Needham Small Cap Growth Fund
Overview
Investment Objective
The Needham Small Cap Growth Fund seeks long-term capital appreciation by primarily investing in the equity securities of smaller growth companies that the Fund believes are trading at a discount to their underlying value, yet have the potential for superior long-term growth.
The central premise of the Fund’s investment style is growth—more specifically, growth stocks trading at a discount to their underlying value, where a catalyst is in place to eliminate the discount through acceleration of revenues and earnings over a period of twelve months or more.
Portfolio Managers
Fund Statistics
| Class I | Class R | |
|---|---|---|
| Ticker Symbols | NESIX | NESGX |
| Inception Date | December 30, 2016 | May 22, 2002 |
| 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 | 1.61% | 1.92% |
| Net Expense Ratio* | 1.22% | 1.83% |
*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.
Independent Service Providers
Performance
Daily Performance as of 10/11/2024
| $ NAV | $ Change | Daily % | YTD % | |
|---|---|---|---|---|
| Needham Small Cap Growth Fund - Class I | $19.45 | $0.45 | 2.37% | 11.97% |
| Needham Small Cap Growth Fund - Class R | $18.25 | $0.42 | 2.36% | 11.42% |
Quarterly Performance as of 09/30/2024
| 3rd Quarter | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Needham Small Cap Growth Fund - Class I ** | 3.53% | 13.13% | 29.79% | -6.79% | 13.50% | 13.25% | 11.85% |
| After Taxes on Distributions | 3.53% | 13.13% | 29.79% | -9.29% | 9.92% | 9.93% | 9.82% |
| After Taxes on Distributions & Redemptions | 2.09% | 7.77% | 17.63% | -5.69% | 9.54% | 9.51% | 9.49% |
| Needham Small Cap Growth Fund - Class R | 3.36% | 12.58% | 29.04% | -7.27% | 12.84% | 12.62% | 11.23% |
| After Taxes on Distributions | 3.36% | 12.58% | 29.04% | -9.86% | 9.16% | 9.25% | 9.19% |
| After Taxes on Distributions & Redemptions | 1.99% | 7.45% | 17.19% | -6.04% | 8.99% | 8.97% | 8.93% |
| Russell 3000 Total Return † | 6.23% | 20.63% | 35.19% | 10.29% | 15.26% | 12.83% | 9.85% |
| Russell 2000 Growth Total Return †† | 8.41% | 13.22% | 27.66% | -0.35% | 8.82% | 8.95% | 8.55% |
Historical Monthly Returns Since Inception
| Class I | Class R | |
|---|---|---|
| May 02 | -0.49% | -0.50% |
| Jun 02 | -6.79% | -6.83% |
| Jul 02 | -6.43% | -6.47% |
| Aug 02 | -3.76% | -3.81% |
| Sep 02 | -9.07% | -9.11% |
| Oct 02 | 14.56% | 14.51% |
| Nov 02 | 29.08% | 29.03% |
| Dec 02 | -7.28% | -7.32% |
| Class I | Class R | |
|---|---|---|
| Jan 03 | 0.63% | 0.58% |
| Feb 03 | -5.42% | -5.46% |
| Mar 03 | -2.18% | -2.23% |
| Apr 03 | 10.72% | 10.67% |
| May 03 | 17.47% | 17.42% |
| Jun 03 | 3.71% | 3.67% |
| Jul 03 | 8.13% | 8.08% |
| Aug 03 | 4.17% | 4.13% |
| Sep 03 | 3.12% | 3.08% |
| Oct 03 | 7.01% | 6.96% |
| Nov 03 | 4.32% | 4.28% |
| Dec 03 | 0.16% | 0.12% |
| Class I | Class R | |
|---|---|---|
| Jan 04 | 5.33% | 5.28% |
| Feb 04 | -0.63% | -0.68% |
| Mar 04 | -2.17% | -2.21% |
| Apr 04 | -3.61% | -3.66% |
| May 04 | 4.63% | 4.58% |
| Jun 04 | 3.91% | 3.86% |
| Jul 04 | -10.39% | -10.43% |
| Aug 04 | -2.87% | -2.91% |
| Sep 04 | 3.43% | 3.38% |
| Oct 04 | 2.39% | 2.35% |
| Nov 04 | 5.35% | 5.30% |
| Dec 04 | 6.48% | 6.43% |
| Class I | Class R | |
|---|---|---|
| Jan 05 | -6.27% | -6.31% |
| Feb 05 | 2.69% | 2.65% |
