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 1.58% 1.85%
Net Expense Ratio* 1.21% 1.88%

*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through May 1, 2024 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 03/18/2024

$ NAV $ Change Daily % YTD %
Needham Aggressive Growth Fund - Class I $48.78 -$0.32 -0.65% 14.72%
Needham Aggressive Growth Fund - Class R $46.37 -$0.31 -0.66% 14.58%

Quarterly Performance as of 12/31/2023

4th Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Needham Aggressive Growth Fund - Class I ** 10.47% 38.37% 38.37% 11.81% 25.26% 13.44% 12.02%
After Taxes on Distributions 10.47% 38.37% 38.37% 11.24% 24.03% 11.85% 10.99%
After Taxes on Distributions & Redemptions 6.20% 22.71% 22.71% 9.22% 20.57% 10.55% 10.17%
Needham Aggressive Growth Fund - Class R 10.27% 37.65% 37.65% 11.12% 24.49% 12.78% 11.39%
After Taxes on Distributions 10.27% 37.65% 37.65% 10.53% 23.23% 11.18% 10.36%
After Taxes on Distributions & Redemptions 6.08% 22.29% 22.29% 8.68% 19.90% 9.98% 9.58%
Russell 2000 Growth Total Return † 12.75% 18.66% 18.66% -3.50% 9.22% 7.16% 7.87%
Russell 2000 Total Return Index †† 14.03% 16.93% 16.93% 2.22% 9.97% 7.16% 8.24%
S&P 500 TR ††† 11.69% 26.29% 26.29% 10.00% 15.69% 12.03% 8.74%

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%

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 2023.  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] => 02/29/2024 [fund_load_i] => 143876 [fund_noload_i] => 143876 [index1_name] => Russell 2000 Growth Total Return [index1_load] => 56772 [index1_noload] => 56772 [index2_name] => Russell 2000 Total Return Index [index2_load] => 59465 [index2_noload] => 59465 [index3_name] => S&P 500 TR [index3_load] => 69560 [index3_noload] => 69560 [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] => 02/29/2024 [fund_load_r] => 126756 [fund_noload_r] => 126756 ) 1

