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.

Strategy
  • Invest in small-cap growth equities (market cap of <$5B)
  • Invest in companies that are emerging as market leaders
  • Invest in strong, incentivized management teams
  • Invest in companies with:
    • Disruptive products and services
    • Coherent, well-thought-out strategy
    • Strong growth potential
  • Sound valuation discipline
  • Invest in venture-backed post IPO opportunities
  • Invest for long-term capital appreciation
  • Utilize shorting techniques to dampen volatility

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 1.53% 1.82%
Net Expense Ratio* 1.18% 1.86%

*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through April 30, 2022 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 12/01/2022

$ NAV $ Change Daily % YTD %
Needham Small Cap Growth Fund - Class I $16.90 $0.39 2.36% -27.73%
Needham Small Cap Growth Fund - Class R $15.98 $0.36 2.30% -28.17%

Quarterly Performance as of 09/30/2022

3rd Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Needham Small Cap Growth Fund - Class I ** -2.57% -36.14% -38.46% 12.70% 12.52% 12.16% 11.57%
After Taxes on Distributions -2.57% -36.14% -42.71% 7.19% 7.33% 8.98% 9.40%
After Taxes on Distributions & Redemptions -1.52% -21.40% -20.50% 9.18% 8.54% 8.94% 9.30%
Needham Small Cap Growth Fund - Class R -2.77% -36.48% -38.89% 11.92% 11.81% 11.51% 10.94%
After Taxes on Distributions -2.77% -36.48% -43.27% 6.28% 6.54% 8.28% 8.76%
After Taxes on Distributions & Redemptions -1.64% -21.60% -20.65% 8.58% 7.99% 8.46% 8.74%
Russell 2000 Growth Total Return † 0.24% -29.28% -29.27% 2.94% 3.60% 8.81% 7.64%
Russell 2000 Total Return Index †† -2.19% -25.10% -23.50% 4.29% 3.55% 8.55% 7.57%
S&P 500 TR ††† -4.88% -23.87% -15.47% 8.16% 9.24% 11.70% 8.16%

Historical Monthly Returns Since Inception

Select Year:
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%

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 2022.  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 11/30/2022