| Mar 05 | -2.76% | -2.81% |
| Apr 05 | -5.90% | -5.95% |
| May 05 | 9.69% | 9.64% |
| Jun 05 | 0.94% | 0.90% |
| Jul 05 | 6.04% | 5.99% |
| Aug 05 | -3.36% | -3.40% |
| Sep 05 | 1.72% | 1.68% |
| Oct 05 | -1.66% | -1.71% |
| Nov 05 | 2.85% | 2.80% |
| Dec 05 | -0.25% | -0.29% |
| Class I | Class R | |
|---|---|---|
| Jan 06 | 5.84% | 5.79% |
| Feb 06 | 1.98% | 1.94% |
| Mar 06 | 2.92% | 2.88% |
| Apr 06 | -0.64% | -0.69% |
| May 06 | -4.20% | -4.25% |
| Jun 06 | -2.01% | -2.05% |
| Jul 06 | -1.60% | -1.64% |
| Aug 06 | 2.58% | 2.53% |
| Sep 06 | 1.17% | 1.12% |
| Oct 06 | 2.38% | 2.33% |
| Nov 06 | -0.45% | -0.49% |
| Dec 06 | 1.18% | 1.13% |
| Class I | Class R | |
|---|---|---|
| Jan 07 | 1.37% | 1.33% |
| Feb 07 | 2.32% | 2.27% |
| Mar 07 | -1.57% | -1.62% |
| Apr 07 | 0.94% | 0.89% |
| May 07 | 2.35% | 2.31% |
| Jun 07 | 0.24% | 0.20% |
| Jul 07 | -4.85% | -4.90% |
| Aug 07 | 0.32% | 0.28% |
| Sep 07 | 1.09% | 1.04% |
| Oct 07 | 1.08% | 1.03% |
| Nov 07 | -3.32% | -3.36% |
| Dec 07 | -1.18% | -1.22% |
| Class I | Class R | |
|---|---|---|
| Jan 08 | -4.30% | -4.34% |
| Feb 08 | 0.14% | 0.09% |
| Mar 08 | -1.62% | -1.67% |
| Apr 08 | 3.43% | 3.39% |
| May 08 | 5.60% | 5.55% |
| Jun 08 | -5.82% | -5.86% |
| Jul 08 | 0.32% | 0.27% |
| Aug 08 | 4.16% | 4.11% |
| Sep 08 | -8.12% | -8.16% |
| Oct 08 | -17.53% | -17.57% |
| Nov 08 | -2.41% | -2.45% |
| Dec 08 | 2.74% | 2.70% |
| Class I | Class R | |
|---|---|---|
| Jan 09 | -6.26% | -6.31% |
| Feb 09 | -3.61% | -3.65% |
| Mar 09 | 7.47% | 7.42% |
| Apr 09 | 9.26% | 9.21% |
| May 09 | 6.50% | 6.45% |
| Jun 09 | 4.13% | 4.08% |
| Jul 09 | 3.29% | 3.25% |
| Aug 09 | 0.37% | 0.33% |
| Sep 09 | 8.80% | 8.76% |
| Oct 09 | -6.42% | -6.46% |
| Nov 09 | 2.73% | 2.68% |
| Dec 09 | 11.24% | 11.19% |
| Class I | Class R | |
|---|---|---|
| Jan 10 | -4.05% | -4.10% |
| Feb 10 | 5.97% | 5.93% |
| Mar 10 | 8.67% | 8.62% |
| Apr 10 | 3.42% | 3.38% |
| May 10 | -5.43% | -5.47% |
| Jun 10 | -4.28% | -4.32% |
| Jul 10 | 3.75% | 3.70% |
| Aug 10 | -3.53% | -3.57% |
| Sep 10 | 15.59% | 15.54% |
| Oct 10 | 3.96% | 3.91% |
| Nov 10 | 2.71% | 2.66% |
| Dec 10 | 7.70% | 7.65% |
| Class I | Class R | |
|---|---|---|
| Jan 11 | 0.82% | 0.77% |
| Feb 11 | 2.00% | 1.96% |
| Mar 11 | 1.96% | 1.92% |
| Apr 11 | 3.00% | 2.96% |
| May 11 | -3.42% | -3.46% |
| Jun 11 | -3.61% | -3.65% |
| Jul 11 | -6.90% | -6.95% |
| Aug 11 | -10.82% | -10.86% |
| Sep 11 | -7.99% | -8.04% |
| Oct 11 | 12.93% | 12.88% |
| Nov 11 | -2.35% | -2.40% |
| Dec 11 | -0.40% | -0.44% |
| Class I | Class R | |
|---|---|---|
| Jan 12 | 12.48% | 12.43% |
| Feb 12 | 4.07% | 4.03% |
| Mar 12 | 1.18% | 1.14% |
| Apr 12 | -5.59% | -5.63% |
| May 12 | -5.76% | -5.81% |
| Jun 12 | 5.79% | 5.74% |
| Jul 12 | -2.19% | -2.24% |
| Aug 12 | 0.78% | 0.74% |
| Sep 12 | 1.75% | 1.70% |
| Oct 12 | -8.57% | -8.61% |
| Nov 12 | 3.97% | 3.93% |
| Dec 12 | 2.65% | 2.60% |
| Class I | Class R | |
|---|---|---|
| Jan 13 | 3.07% | 3.03% |
| Feb 13 | 0.04% | 0.00% |
| Mar 13 | 0.05% | 0.00% |
| Apr 13 | -0.67% | -0.71% |
| May 13 | 5.33% | 5.28% |
| Jun 13 | 2.93% | 2.89% |
| Jul 13 | 6.03% | 5.98% |
| Aug 13 | -0.72% | -0.77% |
| Sep 13 | 4.89% | 4.85% |
| Oct 13 | 1.05% | 1.00% |
| Nov 13 | 1.04% | 0.99% |
| Dec 13 | 2.67% | 2.63% |
| Class I | Class R | |
|---|---|---|