Growth of 10K as of 02/29/2024

NEAIX NEAGX Russell 2000 Growth Total Return Russell 2000 Total Return Index †† S&P 500 TR †††
09/04/2001 10000 10000 10000 10000 10000
09/30/2001 9934 9930 8461 8684 9198
10/31/2001 10129 10120 9275 9192 9373
11/30/2001 10794 10780 10049 9903 10092
12/31/2001 11250 11230 10675 10515 10180
01/31/2002 11065 11040 10295 10405 10032
02/28/2002 10799 10770 9629 10120 9838
03/31/2002 11325 11290 10466 10933 10208
04/30/2002 11150 11110 10239 11033 9589
05/31/2002 10914 10870 9641 10543 9519
06/30/2002 10075 10030 8823 10020 8841
07/31/2002 9497 9450 7467 8507 8152
08/31/2002 9421 9370 7464 8485 8205
09/30/2002 8933 8880 6925 7876 7313
10/31/2002 9279 9220 7275 8128 7957
11/30/2002 10130 10062 7996 8854 8425
12/31/2002 9372 9304 7445 8361 7930
01/31/2003 9222 9151 7242 8129 7723
02/28/2003 8978 8905 7049 7884 7607
03/31/2003 9137 9059 7156 7985 7681
04/30/2003 9627 9540 7833 8742 8313
05/31/2003 10334 10236 8716 9681 8751
06/30/2003 10494 10389 8884 9856 8863
07/31/2003 11026 10911 9555 10473 9019
08/31/2003 11362 11239 10069 10953 9195
09/30/2003 11253 11126 9814 10750 9098
10/31/2003 11652 11515 10662 11653 9612
11/30/2003 11927 11781 11009 12067 9697
12/31/2003 11932 11781 11058 12312 10205
01/31/2004 12374 12211 11639 12847 10393
02/29/2004 12441 12273 11621 12962 10537
03/31/2004 12364 12191 11676 13082 10378
04/30/2004 12037 11863 11090 12415 10215
05/31/2004 12043 11863 11310 12613 10355
06/30/2004 12287 12099 11687 13144 10557
07/31/2004 11492 11310 10638 12259 10207
08/31/2004 11487 11300 10409 12196 10249
09/30/2004 11628 11433 10984 12769 10360
10/31/2004 11893 11689 11251 13020 10518
11/30/2004 12461 12242 12202 14149 10943
12/31/2004 13395 13153 12641 14568 11316
01/31/2005 12806 12569 12071 13960 11040
02/28/2005 12833 12590 12237 14197 11272
03/31/2005 12818 12569 11778 13791 11073
04/30/2005 12270 12027 11028 13001 10863
05/31/2005 12882 12621 11806 13852 11208
06/30/2005 13274 12999 12187 14386 11224
07/31/2005 14012 13716 13039 15297 11642
08/31/2005 13904 13603 12856 15014 11535
09/30/2005 14412 14095 12958 15061 11629
10/31/2005 13906 13593 12479 14593 11435
11/30/2005 14596 14261 13185 15302 11868
12/31/2005 14775 14429 13166 15232 11872
01/31/2006 15546 15175 14435 16598 12186
02/28/2006 15660 15280 14359 16552 12219
03/31/2006 15872 15480 15056 17355 12371
04/30/2006 16009 15606 15013 17352 12537
05/31/2006 15250 14860 13956 16378 12176
06/30/2006 15225 14828 13965 16483 12193
07/31/2006 14563 14177 13239 15947 12268
08/31/2006 14936 14534 13627 16419 12560
09/30/2006 15235 14818 13719 16555 12884
10/31/2006 15869 15427 14608 17509 13304
11/30/2006 16519 16052 14958 17969 13557
12/31/2006 16670 16191 14923 18029 13747
01/31/2007 17060 16563 15200 18331 13955
02/28/2007 16996 16493 15152 18186 13682
03/31/2007 17601 17073 15292 18380 13835
04/30/2007 18004 17456 15693 18710 14447
05/31/2007 18611 18036 16408 19477 14952
06/30/2007 18823 18233 16315 19192 14703
07/31/2007 18640 18047 15468 17879 14247
08/31/2007 18900 18291 15857 18284 14461
09/30/2007 19388 18755 16317 18598 15002
10/31/2007 20069 19404 17052 19132 15240
11/30/2007 19486 18833 15874 17758 14603
12/31/2007 19372 18713 15974 17747 14502
01/31/2008 17531 16927 14509 16537 13632
02/29/2008 17004 16411 14006 15924 13189
03/31/2008 16751 16159 13925 15991 13132
04/30/2008 18062 17416 14640 16660 13772
05/31/2008 18702 18025 15470 17425 13950
06/30/2008 16815 16199 14548 16084 12774
07/31/2008 17373 16728 14886 16679 12667
08/31/2008 18151 17469 15256 17282 12850
09/30/2008 16618 15987 13531 15905 11705
10/31/2008 14438 13883 10595 12596 9739
11/30/2008 13559 13032 9313 11106 9040
12/31/2008 14102 13548 9818 11751 9137
01/31/2009 13004 12487 9071 10444 8366
02/28/2009 12397 11899 8132 9175 7476
