
Sep 18 -4.97% -5.02%
Oct 18 -10.30% -10.32%
Nov 18 -0.15% -0.21%
Dec 18 -8.91% -8.91%
Class I Class R
Jan 19 11.77% 11.68%
Feb 19 4.03% 3.98%
Mar 19 0.60% 0.56%
Apr 19 5.71% 5.64%
May 19 -8.62% -8.65%
Jun 19 8.55% 8.53%
Jul 19 3.44% 3.39%
Aug 19 -4.20% -4.27%
Sep 19 4.62% 4.61%
Oct 19 5.02% 4.96%
Nov 19 3.10% 3.02%
Dec 19 5.16% 5.12%
Class I Class R
Jan 20 0.40% 0.37%
Feb 20 -3.54% -3.62%
Mar 20 -13.66% -13.63%
Apr 20 16.73% 16.60%
May 20 7.88% 7.83%
Jun 20 7.26% 7.26%
Jul 20 12.03% 11.94%
Aug 20 1.67% 1.57%
Sep 20 -3.18% -3.19%
Oct 20 -1.12% -1.19%
Nov 20 16.01% 15.90%
Dec 20 6.63% 6.58%
Class I Class R
Jan 21 4.59% 4.53%
Feb 21 3.21% 3.18%
Mar 21 -0.66% -0.73%
Apr 21 1.75% 1.69%
May 21 1.55% 1.51%
Jun 21 7.03% 6.96%
Jul 21 0.36% 0.29%
Aug 21 2.35% 2.32%
Sep 21 -0.68% -0.76%
Oct 21 7.61% 7.55%
Nov 21 5.67% 5.62%
Dec 21 0.62% 0.57%
Class I Class R
Jan 22 -13.08% -13.16%
Feb 22 -2.54% -2.58%
Mar 22 0.87% 0.79%
Apr 22 -11.37% -11.39%
May 22 -0.97% -1.01%
Jun 22 -8.42% -8.47%
Jul 22 13.76% 13.65%
Aug 22 -1.52% -1.55%
Sep 22 -9.35% -9.40%
Oct 22 4.63% 4.58%
Nov 22 5.04% 4.96%
Dec 22 -4.80% -4.85%
Class I Class R
Jan 23 9.96% 9.93%
Feb 23 0.95% 0.87%
Mar 23 -1.61% -1.66%
Apr 23 -6.79% -6.86%
May 23 14.32% 14.27%
Jun 23 9.65% 9.70%
Jul 23 7.27% 7.24%
Aug 23 -5.33% -5.38%
Sep 23 -3.34% -3.37%
Oct 23 -6.91% -6.98%
Nov 23 8.65% 8.58%
Dec 23 9.22% 9.17%
Class I Class R
Jan 24 2.54% 2.50%
Feb 24 11.35% 11.31%
Mar 24 4.00% 3.94%
Apr 24 -6.04% -6.08%
May 24 7.25% 7.23%
Jun 24 -2.55% -2.59%
Jul 24 1.94% 1.87%
Aug 24 -3.19% -3.21%
Sep 24 0.65% 0.62%

The Needham Aggressive Growth Fund inception date is 9/4/01. 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.

The source of the data for each of the Russell 2000 Index and the Russell 3000 Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).  © LSE Group 2024.  All rights in the Indexes vest in the relevant LSE Group company which owns the Index.  The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner.  Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the Fund or the suitability of the Indexes with respect to the Fund.  No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent.  The LSE Group is not connected to the Fund and does not promote, sponsor or endorse the Fund or the content of this prospectus.

**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.

Array ( [fund_name_i] => Needham Aggressive Growth Fund Institutional Class [inception_date_i] => 12/30/2016 [growth_value_i] => 10000 [as_of_date_i] => 09/30/2024 [fund_load_i] => 145950 [fund_noload_i] => 145950 [index1_name] => Russell 3000 Total Return [index1_load] => 80061 [index1_noload] => 80061 [index2_name] => Russell 2000 Growth Total Return [index2_load] => 61421 [index2_noload] => 61421 [index3_name] => [index3_load] => [index3_noload] => [index4_name] => [index4_load] => [index4_noload] => [index5_name] => [index5_load] => [index5_noload] => [fund_name_r] => Needham Aggressive Growth Fund (Retail) [inception_date_r] => 9/4/2001 [growth_value_r] => 10000 [as_of_date_r] => 09/30/2024 [fund_load_r] => 128238 [fund_noload_r] => 128238 ) 1