| Jan 14 | -1.75% | -1.79% |
| Feb 14 | 2.84% | 2.80% |
| Mar 14 | -2.68% | -2.72% |
| Apr 14 | -3.47% | -3.52% |
| May 14 | -0.36% | -0.41% |
| Jun 14 | 4.38% | 4.34% |
| Jul 14 | -3.79% | -3.83% |
| Aug 14 | 3.36% | 3.31% |
| Sep 14 | -3.03% | -3.07% |
| Oct 14 | 3.76% | 3.71% |
| Nov 14 | -1.18% | -1.23% |
| Dec 14 | 3.82% | 3.78% |
| Class I | Class R | |
|---|---|---|
| Jan 15 | -3.24% | -3.28% |
| Feb 15 | 10.15% | 10.11% |
| Mar 15 | 0.18% | 0.13% |
| Apr 15 | -3.30% | -3.35% |
| May 15 | 1.29% | 1.25% |
| Jun 15 | -0.98% | -1.03% |
| Jul 15 | -6.45% | -6.50% |
| Aug 15 | -6.02% | -6.06% |
| Sep 15 | -6.72% | -6.77% |
| Oct 15 | 4.94% | 4.89% |
| Nov 15 | 4.14% | 4.09% |
| Dec 15 | -1.38% | -1.43% |
| Class I | Class R | |
|---|---|---|
| Jan 16 | -3.82% | -3.86% |
| Feb 16 | 6.23% | 6.19% |
| Mar 16 | 5.32% | 5.28% |
| Apr 16 | -1.68% | -1.72% |
| May 16 | 1.87% | 1.83% |
| Jun 16 | 0.87% | 0.82% |
| Jul 16 | 5.24% | 5.19% |
| Aug 16 | 3.01% | 2.96% |
| Sep 16 | 3.74% | 3.70% |
| Oct 16 | -1.41% | -1.45% |
| Nov 16 | 10.20% | 10.15% |
| Dec 16 | -0.67% | -0.72% |
| Class I | Class R | |
|---|---|---|
| Jan 17 | 0.79% | 0.72% |
| Feb 17 | -0.52% | -0.52% |
| Mar 17 | 1.37% | 1.31% |
| Apr 17 | 0.39% | 0.32% |
| May 17 | 1.48% | 1.48% |
| Jun 17 | 3.61% | 3.55% |
| Jul 17 | 1.96% | 1.90% |
| Aug 17 | -1.56% | -1.62% |
| Sep 17 | 5.66% | 5.62% |
| Oct 17 | 0.35% | 0.35% |
| Nov 17 | 5.46% | 5.36% |
| Dec 17 | -6.58% | -6.61% |
| Class I | Class R | |
|---|---|---|
| Jan 18 | 1.52% | 1.47% |
| Feb 18 | -1.69% | -1.70% |
| Mar 18 | 0.89% | 0.83% |
| Apr 18 | -2.02% | -2.03% |
| May 18 | 6.36% | 6.28% |
| Jun 18 | 0.18% | 0.12% |
| Jul 18 | -0.90% | -0.91% |
| Aug 18 | 7.43% | 7.37% |
| Sep 18 | 1.59% | 1.54% |
| Oct 18 | -8.14% | -8.16% |
| Nov 18 | 1.84% | 1.72% |
| Dec 18 | -10.28% | -10.34% |
| Class I | Class R | |
|---|---|---|
| Jan 19 | 15.35% | 15.32% |
| Feb 19 | 4.28% | 4.27% |
| Mar 19 | -3.17% | -3.22% |
| Apr 19 | 7.51% | 7.42% |
| May 19 | -2.60% | -2.65% |
| Jun 19 | 6.07% | 6.03% |
| Jul 19 | 0.61% | 0.56% |
| Aug 19 | -2.02% | -2.11% |
| Sep 19 | 4.74% | 4.76% |
| Oct 19 | 7.15% | 7.09% |
| Nov 19 | 3.50% | 3.39% |
| Dec 19 | 4.85% | 4.83% |
| Class I | Class R | |
|---|---|---|
| Jan 20 | 0.28% | 0.17% |
| Feb 20 | -4.78% | -4.82% |
| Mar 20 | -10.85% | -10.85% |
| Apr 20 | 21.45% | 21.40% |
| May 20 | 4.31% | 4.19% |
| Jun 20 | 6.50% | 6.50% |
| Jul 20 | 9.06% | 8.99% |
| Aug 20 | 0.71% | 0.64% |
| Sep 20 | 0.13% | 0.09% |
| Oct 20 | 0.22% | 0.14% |
| Nov 20 | 22.13% | 22.05% |
| Dec 20 | 11.56% | 11.54% |
| Class I | Class R | |
|---|---|---|
| Jan 21 | 8.48% | 8.41% |
| Feb 21 | 3.74% | 3.65% |
| Mar 21 | -4.37% | -4.42% |
| Apr 21 | 1.26% | 1.23% |
| May 21 | 4.58% | 4.49% |
| Jun 21 | 5.47% | 5.42% |
| Jul 21 | 0.66% | 0.62% |
| Aug 21 | -0.40% | -0.48% |
| Sep 21 | -3.77% | -3.81% |
| Oct 21 | 0.10% | 0.03% |
| Nov 21 | -4.87% | -4.90% |
| Dec 21 | 1.21% | 1.13% |
| Class I | Class R | |
|---|---|---|
| Jan 22 | -9.54% | -9.62% |
| Feb 22 | -1.82% | -1.86% |
| Mar 22 | -0.23% | -0.29% |
| Apr 22 | -16.24% | -16.24% |
| May 22 | -3.05% | -3.14% |
| Jun 22 | -8.91% | -8.95% |
| Jul 22 | 7.28% | 7.19% |
| Aug 22 | 2.16% | 2.09% |
| Sep 22 | -11.10% | -11.16% |
| Oct 22 | 5.92% | 5.91% |
| Nov 22 | 4.38% | 4.37% |
| Dec 22 | -0.61% | -0.77% |