03/31/2009 13225 12688 8861 9994 8130
04/30/2009 15069 14451 10195 11539 8909
05/31/2009 15465 14824 10590 11886 9407
06/30/2009 15876 15211 10933 12061 9426
07/31/2009 16602 15899 11781 13223 10138
08/31/2009 16819 16100 11896 13602 10504
09/30/2009 17935 17160 12677 14386 10896
10/31/2009 17135 16386 11796 13410 10694
11/30/2009 17556 16781 12161 13830 11336
12/31/2009 18600 17772 13202 14944 11554
01/31/2010 17993 17183 12611 14394 11139
02/28/2010 18888 18030 13161 15042 11484
03/31/2010 20596 19652 14207 16266 12177
04/30/2010 21057 20083 14803 17187 12369
05/31/2010 19923 18992 13824 15883 11381
06/30/2010 18938 18044 12897 14652 10786
07/31/2010 19760 18820 13750 15659 11541
08/31/2010 19031 18116 12747 14500 11020
09/30/2010 22599 21504 14552 16306 12004
10/31/2010 23485 22337 15178 16974 12461
11/30/2010 24223 23028 15839 17562 12462
12/31/2010 26075 24777 17042 18957 13295
01/31/2011 26513 25182 16947 18908 13610
02/28/2011 27027 25659 17943 19945 14076
03/31/2011 27420 26020 18616 20462 14082
04/30/2011 27859 26425 19287 21002 14499
05/31/2011 27292 25876 18910 20608 14335
06/30/2011 26618 25225 18506 20133 14096
07/31/2011 24037 22768 17781 19405 13809
08/31/2011 21620 20469 16258 17717 13059
09/30/2011 19477 18431 14389 15731 12141
10/31/2011 23000 21756 16671 18112 13468
11/30/2011 22318 21101 16583 18046 13438
12/31/2011 22608 21366 16546 18165 13576
01/31/2012 25033 23647 17784 19449 14184
02/29/2012 26229 24765 18370 19914 14797
03/31/2012 26631 25133 18743 20424 15284
04/30/2012 25379 23941 18435 20109 15189
05/31/2012 23129 21807 17121 18778 14276
06/30/2012 24622 23205 18005 19715 14864
07/31/2012 24524 23102 17691 19442 15070
08/31/2012 25363 23882 18326 20091 15410
09/30/2012 25766 24250 18875 20751 15808
10/31/2012 24511 23058 18288 20300 15516
11/30/2012 25211 23706 18429 20408 15606
12/31/2012 26053 24487 18960 21135 15748
01/31/2013 26942 25311 20207 22458 16564
02/28/2013 26515 24899 20422 22706 16789
03/31/2013 26919 25267 21465 23754 17418
04/30/2013 27684 25974 21324 23667 17754
05/31/2013 30335 28447 22406 24613 18169
06/30/2013 30348 28447 22266 24487 17925
07/31/2013 32327 30288 23951 26201 18838
08/31/2013 31823 29802 23483 25369 18292
09/30/2013 33584 31437 25117 26987 18866
10/31/2013 33316 31171 25575 27666 19733
11/30/2013 34685 32438 26625 28774 20334
12/31/2013 35693 33365 27170 29340 20849
01/31/2014 35395 33071 26700 28528 20128
02/28/2014 35914 33542 27991 29872 21049
03/31/2014 34796 32482 27301 29669 21226
04/30/2014 33738 31481 25900 28518 21383
05/31/2014 34275 31967 26150 28747 21885
06/30/2014 36612 34131 27772 30276 22337
07/31/2014 35033 32644 26090 28444 22029
08/31/2014 36330 33837 27545 29854 22910
09/30/2014 34939 32526 26070 28048 22589
10/31/2014 37296 34705 27687 29897 23140
11/30/2014 37631 35001 27866 29924 23763
12/31/2014 38465 35760 28692 30776 23703
01/31/2015 37535 34879 28037 29787 22991
02/28/2015 40296 37429 30055 31555 24313
03/31/2015 39972 37111 30594 32105 23928
04/30/2015 39042 36230 29694 31286 24158
05/31/2015 40058 37156 30785 32000 24468
06/30/2015 39634 36746 31199 32240 23995
07/31/2015 38556 35729 31327 31865 24497
08/31/2015 35870 33225 28953 29863 23019
09/30/2015 34264 31722 27124 28397 22450
10/31/2015 35641 32982 28663 29997 24343
11/30/2015 36286 33564 29713 30973 24416
12/31/2015 35936 33224 28296 29418 24031
01/31/2016 33875 31305 25230 26831 22838
02/29/2016 34423 31798 25052 26830 22807
03/31/2016 36793 33972 26971 28971 24355
04/30/2016 36037 33258 27240 29426 24449
05/31/2016 36164 33360 27973 30089 24888
06/30/2016 36548 33700 27845 30070 24953
07/31/2016 38003 35025 29666 31865 25873
08/31/2016 38703 35653 29981 32429 25909
09/30/2016 40011 36842 30413 32790 25914
10/31/2016 39974 36791 28523 31231 25441