NESIX NESGX Russell 2000 Growth Total Return Russell 2000 Total Return Index †† S&P 500 TR †††
05/22/2002 10000 10000 10000 10000 10000
05/31/2002 9951 9950 9822 9872 9829
06/30/2002 9276 9270 8990 9382 9129
07/31/2002 8679 8670 7608 7965 8417
08/31/2002 8353 8340 7604 7945 8472
09/30/2002 7595 7580 7055 7375 7552
10/31/2002 8701 8680 7412 7611 8216
11/30/2002 11231 11200 8147 8290 8700
12/31/2002 10414 10380 7585 7829 8189
01/31/2003 10479 10440 7379 7612 7974
02/28/2003 9911 9870 7182 7382 7855
03/31/2003 9695 9650 7291 7477 7931
04/30/2003 10734 10680 7981 8186 8584
05/31/2003 12609 12540 8880 9064 9036
06/30/2003 13077 13000 9051 9228 9152
07/31/2003 14140 14050 9736 9806 9313
08/31/2003 14730 14630 10259 10255 9495
09/30/2003 15190 15080 9999 10066 9394
10/31/2003 16254 16130 10863 10911 9925
11/30/2003 16957 16820 11217 11299 10013
12/31/2003 16985 16840 11267 11528 10538
01/31/2004 17891 17730 11859 12029 10731
02/29/2004 17777 17610 11840 12137 10880
03/31/2004 17392 17220 11896 12250 10716
04/30/2004 16763 16590 11299 11625 10548
05/31/2004 17539 17350 11523 11810 10693
06/30/2004 18224 18020 11907 12308 10901
07/31/2004 16330 16140 10838 11479 10540
08/31/2004 15862 15670 10605 11420 10582
09/30/2004 16406 16200 11191 11956 10697
10/31/2004 16798 16580 11463 12191 10861
11/30/2004 17696 17459 12432 13249 11300
12/31/2004 18843 18582 12879 13641 11684
01/31/2005 17662 17409 12299 13072 11400
02/28/2005 18137 17870 12467 13293 11640
03/31/2005 17636 17369 12000 12913 11433
04/30/2005 16595 16336 11236 12173 11217
05/31/2005 18203 17910 12028 12970 11574
06/30/2005 18374 18071 12417 13470 11590
07/31/2005 19484 19154 13285 14324 12021
08/31/2005 18829 18502 13098 14058 11911
09/30/2005 19154 18813 13202 14102 12008
10/31/2005 18836 18492 12714 13664 11808
11/30/2005 19373 19011 13434 14328 12254
12/31/2005 19325 18955 13414 14262 12258
01/31/2006 20454 20053 14708 15541 12583
02/28/2006 20858 20441 14629 15498 12617
03/31/2006 21468 21029 15340 16250 12774
04/30/2006 21330 20885 15296 16248 12946
05/31/2006 20433 19998 14219 15335 12573
06/30/2006 20023 19587 14228 15434 12590
07/31/2006 19703 19266 13489 14931 12668
08/31/2006 20211 19754 13884 15374 12969
09/30/2006 20447 19975 13978 15502 13303
10/31/2006 20933 20441 14884 16394 13737
11/30/2006 20839 20341 15240 16825 13998
12/31/2006 21084 20571 15204 16882 14195
01/31/2007 21374 20844 15487 17164 14409
02/28/2007 21869 21318 15438 17028 14127
03/31/2007 21525 20973 15580 17210 14285
04/30/2007 21727 21160 15989 17519 14918
05/31/2007 22238 21648 16717 18237 15439
06/30/2007 22292 21691 16622 17970 15182
07/31/2007 21210 20628 15759 16741 14712
08/31/2007 21279 20686 16155 17121 14932
09/30/2007 21510 20901 16625 17414 15491
10/31/2007 21742 21117 17373 17914 15737
11/30/2007 21020 20407 16173 16628 15079
12/31/2007 20773 20157 16275 16617 14974
01/31/2008 19880 19283 14782 15484 14076
02/29/2008 19907 19300 14270 14910 13619
03/31/2008 19584 18979 14187 14973 13560
04/30/2008 20257 19622 14916 15600 14221
05/31/2008 21390 20711 15761 16316 14405
06/30/2008 20146 19497 14822 15060 13190
07/31/2008 20210 19550 15166 15617 13079
08/31/2008 21050 20354 15543 16182 13269
09/30/2008 19342 18693 13786 14892 12086
10/31/2008 15950 15408 10794 11794 10056
11/30/2008 15567 15031 9488 10399 9335
12/31/2008 15994 15437 10003 11003 9434
01/31/2009 14992 14463 9242 9779 8639
02/28/2009 14452 13936 8285 8591 7719
03/31/2009 15531 14970 9028 9358 8395
04/30/2009 16970 16350 10387 10804 9199
05/31/2009 18073 17404 10789 11130 9713
06/30/2009 18818 18114 11139 11293 9733
07/31/2009 19438 18703 12003 12381 10469
08/31/2009 19510 18763 12120 12736 10847
09/30/2009 21228 20406 12916 13470 11251