Growth of 10K as of 09/30/2024

NEAIX NEAGX Russell 3000 Total Return Russell 2000 Growth Total Return ††
09/04/2001 10000 10000 10000 10000
09/30/2001 9934 9930 9122 8461
10/31/2001 10129 10120 9335 9275
11/30/2001 10794 10780 10054 10049
12/31/2001 11250 11230 10195 10675
01/31/2002 11065 11040 10067 10295
02/28/2002 10799 10770 9862 9629
03/31/2002 11325 11290 10294 10466
04/30/2002 11150 11110 9754 10239
05/31/2002 10914 10870 9641 9641
06/30/2002 10075 10030 8947 8823
07/31/2002 9497 9450 8236 7467
08/31/2002 9421 9370 8274 7464
09/30/2002 8933 8880 7405 6925
10/31/2002 9279 9220 7995 7275
11/30/2002 10130 10062 8478 7996
12/31/2002 9372 9304 7999 7445
01/31/2003 9222 9151 7803 7242
02/28/2003 8978 8905 7675 7049
03/31/2003 9137 9059 7756 7156
04/30/2003 9627 9540 8389 7833
05/31/2003 10334 10236 8895 8716
06/30/2003 10494 10389 9015 8884
07/31/2003 11026 10911 9222 9555
08/31/2003 11362 11239 9427 10069
09/30/2003 11253 11126 9324 9814
10/31/2003 11652 11515 9889 10662
11/30/2003 11927 11781 10025 11009
12/31/2003 11932 11781 10483 11058
01/31/2004 12374 12211 10702 11639
02/29/2004 12441 12273 10846 11621
03/31/2004 12364 12191 10717 11676
04/30/2004 12037 11863 10496 11090
05/31/2004 12043 11863 10648 11310
06/30/2004 12287 12099 10860 11687
07/31/2004 11492 11310 10449 10638
08/31/2004 11487 11300 10492 10409
09/30/2004 11628 11433 10654 10984
10/31/2004 11893 11689 10829 11251
11/30/2004 12461 12242 11332 12202
12/31/2004 13395 13153 11736 12641
01/31/2005 12806 12569 11423 12071
02/28/2005 12833 12590 11675 12237
03/31/2005 12818 12569 11477 11778
04/30/2005 12270 12027 11228 11028
05/31/2005 12882 12621 11653 11806
06/30/2005 13274 12999 11735 12187
07/31/2005 14012 13716 12216 13039
08/31/2005 13904 13603 12100 12856
09/30/2005 14412 14095 12206 12958
10/31/2005 13906 13593 11977 12479
11/30/2005 14596 14261 12443 13185
12/31/2005 14775 14429 12454 13166
01/31/2006 15546 15175 12870 14435
02/28/2006 15660 15280 12893 14359
03/31/2006 15872 15480 13116 15056
04/30/2006 16009 15606 13258 15013
05/31/2006 15250 14860 12834 13956
06/30/2006 15225 14828 12856 13965
07/31/2006 14563 14177 12844 13239
08/31/2006 14936 14534 13159 13627
09/30/2006 15235 14818 13453 13719
10/31/2006 15869 15427 13937 14608
11/30/2006 16519 16052 14241 14958
12/31/2006 16670 16191 14411 14923
01/31/2007 17060 16563 14686 15200
02/28/2007 16996 16493 14445 15152
03/31/2007 17601 17073 14595 15292
04/30/2007 18004 17456 15178 15693
05/31/2007 18611 18036 15731 16408
06/30/2007 18823 18233 15436 16315
07/31/2007 18640 18047 14910 15468
08/31/2007 18900 18291 15124 15857
09/30/2007 19388 18755 15675 16317
10/31/2007 20069 19404 15963 17052
11/30/2007 19486 18833 15244 15874
12/31/2007 19372 18713 15152 15974
01/31/2008 17531 16927 14234 14509
02/29/2008 17004 16411 13792 14006
03/31/2008 16751 16159 13710 13925
04/30/2008 18062 17416 14396 14640
05/31/2008 18702 18025 14690 15470
06/30/2008 16815 16199 13478 14548
07/31/2008 17373 16728 13371 14886
08/31/2008 18151 17469 13578 15256
09/30/2008 16618 15987 12302 13531
10/31/2008 14438 13883 10120 10595
11/30/2008 13559 13032 9321 9313
12/31/2008 14102 13548 9499 9818
01/31/2009 13004 12487 8702 9071
02/28/2009 12397 11899 7791 8132
03/31/2009 13225 12688 8473 8861
04/30/2009 15069 14451 9365 10195