11/30/2016 43729 40231 31074 34714 26383
12/31/2016 44145 40595 31498 35686 26905
01/31/2017 43927 40358 32010 35827 27415
02/28/2017 44541 40904 32795 36519 28504
03/31/2017 44918 41250 33183 36566 28537
04/30/2017 45334 41596 33794 36967 28830
05/31/2017 45254 41505 33487 36215 29236
06/30/2017 44799 41068 34639 37467 29418
07/31/2017 46779 42871 34934 37746 30023
08/31/2017 46245 42361 34893 37265 30115
09/30/2017 49691 45494 36793 39591 30736
10/31/2017 50107 45840 37363 39928 31454
11/30/2017 50234 45937 38436 41079 32418
12/31/2017 48279 44139 38480 40913 32779
01/31/2018 48549 44349 39980 41983 34655
02/28/2018 47675 43545 38842 40357 33378
03/31/2018 47987 43813 39365 40879 32530
04/30/2018 46906 42799 39404 41232 32655
05/31/2018 51107 46626 41885 43735 33441
06/30/2018 51482 46932 42212 44049 33647
07/31/2018 51211 46664 42938 44816 34899
08/31/2018 52709 48003 45611 46748 36036
09/30/2018 50088 45593 44544 45624 36241
10/31/2018 44930 40886 38907 40668 33764
11/30/2018 44861 40801 39516 41315 34452
12/31/2018 40865 37164 34899 36407 31341
01/31/2019 45674 41507 38929 40503 33853
02/28/2019 47517 43160 41443 42609 34940
03/31/2019 47804 43402 40882 41717 35619
04/30/2019 50531 45849 42127 43134 37061
05/31/2019 46177 41881 39002 39779 34706
06/30/2019 50124 45452 42005 42591 37152
07/31/2019 51847 46995 42416 42836 37686
08/31/2019 49670 44989 40586 40721 37089
09/30/2019 51967 47061 40253 41568 37783
10/31/2019 54575 49398 41398 42663 38601
11/30/2019 56266 50888 43835 44419 40002
12/31/2019 59167 53492 44839 45700 41210
01/31/2020 59407 53689 44345 44234 41194
02/29/2020 57304 51748 41144 40511 37803
03/31/2020 49479 44696 33286 31709 33134
04/30/2020 57756 52116 38244 36065 37381
05/31/2020 62308 56195 41858 38411 39161
06/30/2020 66832 60274 43467 39769 39940
07/31/2020 74870 67473 44960 40870 42192
08/31/2020 76121 68530 47598 43173 45225
09/30/2020 73699 66343 46578 41731 43507
10/31/2020 72874 65557 46932 42605 42350
11/30/2020 84541 75981 55208 50458 46985
12/31/2020 90146 80981 60368 54822 48792
01/31/2021 94280 84648 63278 57581 48299
02/28/2021 97304 87341 65368 61170 49631
03/31/2021 96666 86700 63311 61784 51805
04/30/2021 98358 88162 64691 63082 54570
05/31/2021 99884 89495 62844 63212 54951
06/30/2021 106904 95726 65791 64436 56233
07/31/2021 107292 96008 63395 62110 57569
08/31/2021 109817 98239 64547 63499 59320
09/30/2021 109068 97496 62072 61627 56561
10/31/2021 117364 104855 64979 64248 60524
11/30/2021 124020 110750 61805 61571 60104
12/31/2021 124791 111381 62079 62946 62798
01/31/2022 108462 96721 53759 56886 59548
02/28/2022 105706 94222 53993 57494 57765
03/31/2022 106625 94964 54240 58209 59910
04/30/2022 94504 84147 47585 52440 54686
05/31/2022 93586 83296 46687 52519 54786
06/30/2022 85703 76240 43797 48200 50264
07/31/2022 97498 86645 48700 53232 54898
08/31/2022 96016 85300 48242 52143 52660
09/30/2022 87037 77283 43903 47146 47810
10/31/2022 91067 80825 48070 52336 51680
11/30/2022 95660 84833 48853 53558 54569
12/31/2022 91067 80715 45717 50082 51425
01/31/2023 100135 88732 50264 54964 54656
02/28/2023 101083 89500 49720 54035 53322
03/31/2023 99453 88018 48493 51454 55280
04/30/2023 92697 81978 47930 50528 56143
05/31/2023 105973 93673 47938 50062 56387
06/30/2023 116197 102761 51913 54132 60113
07/31/2023 124643 110201 54340 57442 62044
08/31/2023 118005 104271 51511 54568 61056
09/30/2023 114063 100757 48114 51356 58145
10/31/2023 106180 93728 44403 47853 56922
11/30/2023 115367 101772 48445 52185 62121
12/31/2023 126006 111107 54247 58561 64943
01/31/2024 129206 113880 52507 56283 66034
02/29/2024 143876 126756 56772 59465 69560
NEAIX $143,876
NEAGX $126,756
Russell 2000 Growth Total Return $56,772
Russell 2000 Total Return Index †† $59,465