| Class I | Class R | |
|---|---|---|
| Jan 23 | 12.86% | 12.84% |
| Feb 23 | -2.32% | -2.34% |
| Mar 23 | -4.15% | -4.22% |
| Apr 23 | -14.65% | -14.67% |
| May 23 | 10.74% | 10.60% |
| Jun 23 | 2.81% | 3.17% |
| Jul 23 | 3.92% | 3.83% |
| Aug 23 | -10.97% | -10.94% |
| Sep 23 | -2.89% | -2.99% |
| Oct 23 | -13.74% | -13.72% |
| Nov 23 | 14.09% | 14.03% |
| Dec 23 | 16.58% | 16.50% |
| Class I | Class R | |
|---|---|---|
| Jan 24 | -8.41% | -8.49% |
| Feb 24 | 10.31% | 10.27% |
| Mar 24 | 2.56% | 2.54% |
| Apr 24 | -8.11% | -8.20% |
| May 24 | 18.86% | 18.83% |
| Jun 24 | -3.46% | -3.52% |
| Jul 24 | 5.90% | 5.83% |
| Aug 24 | -2.04% | -2.07% |
| Sep 24 | -0.20% | -0.27% |
The Needham Small Cap Growth Fund inception date is 5/22/02. 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.
Growth of 10K as of 09/30/2024
| NESIX | NESGX | Russell 3000 Total Return † | Russell 2000 Growth Total Return †† | |
|---|---|---|---|---|
| 05/22/2002 | 10000 | 10000 | 10000 | 10000 |
| 05/31/2002 | 9951 | 9950 | 9844 | 9822 |
| 06/30/2002 | 9276 | 9270 | 9136 | 8990 |
| 07/31/2002 | 8679 | 8670 | 8409 | 7608 |
| 08/31/2002 | 8353 | 8340 | 8449 | 7604 |
| 09/30/2002 | 7595 | 7580 | 7561 | 7055 |
| 10/31/2002 | 8701 | 8680 | 8164 | 7412 |
| 11/30/2002 | 11231 | 11200 | 8658 | 8147 |
| 12/31/2002 | 10414 | 10380 | 8168 | 7585 |
| 01/31/2003 | 10479 | 10440 | 7968 | 7379 |
| 02/28/2003 | 9911 | 9870 | 7837 | 7182 |
| 03/31/2003 | 9695 | 9650 | 7920 | 7291 |
| 04/30/2003 | 10734 | 10680 | 8566 | 7981 |
| 05/31/2003 | 12609 | 12540 | 9083 | 8880 |
| 06/30/2003 | 13077 | 13000 | 9206 | 9051 |
| 07/31/2003 | 14140 | 14050 | 9417 | 9736 |
| 08/31/2003 | 14730 | 14630 | 9626 | 10259 |
| 09/30/2003 | 15190 | 15080 | 9521 | 9999 |
| 10/31/2003 | 16254 | 16130 | 10097 | 10863 |
| 11/30/2003 | 16957 | 16820 | 10237 | 11217 |
| 12/31/2003 | 16985 | 16840 | 10705 | 11267 |
| 01/31/2004 | 17891 | 17730 | 10928 | 11859 |
| 02/29/2004 | 17777 | 17610 | 11075 | 11840 |
| 03/31/2004 | 17392 | 17220 | 10944 | 11896 |
| 04/30/2004 | 16763 | 16590 | 10718 | 11299 |
| 05/31/2004 | 17539 | 17350 | 10873 | 11523 |
| 06/30/2004 | 18224 | 18020 | 11089 | 11907 |
| 07/31/2004 | 16330 | 16140 | 10670 | 10838 |
| 08/31/2004 | 15862 | 15670 | 10714 | 10605 |
| 09/30/2004 | 16406 | 16200 | 10879 | 11191 |
| 10/31/2004 | 16798 | 16580 | 11057 | 11463 |
| 11/30/2004 | 17696 | 17459 | 11571 | 12432 |
| 12/31/2004 | 18843 | 18582 | 11984 | 12879 |
| 01/31/2005 | 17662 | 17409 | 11665 | 12299 |
| 02/28/2005 | 18137 | 17870 | 11921 | 12467 |
| 03/31/2005 | 17636 | 17369 | 11720 | 12000 |
| 04/30/2005 | 16595 | 16336 | 11465 | 11236 |
| 05/31/2005 | 18203 | 17910 | 11899 | 12028 |
| 06/30/2005 | 18374 | 18071 | 11983 | 12417 |
| 07/31/2005 | 19484 | 19154 | 12474 | 13285 |
| 08/31/2005 | 18829 | 18502 | 12355 | 13098 |
| 09/30/2005 | 19154 | 18813 | 12463 | 13202 |
| 10/31/2005 | 18836 | 18492 | 12230 | 12714 |
| 11/30/2005 | 19373 | 19011 | 12706 | 13434 |
| 12/31/2005 | 19325 | 18955 | 12717 | 13414 |
| 01/31/2006 | 20454 | 20053 | 13142 | 14708 |
| 02/28/2006 | 20858 | 20441 | 13165 | 14629 |
| 03/31/2006 | 21468 | 21029 | 13393 | 15340 |
| 04/30/2006 | 21330 | 20885 | 13538 | 15296 |
| 05/31/2006 | 20433 | 19998 | 13105 | 14219 |
| 06/30/2006 | 20023 | 19587 | 13128 | 14228 |