05/31/2009 15465 14824 9864 10590
06/30/2009 15876 15211 9898 10933
07/31/2009 16602 15899 10668 11781
08/31/2009 16819 16100 11049 11896
09/30/2009 17935 17160 11512 12677
10/31/2009 17135 16386 11216 11796
11/30/2009 17556 16781 11854 12161
12/31/2009 18600 17772 12191 13202
01/31/2010 17993 17183 11752 12611
02/28/2010 18888 18030 12150 13161
03/31/2010 20596 19652 12916 14207
04/30/2010 21057 20083 13195 14803
05/31/2010 19923 18992 12153 13824
06/30/2010 18938 18044 11454 12897
07/31/2010 19760 18820 12249 13750
08/31/2010 19031 18116 11672 12747
09/30/2010 22599 21504 12775 14552
10/31/2010 23485 22337 13274 15178
11/30/2010 24223 23028 13350 15839
12/31/2010 26075 24777 14255 17042
01/31/2011 26513 25182 14567 16947
02/28/2011 27027 25659 15097 17943
03/31/2011 27420 26020 15165 18616
04/30/2011 27859 26425 15617 19287
05/31/2011 27292 25876 15438 18910
06/30/2011 26618 25225 15161 18506
07/31/2011 24037 22768 14814 17781
08/31/2011 21620 20469 13925 16258
09/30/2011 19477 18431 12845 14389
10/31/2011 23000 21756 14323 16671
11/30/2011 22318 21101 14284 16583
12/31/2011 22608 21366 14402 16546
01/31/2012 25033 23647 15128 17784
02/29/2012 26229 24765 15768 18370
03/31/2012 26631 25133 16255 18743
04/30/2012 25379 23941 16148 18435
05/31/2012 23129 21807 15150 17121
06/30/2012 24622 23205 15743 18005
07/31/2012 24524 23102 15899 17691
08/31/2012 25363 23882 16296 18326
09/30/2012 25766 24250 16724 18875
10/31/2012 24511 23058 16435 18288
11/30/2012 25211 23706 16563 18429
12/31/2012 26053 24487 16766 18960
01/31/2013 26942 25311 17686 20207
02/28/2013 26515 24899 17920 20422
03/31/2013 26919 25267 18622 21465
04/30/2013 27684 25974 18927 21324
05/31/2013 30335 28447 19374 22406
06/30/2013 30348 28447 19122 22266
07/31/2013 32327 30288 20170 23951
08/31/2013 31823 29802 19607 23483
09/30/2013 33584 31437 20336 25117
10/31/2013 33316 31171 21200 25575
11/30/2013 34685 32438 21815 26625
12/31/2013 35693 33365 22391 27170
01/31/2014 35395 33071 21683 26700
02/28/2014 35914 33542 22712 27991
03/31/2014 34796 32482 22833 27301
04/30/2014 33738 31481 22860 25900
05/31/2014 34275 31967 23359 26150
06/30/2014 36612 34131 23945 27772
07/31/2014 35033 32644 23473 26090
08/31/2014 36330 33837 24457 27545
09/30/2014 34939 32526 23948 26070
10/31/2014 37296 34705 24607 27687
11/30/2014 37631 35001 25203 27866
12/31/2014 38465 35760 25203 28692
01/31/2015 37535 34879 24501 28037
02/28/2015 40296 37429 25920 30055
03/31/2015 39972 37111 25656 30594
04/30/2015 39042 36230 25772 29694
05/31/2015 40058 37156 26129 30785
06/30/2015 39634 36746 25692 31199
07/31/2015 38556 35729 26121 31327
08/31/2015 35870 33225 24544 28953
09/30/2015 34264 31722 23829 27124
10/31/2015 35641 32982 25711 28663
11/30/2015 36286 33564 25854 29713
12/31/2015 35936 33224 25323 28296
01/31/2016 33875 31305 23894 25230
02/29/2016 34423 31798 23887 25052
03/31/2016 36793 33972 25568 26971
04/30/2016 36037 33258 25727 27240
05/31/2016 36164 33360 26187 27973
06/30/2016 36548 33700 26241 27845
07/31/2016 38003 35025 27282 29666
08/31/2016 38703 35653 27352 29981
09/30/2016 40011 36842 27395 30413
10/31/2016 39974 36791 26802 28523
11/30/2016 43729 40231 28002 31074
12/31/2016 44145 40595 28548 31498
01/31/2017 43927 40358 29085 32010
02/28/2017 44541 40904 30167 32795
03/31/2017 44918 41250 30188 33183