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 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 2023.  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.

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

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 12/31/23

Inception Date
September 4, 2001
Net Assets
$398 Million
Number of Holdings
77
12-month Trailing Turnover
7%
Morningstar Category
Small Growth
Lipper Classification
Small-Cap Growth
Active Share vs. Russell 2000 Growth
97.0%

Top Ten Holdings as of 12/31/23

% Of Net Assets
Super Micro Computer Inc. 5.18%
Aspen Aerogels, Inc. 4.22%
PDF Solutions, Inc. 3.83%
Vertiv Holdings Co. 2.82%
Unisys Corp. 2.65%
% Of Net Assets
Vishay Precision Group, Inc. 2.63%
Vicor Corp. 2.48%
Oil-Dri Corp. of America 2.28%
Nova, Ltd. 2.23%
Entegris, Inc. 1.93%
Total 30.25%

Sector Weightings as of 12/31/23*

Sector1 2 % of Net Investments*
Information Technology 40.2
Cash 22.0
Industrials 14.9
Materials 8.4
Consumer Discretionary 5.9
Health Care 4.1
Consumer Staples 2.3
Energy 0.9
Financials 0.7
Real Estate 0.4
Communication Services 0.3

*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 12/31/23*

3 YR 5 YR Since Inception
Fund Russell 2000 Growth Fund Russell 2000 Growth Fund Russell 2000 Growth
Annualized Return 11.12 -3.50 24.49 9.22 11.46 8.71
Alpha 15.32 0.00 15.64 0.00 4.28 0.00
Beta 0.91 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 127.02 100.00 117.57 100.00 82.77 100.00
Downside Capture Ratio 79.35 100.00 76.85 100.00 77.10 100.00
Standard Deviation 23.50 22.10 24.20 24.41 18.67 20.81
R-Squared 72.83 100.00 78.17 100.00 79.03 100.00
Sharpe Ratio 0.38 -0.26 0.93 0.30 0.54 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 12/31/23.

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.