| 07/31/2006 | 19703 | 19266 | 13116 | 13489 |
| 08/31/2006 | 20211 | 19754 | 13436 | 13884 |
| 09/30/2006 | 20447 | 19975 | 13737 | 13978 |
| 10/31/2006 | 20933 | 20441 | 14232 | 14884 |
| 11/30/2006 | 20839 | 20341 | 14541 | 15240 |
| 12/31/2006 | 21084 | 20571 | 14716 | 15204 |
| 01/31/2007 | 21374 | 20844 | 14996 | 15487 |
| 02/28/2007 | 21869 | 21318 | 14750 | 15438 |
| 03/31/2007 | 21525 | 20973 | 14903 | 15580 |
| 04/30/2007 | 21727 | 21160 | 15499 | 15989 |
| 05/31/2007 | 22238 | 21648 | 16063 | 16717 |
| 06/30/2007 | 22292 | 21691 | 15763 | 16622 |
| 07/31/2007 | 21210 | 20628 | 15225 | 15759 |
| 08/31/2007 | 21279 | 20686 | 15444 | 16155 |
| 09/30/2007 | 21510 | 20901 | 16007 | 16625 |
| 10/31/2007 | 21742 | 21117 | 16300 | 17373 |
| 11/30/2007 | 21020 | 20407 | 15566 | 16173 |
| 12/31/2007 | 20773 | 20157 | 15472 | 16275 |
| 01/31/2008 | 19880 | 19283 | 14534 | 14782 |
| 02/29/2008 | 19907 | 19300 | 14083 | 14270 |
| 03/31/2008 | 19584 | 18979 | 13999 | 14187 |
| 04/30/2008 | 20257 | 19622 | 14700 | 14916 |
| 05/31/2008 | 21390 | 20711 | 15001 | 15761 |
| 06/30/2008 | 20146 | 19497 | 13763 | 14822 |
| 07/31/2008 | 20210 | 19550 | 13653 | 15166 |
| 08/31/2008 | 21050 | 20354 | 13865 | 15543 |
| 09/30/2008 | 19342 | 18693 | 12561 | 13786 |
| 10/31/2008 | 15950 | 15408 | 10334 | 10794 |
| 11/30/2008 | 15567 | 15031 | 9518 | 9488 |
| 12/31/2008 | 15994 | 15437 | 9700 | 10003 |
| 01/31/2009 | 14992 | 14463 | 8886 | 9242 |
| 02/28/2009 | 14452 | 13936 | 7955 | 8285 |
| 03/31/2009 | 15531 | 14970 | 8652 | 9028 |
| 04/30/2009 | 16970 | 16350 | 9562 | 10387 |
| 05/31/2009 | 18073 | 17404 | 10073 | 10789 |
| 06/30/2009 | 18818 | 18114 | 10107 | 11139 |
| 07/31/2009 | 19438 | 18703 | 10894 | 12003 |
| 08/31/2009 | 19510 | 18763 | 11283 | 12120 |
| 09/30/2009 | 21228 | 20406 | 11756 | 12916 |
| 10/31/2009 | 19866 | 19088 | 11453 | 12018 |
| 11/30/2009 | 20407 | 19600 | 12104 | 12390 |
| 12/31/2009 | 22701 | 21793 | 12449 | 13450 |
| 01/31/2010 | 21781 | 20899 | 12000 | 12849 |
| 02/28/2010 | 23082 | 22138 | 12407 | 13409 |
| 03/31/2010 | 25083 | 24048 | 13189 | 14475 |
| 04/30/2010 | 25942 | 24860 | 13474 | 15082 |
| 05/31/2010 | 24534 | 23499 | 12409 | 14085 |
| 06/30/2010 | 23484 | 22484 | 11696 | 13140 |
| 07/31/2010 | 24365 | 23316 | 12508 | 14009 |
| 08/31/2010 | 23506 | 22484 | 11919 | 12988 |
| 09/30/2010 | 27169 | 25977 | 13044 | 14826 |
| 10/31/2010 | 28244 | 26993 | 13554 | 15464 |
| 11/30/2010 | 29009 | 27711 | 13632 | 16138 |
| 12/31/2010 | 31243 | 29832 | 14556 | 17363 |
| 01/31/2011 | 31499 | 30063 | 14874 | 17266 |
| 02/28/2011 | 32129 | 30651 | 15416 | 18281 |
| 03/31/2011 | 32759 | 31238 | 15485 | 18967 |
| 04/30/2011 | 33743 | 32162 | 15946 | 19650 |
| 05/31/2011 | 32590 | 31049 | 15764 | 19267 |
| 06/30/2011 | 31414 | 29916 | 15481 | 18855 |
| 07/31/2011 | 29246 | 27837 | 15127 | 18116 |
| 08/31/2011 | 26081 | 24814 | 14219 | 16564 |
| 09/30/2011 | 23996 | 22820 | 13116 | 14660 |
| 10/31/2011 | 27099 | 25759 | 14625 | 16985 |
| 11/30/2011 | 26461 | 25141 | 14586 | 16896 |
| 12/31/2011 | 26356 | 25030 | 14706 | 16858 |
| 01/31/2012 | 29645 | 28142 | 15448 | 18119 |
| 02/29/2012 | 30853 | 29276 | 16101 | 18716 |
| 03/31/2012 | 31219 | 29610 | 16598 | 19096 |
| 04/30/2012 | 29474 | 27942 | 16489 | 18782 |
| 05/31/2012 | 27775 | 26320 | 15470 | 17444 |