04/30/2017 45334 41596 30508 33794
05/31/2017 45254 41505 30820 33487
06/30/2017 44799 41068 31098 34639
07/31/2017 46779 42871 31684 34934
08/31/2017 46245 42361 31745 34893
09/30/2017 49691 45494 32520 36793
10/31/2017 50107 45840 33229 37363
11/30/2017 50234 45937 34238 38436
12/31/2017 48279 44139 34581 38480
01/31/2018 48549 44349 36403 39980
02/28/2018 47675 43545 35061 38842
03/31/2018 47987 43813 34358 39365
04/30/2018 46906 42799 34488 39404
05/31/2018 51107 46626 35462 41885
06/30/2018 51482 46932 35694 42212
07/31/2018 51211 46664 36878 42938
08/31/2018 52709 48003 38173 45611
09/30/2018 50088 45593 38237 44544
10/31/2018 44930 40886 35421 38907
11/30/2018 44861 40801 36131 39516
12/31/2018 40865 37164 32768 34899
01/31/2019 45674 41507 35580 38929
02/28/2019 47517 43160 36832 41443
03/31/2019 47804 43402 37370 40882
04/30/2019 50531 45849 38862 42127
05/31/2019 46177 41881 36347 39002
06/30/2019 50124 45452 38900 42005
07/31/2019 51847 46995 39478 42416
08/31/2019 49670 44989 38673 40586
09/30/2019 51967 47061 39352 40253
10/31/2019 54575 49398 40199 41398
11/30/2019 56266 50888 41727 43835
12/31/2019 59167 53492 42932 44839
01/31/2020 59407 53689 42885 44345
02/29/2020 57304 51748 39374 41144
03/31/2020 49479 44696 33959 33286
04/30/2020 57756 52116 38457 38244
05/31/2020 62308 56195 40514 41858
06/30/2020 66832 60274 41440 43467
07/31/2020 74870 67473 43793 44960
08/31/2020 76121 68530 46966 47598
09/30/2020 73699 66343 45256 46578
10/31/2020 72874 65557 44279 46932
11/30/2020 84541 75981 49665 55208
12/31/2020 90146 80981 51900 60368
01/31/2021 94280 84648 51669 63278
02/28/2021 97304 87341 53284 65368
03/31/2021 96666 86700 55194 63311
04/30/2021 98358 88162 58039 64691
05/31/2021 99884 89495 58304 62844
06/30/2021 106904 95726 59742 65791
07/31/2021 107292 96008 60752 63395
08/31/2021 109817 98239 62484 64547
09/30/2021 109068 97496 59681 62072
10/31/2021 117364 104855 63717 64979
11/30/2021 124020 110750 62747 61805
12/31/2021 124791 111381 65218 62079
01/31/2022 108462 96721 61381 53759
02/28/2022 105706 94222 59834 53993
03/31/2022 106625 94964 61775 54240
04/30/2022 94504 84147 56231 47585
05/31/2022 93586 83296 56156 46687
06/30/2022 85703 76240 51458 43797
07/31/2022 97498 86645 56286 48700
08/31/2022 96016 85300 54185 48242
09/30/2022 87037 77283 49161 43903
10/31/2022 91067 80825 53192 48070
11/30/2022 95660 84833 55969 48853
12/31/2022 91067 80715 52691 45717
01/31/2023 100135 88732 56320 50264
02/28/2023 101083 89500 55004 49720
03/31/2023 99453 88018 56475 48493
04/30/2023 92697 81978 57077 47930
05/31/2023 105973 93673 57299 47938
06/30/2023 116197 102761 61211 51913
07/31/2023 124643 110201 63406 54340
08/31/2023 118005 104271 62182 51511
09/30/2023 114063 100757 59220 48114
10/31/2023 106180 93728 57650 44403
11/30/2023 115367 101772 63026 48445
12/31/2023 126006 111107 66368 54247
01/31/2024 129206 113880 67104 52507
02/29/2024 143876 126756 70736 56772
03/31/2024 149625 131752 73018 58360
04/30/2024 140586 123736 69805 53866
05/31/2024 150780 132686 73103 56751
06/30/2024 146928 129254 75366 56656
07/31/2024 149773 131670 76767 61294
08/31/2024 145002 127442 78439 60615
09/30/2024 145950 128238 80061 61421
NEAIX $145,950
NEAGX $128,238
Russell 3000 Total Return $80,061
Russell 2000 Growth Total Return †† $61,421