10/31/2009 19866 19088 12018 12556 11042
11/30/2009 20407 19600 12390 12950 11705
12/31/2009 22701 21793 13450 13992 11931
01/31/2010 21781 20899 12849 13477 11502
02/28/2010 23082 22138 13409 14084 11858
03/31/2010 25083 24048 14475 15231 12574
04/30/2010 25942 24860 15082 16093 12772
05/31/2010 24534 23499 14085 14872 11752
06/30/2010 23484 22484 13140 13720 11137
07/31/2010 24365 23316 14009 14662 11917
08/31/2010 23506 22484 12988 13577 11379
09/30/2010 27169 25977 14826 15268 12395
10/31/2010 28244 26993 15464 15893 12866
11/30/2010 29009 27711 16138 16444 12868
12/31/2010 31243 29832 17363 17750 13728
01/31/2011 31499 30063 17266 17704 14053
02/28/2011 32129 30651 18281 18675 14535
03/31/2011 32759 31238 18967 19159 14541
04/30/2011 33743 32162 19650 19665 14971
05/31/2011 32590 31049 19267 19297 14802
06/30/2011 31414 29916 18855 18852 14555
07/31/2011 29246 27837 18116 18170 14259
08/31/2011 26081 24814 16564 16589 13485
09/30/2011 23996 22820 14660 14730 12537
10/31/2011 27099 25759 16985 16959 13907
11/30/2011 26461 25141 16896 16897 13876
12/31/2011 26356 25030 16858 17009 14018
01/31/2012 29645 28142 18119 18211 14646
02/29/2012 30853 29276 18716 18646 15280
03/31/2012 31219 29610 19096 19124 15782
04/30/2012 29474 27942 18782 18829 15683
05/31/2012 27775 26320 17444 17583 14741
06/30/2012 29383 27831 18344 18460 15348
07/31/2012 28739 27209 18024 18205 15561
08/31/2012 28964 27409 18671 18812 15912
09/30/2012 29470 27876 19231 19430 16323
10/31/2012 26945 25475 18633 19008 16022
11/30/2012 28015 26475 18776 19109 16115
12/31/2012 28757 27164 19317 19790 16261
01/31/2013 29641 27987 20588 21029 17104
02/28/2013 29653 27987 20807 21261 17336
03/31/2013 29667 27987 21869 22242 17986
04/30/2013 29468 27787 21726 22160 18333
05/31/2013 31038 29254 22828 23046 18761
06/30/2013 31948 30099 22686 22928 18509
07/31/2013 33875 31899 24402 24533 19451
08/31/2013 33631 31655 23925 23754 18888
09/30/2013 35276 33188 25590 25269 19480
10/31/2013 35646 33522 26057 25905 20376
11/30/2013 36017 33855 27127 26942 20997
12/31/2013 36979 34745 27682 27473 21528
01/31/2014 36334 34122 27204 26712 20784
02/28/2014 37367 35078 28519 27971 21735
03/31/2014 36365 34122 27816 27780 21917
04/30/2014 35102 32922 26388 26703 22079
05/31/2014 34975 32788 26642 26917 22598
06/30/2014 36509 34211 28296 28349 23064
07/31/2014 35126 32899 26582 26633 22746
08/31/2014 36305 33989 28064 27954 23656
09/30/2014 35205 32944 26561 26263 23325
10/31/2014 36527 34167 28209 27994 23894
11/30/2014 36095 33747 28391 28019 24537
12/31/2014 37475 35022 29233 28817 24475
01/31/2015 36262 33872 28566 27890 23740
02/28/2015 39944 37297 30621 29546 25105
03/31/2015 40016 37347 31171 30061 24708
04/30/2015 38695 36097 30254 29294 24945
05/31/2015 39195 36547 31366 29963 25265
06/30/2015 38810 36172 31787 30187 24776
07/31/2015 36306 33822 31917 29837 25295
08/31/2015 34121 31772 29498 27962 23769
09/30/2015 31827 29623 27635 26590 23181
10/31/2015 33400 31072 29203 28088 25137
11/30/2015 34783 32344 30273 29001 25211
12/31/2015 34302 31883 28829 27545 24814
01/31/2016 32994 30653 25705 25123 23582
02/29/2016 35049 32550 25524 25122 23551
03/31/2016 36915 34267 27479 27127 25148
04/30/2016 36296 33677 27753 27553 25246
05/31/2016 36975 34292 28501 28173 25699
06/30/2016 37296 34574 28370 28156 25766
07/31/2016 39249 36368 30225 29837 26716
08/31/2016 40429 37445 30546 30364 26753
09/30/2016 41941 38829 30986 30703 26758
10/31/2016 41351 38265 29060 29243 26270
11/30/2016 45569 42150 31660 32504 27243
12/31/2016 45263 41849 32092 33415 27781
01/31/2017 45619 42150 32613 33546 28308
02/28/2017 45382 41931 33413 34194 29432
03/31/2017 46005 42480 33808 34239 29467
04/30/2017 46183 42617 34431 34614 29769