| 06/30/2012 | 29383 | 27831 | 16076 | 18344 |
| 07/31/2012 | 28739 | 27209 | 16235 | 18024 |
| 08/31/2012 | 28964 | 27409 | 16640 | 18671 |
| 09/30/2012 | 29470 | 27876 | 17077 | 19231 |
| 10/31/2012 | 26945 | 25475 | 16783 | 18633 |
| 11/30/2012 | 28015 | 26475 | 16913 | 18776 |
| 12/31/2012 | 28757 | 27164 | 17120 | 19317 |
| 01/31/2013 | 29641 | 27987 | 18059 | 20588 |
| 02/28/2013 | 29653 | 27987 | 18299 | 20807 |
| 03/31/2013 | 29667 | 27987 | 19016 | 21869 |
| 04/30/2013 | 29468 | 27787 | 19327 | 21726 |
| 05/31/2013 | 31038 | 29254 | 19783 | 22828 |
| 06/30/2013 | 31948 | 30099 | 19526 | 22686 |
| 07/31/2013 | 33875 | 31899 | 20596 | 24402 |
| 08/31/2013 | 33631 | 31655 | 20021 | 23925 |
| 09/30/2013 | 35276 | 33188 | 20766 | 25590 |
| 10/31/2013 | 35646 | 33522 | 21648 | 26057 |
| 11/30/2013 | 36017 | 33855 | 22276 | 27127 |
| 12/31/2013 | 36979 | 34745 | 22864 | 27682 |
| 01/31/2014 | 36334 | 34122 | 22141 | 27204 |
| 02/28/2014 | 37367 | 35078 | 23192 | 28519 |
| 03/31/2014 | 36365 | 34122 | 23315 | 27816 |
| 04/30/2014 | 35102 | 32922 | 23343 | 26388 |
| 05/31/2014 | 34975 | 32788 | 23853 | 26642 |
| 06/30/2014 | 36509 | 34211 | 24451 | 28296 |
| 07/31/2014 | 35126 | 32899 | 23968 | 26582 |
| 08/31/2014 | 36305 | 33989 | 24974 | 28064 |
| 09/30/2014 | 35205 | 32944 | 24453 | 26561 |
| 10/31/2014 | 36527 | 34167 | 25126 | 28209 |
| 11/30/2014 | 36095 | 33747 | 25735 | 28391 |
| 12/31/2014 | 37475 | 35022 | 25735 | 29233 |
| 01/31/2015 | 36262 | 33872 | 25019 | 28566 |
| 02/28/2015 | 39944 | 37297 | 26467 | 30621 |
| 03/31/2015 | 40016 | 37347 | 26198 | 31171 |
| 04/30/2015 | 38695 | 36097 | 26317 | 30254 |
| 05/31/2015 | 39195 | 36547 | 26681 | 31366 |
| 06/30/2015 | 38810 | 36172 | 26234 | 31787 |
| 07/31/2015 | 36306 | 33822 | 26673 | 31917 |
| 08/31/2015 | 34121 | 31772 | 25063 | 29498 |
| 09/30/2015 | 31827 | 29623 | 24332 | 27635 |
| 10/31/2015 | 33400 | 31072 | 26254 | 29203 |
| 11/30/2015 | 34783 | 32344 | 26400 | 30273 |
| 12/31/2015 | 34302 | 31883 | 25858 | 28829 |
| 01/31/2016 | 32994 | 30653 | 24399 | 25705 |
| 02/29/2016 | 35049 | 32550 | 24391 | 25524 |
| 03/31/2016 | 36915 | 34267 | 26108 | 27479 |
| 04/30/2016 | 36296 | 33677 | 26270 | 27753 |
| 05/31/2016 | 36975 | 34292 | 26740 | 28501 |
| 06/30/2016 | 37296 | 34574 | 26795 | 28370 |
| 07/31/2016 | 39249 | 36368 | 27859 | 30225 |
| 08/31/2016 | 40429 | 37445 | 27930 | 30546 |
| 09/30/2016 | 41941 | 38829 | 27974 | 30986 |
| 10/31/2016 | 41351 | 38265 | 27368 | 29060 |
| 11/30/2016 | 45569 | 42150 | 28593 | 31660 |
| 12/31/2016 | 45263 | 41849 | 29151 | 32092 |
| 01/31/2017 | 45619 | 42150 | 29700 | 32613 |
| 02/28/2017 | 45382 | 41931 | 30804 | 33413 |
| 03/31/2017 | 46005 | 42480 | 30825 | 33808 |
| 04/30/2017 | 46183 | 42617 | 31152 | 34431 |
| 05/31/2017 | 46866 | 43248 | 31471 | 34118 |
| 06/30/2017 | 48558 | 44785 | 31755 | 35292 |
| 07/31/2017 | 49507 | 45636 | 32354 | 35593 |
| 08/31/2017 | 48736 | 44895 | 32416 | 35551 |
| 09/30/2017 | 51496 | 47419 | 33207 | 37487 |
| 10/31/2017 | 51674 | 47584 | 33931 | 38068 |
| 11/30/2017 | 54495 | 50134 | 34961 | 39161 |
| 12/31/2017 | 50912 | 46819 | 35311 | 39206 |
| 01/31/2018 | 51687 | 47506 | 37172 | 40734 |
| 02/28/2018 | 50815 | 46700 | 35802 | 39574 |
| 03/31/2018 | 51267 | 47088 | 35083 | 40107 |