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 3000® Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution.

†† The Russell 2000® Growth Index measures the performance of the small-cap segment of the U.S.

equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and

higher forecasted growth values.

The source of the data for each of the Russell 3000 Index and the Russell 2000 Growth Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).  © LSE Group 2024.  All rights in the Indexes vest in the relevant LSE Group company which owns the Index.  The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner.  Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the Fund or the suitability of the Indexes with respect to the Fund.  No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent.  The LSE Group is not connected to the Fund and does not promote, sponsor or endorse the Fund or the content of this prospectus.

Distributions - 2023

Class I & Class R shares
Record Date N/A
Ex Date N/A
Pay Date N/A
Long-Term Capital Gains ($/Share) $0.00000 per share
Short-Term Capital Gains ($/Share) $0.00000 per share
Ordinary Income ($/Share) $0.00 per share

As of November 15th, the Needham Funds have determined there are no required distributions for 2023. 

Portfolio

Portfolio Characteristics as of 6/30/24

Inception Date
September 4, 2001
Net Assets
$801 Million
Number of Holdings
87
12-month Trailing Turnover
8%
Morningstar Category
Small Growth
Lipper Classification
Small-Cap Growth
Active Share vs. Russell 2000 Growth
94.4%

Top Ten Holdings as of 6/30/24

% Of Net Assets
Super Micro Computer Inc. 6.89%
PDF Solutions, Inc. 3.97%
Aspen Aerogels, Inc. 3.78%
Vertiv Holdings Co. 2.68%
Vital Farms, Inc. 2.44%
% Of Net Assets
Vishay Precision Group, Inc. 2.09%
Asure Software, Inc. 2.07%
Vicor Corp. 2.07%
Thermon Group Holdings, Inc. 2.05%
Veeco Instruments, Inc. 2.02%
Total 30.07%

Sector Weightings as of 6/30/24*

Sector1 2 % of Net Investments*
Information Technology 41.6
Industrials 20.7
Cash 14.8
Materials 7.5
Consumer Discretionary 7.0
Consumer Staples 4.3
Health Care 2.3
Energy 0.8
Financials 0.4
Real Estate 0.4
Communication Services 0.2

*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 6/30/24*

3 YR 5 YR Since Inception
Fund Russell 2000 Growth Fund Russell 2000 Growth Fund Russell 2000 Growth
Annualized Return 10.53 -4.86 23.25 6.17 11.94 8.72
Alpha 16.38 0.00 17.38 0.00 4.70 0.00
Beta 0.93 1.00 0.88 1.00 0.80 1.00
Maximum Drawdown -31.55 -33.43 -31.55 -33.43 -38.68 -52.31
Upside Capture Ratio 135.22 100.00 122.62 100.00 84.06 100.00
Downside Capture Ratio 82.04 100.00 74.49 100.00 76.79 100.00
Standard Deviation 24.66 22.80 23.93 23.97 18.72 20.76
R-Squared 74.02 100.00 77.08 100.00 78.87 100.00
Sharpe Ratio 0.30 -0.35 0.88 0.16 0.56 0.35

*Risk/Reward metrics based on the Fund’s retail share class. The Fund’s inception is 9/4/01. Metrics since inception of the Fund are calculated from 12/31/2001 to 6/30/24. Active Share as of 6/30/24.

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).

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

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.