| 04/30/2018 | 50234 | 46132 | 35217 | 40146 |
| 05/31/2018 | 53430 | 49029 | 36211 | 42674 |
| 06/30/2018 | 53527 | 49088 | 36448 | 43008 |
| 07/31/2018 | 53043 | 48641 | 37657 | 43747 |
| 08/31/2018 | 56981 | 52224 | 38980 | 46471 |
| 09/30/2018 | 57885 | 53030 | 39044 | 45383 |
| 10/31/2018 | 53172 | 48700 | 36169 | 39641 |
| 11/30/2018 | 54148 | 49537 | 36894 | 40261 |
| 12/31/2018 | 48582 | 44415 | 33460 | 35556 |
| 01/31/2019 | 56041 | 51221 | 36332 | 39663 |
| 02/28/2019 | 58438 | 53406 | 37610 | 42224 |
| 03/31/2019 | 56583 | 51686 | 38159 | 41653 |
| 04/30/2019 | 60834 | 55519 | 39683 | 42921 |
| 05/31/2019 | 59249 | 54051 | 37115 | 39737 |
| 06/30/2019 | 62844 | 57310 | 39722 | 42797 |
| 07/31/2019 | 63230 | 57632 | 40312 | 43215 |
| 08/31/2019 | 61955 | 56415 | 39490 | 41351 |
| 09/30/2019 | 64892 | 59101 | 40183 | 41011 |
| 10/31/2019 | 69530 | 63292 | 41048 | 42178 |
| 11/30/2019 | 71966 | 65439 | 42609 | 44661 |
| 12/31/2019 | 75453 | 68598 | 43839 | 45684 |
| 01/31/2020 | 75663 | 68715 | 43791 | 45181 |
| 02/29/2020 | 72050 | 65400 | 40206 | 41919 |
| 03/31/2020 | 64236 | 58303 | 34677 | 33914 |
| 04/30/2020 | 78016 | 70782 | 39269 | 38965 |
| 05/31/2020 | 81377 | 73746 | 41369 | 42647 |
| 06/30/2020 | 86670 | 78543 | 42315 | 44286 |
| 07/31/2020 | 94526 | 85602 | 44718 | 45808 |
| 08/31/2020 | 95199 | 86148 | 47958 | 48495 |
| 09/30/2020 | 95325 | 86226 | 46211 | 47456 |
| 10/31/2020 | 95535 | 86343 | 45214 | 47816 |
| 11/30/2020 | 116680 | 105379 | 50714 | 56248 |
| 12/31/2020 | 130166 | 117543 | 52996 | 61506 |
| 01/31/2021 | 141208 | 127430 | 52760 | 64471 |
| 02/28/2021 | 146485 | 132077 | 54409 | 66600 |
| 03/31/2021 | 140085 | 126245 | 56360 | 64504 |
| 04/30/2021 | 141844 | 127794 | 59265 | 65911 |
| 05/31/2021 | 148342 | 133535 | 59535 | 64028 |
| 06/30/2021 | 156453 | 140779 | 61003 | 67031 |
| 07/31/2021 | 157479 | 141644 | 62035 | 64590 |
| 08/31/2021 | 156844 | 140961 | 63804 | 65764 |
| 09/30/2021 | 150932 | 135585 | 60941 | 63242 |
| 10/31/2021 | 151078 | 135630 | 65063 | 66203 |
| 11/30/2021 | 143717 | 128985 | 64072 | 62970 |
| 12/31/2021 | 145451 | 130448 | 66595 | 63249 |
| 01/31/2022 | 131576 | 117904 | 62677 | 54772 |
| 02/28/2022 | 129184 | 115710 | 61098 | 55011 |
| 03/31/2022 | 128885 | 115372 | 63080 | 55262 |
| 04/30/2022 | 107952 | 96641 | 57419 | 48482 |
| 05/31/2022 | 104663 | 93603 | 57342 | 47567 |
| 06/30/2022 | 95333 | 85221 | 52545 | 44622 |
| 07/31/2022 | 102270 | 91353 | 57475 | 49618 |
| 08/31/2022 | 104483 | 93265 | 55330 | 49152 |
| 09/30/2022 | 92881 | 82859 | 50199 | 44730 |
| 10/31/2022 | 98383 | 87753 | 54316 | 48976 |
| 11/30/2022 | 102695 | 91584 | 57151 | 49773 |
| 12/31/2022 | 102073 | 90881 | 53804 | 46578 |
| 01/31/2023 | 115198 | 102549 | 57510 | 51212 |
| 02/28/2023 | 112523 | 100145 | 56166 | 50657 |
| 03/31/2023 | 107858 | 95923 | 57668 | 49407 |
| 04/30/2023 | 92059 | 81851 | 58282 | 48833 |
| 05/31/2023 | 101949 | 90529 | 58509 | 48842 |
| 06/30/2023 | 104810 | 93402 | 62504 | 52891 |
| 07/31/2023 | 108915 | 96978 | 64745 | 55364 |
| 08/31/2023 | 96972 | 86366 | 63495 | 52482 |
| 09/30/2023 | 94173 | 83786 | 60470 | 49020 |
| 10/31/2023 | 81235 | 72294 | 58867 | 45240 |
| 11/30/2023 | 92681 | 82438 | 64357 | 49358 |
| 12/31/2023 | 108044 | 96040 | 67770 | 55269 |
| 01/31/2024 | 98963 | 87890 | 68521 | 53497 |
| 02/29/2024 | 109164 | 96920 | 72231 | 57842 |
| 03/31/2024 | 111963 | 99382 | 74560 | 59459 |
| 04/30/2024 | 102882 | 91232 | 71280 | 54881 |
| 05/31/2024 | 122289 | 108412 | 74647 | 57820 |
| 06/30/2024 | 118059 | 104601 | 76958 | 57724 |
| 07/31/2024 | 125025 | 110698 | 78389 | 62449 |
| 08/31/2024 | 122475 | 108412 | 80095 | 61758 |
| 09/30/2024 | 122226 | 108119 | 81752 | 62578 |
| NESIX | $122,226 |
|---|---|
| NESGX | $108,119 |
| Russell 3000 Total Return † | $81,752 |
| Russell 2000 Growth Total Return †† | $62,578 |
† 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 chart illustrates the performance of a hypothetical $10,000 investment made in the Fund since the fund’s inception. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of redemption fees. This chart does not imply any future performance.
The source of the data for each of the Russell 3000 Index and the Russell 2000 Growth Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. All rights in the Indexes vest in the relevant LSE Group company which owns the Index. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the Fund or the suitability of the Indexes with respect to the Fund. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group is not connected to the Fund and does not promote, sponsor or endorse the Fund or the content of this prospectus.
Distributions - 2023
| Class I & Class R Shares | |
|---|---|
| Record Date | N/A |
| Ex Date | N/A |
| Pay Date | N/A |
| Long-Term Capital Gains ($/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
Top Ten Holdings as of 6/30/24
| % Of Net Assets | |
|---|---|
| Aspen Aerogels, Inc. | 7.09% |
| Zuora, Inc. | 4.63% |
| TTM Technologies, Inc. | 4.41% |
| Harmonic, Inc. | 4.26% |
| Calix, Inc. | 3.74% |
| % Of Net Assets | |
|---|---|
| PDF Solutions, Inc. | 3.73% |
| Vicor Corp. | 3.70% |
| nLight, Inc. | 3.69% |
| Lumentum Holdings, Inc. | 3.07% |
| ADTRAN Holdings, Inc. | 3.02% |
| Total | 41.35% |
Sector Weightings as of 6/30/24*
| Sector1 2 | % of Net Investments* | |
|---|---|---|
| Information Technology | 70.5 | |
| Industrials | 9.6 | |
| Cash | 9.0 | |
| Materials | 7.1 | |
| Health Care | 2.2 | |
| Consumer Discretionary | 1.1 | |
| Energy | 0.5 |
*Current portfolio holdings may not be indicative of future portfolio holdings.
1 Percentage of total investments includes all stocks plus cash.
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 | |
| Average Annual Return | -9.43 | -4.86 | 12.79 | 6.17 | 11.24 | 8.35 |
| Alpha | -2.74 | 0.00 | 7.37 | 0.00 | 4.01 | 0.00 |
| Beta | 1.10 | 1.00 | 1.03 | 1.00 | 0.89 | 1.00 |
| Maximum Drawdown | -48.96 | -33.43 | -48.96 | -33.43 | -48.96 | -52.31 |
| Upside Capture Ratio | 125.40 | 100.00 | 125.42 | 100.00 | 91.64 | 100.00 |
| Downside Capture Ratio | 119.34 | 100.00 | 100.41 | 100.00 | 84.40 | 100.00 |
| Standard Deviation | 30.21 | 22.80 | 29.18 | 23.97 | 21.83 | 20.69 |
| R-Squared | 68.32 | 100.00 | 71.05 | 100.00 | 71.12 | 100.00 |
| Sharpe Ratio | -0.42 | -0.35 | 0.36 | 0.16 | 0.45 | 0.33 |
*Risk/Reward metrics based on the Fund’s retail share class. The Fund’s inception is 5/22/02. Metrics since inception of the Fund are calculated from 5/31/2002 to 6/30/24. Active Share is 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.