05/31/2017 46866 43248 34118 33910 30188
06/30/2017 48558 44785 35292 35082 30377
07/31/2017 49507 45636 35593 35343 31001
08/31/2017 48736 44895 35551 34893 31096
09/30/2017 51496 47419 37487 37071 31738
10/31/2017 51674 47584 38068 37387 32478
11/30/2017 54495 50134 39161 38464 33474
12/31/2017 50912 46819 39206 38309 33847
01/31/2018 51687 47506 40734 39310 35784
02/28/2018 50815 46700 39574 37788 34465
03/31/2018 51267 47088 40107 38277 33590
04/30/2018 50234 46132 40146 38608 33718
05/31/2018 53430 49029 42674 40951 34531
06/30/2018 53527 49088 43008 41245 34743
07/31/2018 53043 48641 43747 41963 36036
08/31/2018 56981 52224 46471 43772 37210
09/30/2018 57885 53030 45383 42720 37422
10/31/2018 53172 48700 39641 38080 34864
11/30/2018 54148 49537 40261 38685 35575
12/31/2018 48582 44415 35556 34090 32363
01/31/2019 56041 51221 39663 37925 34956
02/28/2019 58438 53406 42224 39896 36078
03/31/2019 56583 51686 41653 39061 36779
04/30/2019 60834 55519 42921 40388 38269
05/31/2019 59249 54051 39737 37247 35837
06/30/2019 62844 57310 42797 39880 38362
07/31/2019 63230 57632 43215 40109 38914
08/31/2019 61955 56415 41351 38129 38297
09/30/2019 64892 59101 41011 38922 39014
10/31/2019 69530 63292 42178 39947 39859
11/30/2019 71966 65439 44661 41592 41306
12/31/2019 75453 68598 45684 42791 42552
01/31/2020 75663 68715 45181 41419 42536
02/29/2020 72050 65400 41919 37932 39034
03/31/2020 64236 58303 33914 29691 34213
04/30/2020 78016 70782 38965 33769 38599
05/31/2020 81377 73746 42647 35966 40437
06/30/2020 86670 78543 44286 37238 41241
07/31/2020 94526 85602 45808 38268 43567
08/31/2020 95199 86148 48495 40424 46698
09/30/2020 95325 86226 47456 39074 44924
10/31/2020 95535 86343 47816 39892 43729
11/30/2020 116680 105379 56248 47246 48516
12/31/2020 130166 117543 61506 51332 50382
01/31/2021 141208 127430 64471 53916 49873
02/28/2021 146485 132077 66600 57276 51248
03/31/2021 140085 126245 64504 57851 53493
04/30/2021 141844 127794 65911 59066 56347
05/31/2021 148342 133535 64028 59188 56741
06/30/2021 156453 140779 67031 60334 58066
07/31/2021 157479 141644 64590 58156 59445
08/31/2021 156844 140961 65764 59457 61252
09/30/2021 150932 135585 63242 57704 58404
10/31/2021 151078 135630 66203 60158 62495
11/30/2021 143717 128985 62970 57652 62062
12/31/2021 145451 130448 63249 58939 64844
01/31/2022 131576 117904 54772 53265 61488
02/28/2022 129184 115710 55011 53834 59647
03/31/2022 128885 115372 55262 54504 61862
04/30/2022 107952 96641 48482 49102 56467
05/31/2022 104663 93603 47567 49176 56571
06/30/2022 95333 85221 44622 45132 51901
07/31/2022 102270 91353 49618 49844 56687
08/31/2022 104483 93265 49152 48824 54375
09/30/2022 92881 82859 44730 44145 49367
10/31/2022 98383 87753 48976 49004 53364
11/30/2022 102695 91584 49773 50149 56346
NESIX $102,695
NESGX $91,584
Russell 2000 Growth Total Return $49,773
Russell 2000 Total Return Index †† $50,149

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 2022.  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 - 2022

Class I & Class R Shares
Record Date 11/9/22
Ex Date 11/10/22
Pay Date 11/10/22
Long-Term Capital Gains ($/Share) $0.55905 per share
Short-Term Capital Gains ($/Share) $0.08514 per share
Ordinary Income ($/Share) $0.00 per share

Portfolio

Portfolio Characteristics as of 9/30/22

Inception Date
May 22, 2002
Net Assets
$175 Million
Number of Holdings
35
12-month Trailing Turnover
111%
Morningstar Category
Small-Cap Growth
Lipper Classification
Small-Cap Core
Active Share vs. Russell 2000
98.6%

Top Ten Holdings as of 9/30/22

% Of Net Assets
Infinera Corp. 5.52%
Telos Corp. 5.32%
Photronics, Inc. 5.23%
ViewRay, Inc. 4.94%
Intevac, Inc. 4.53%
% Of Net Assets
nLight, Inc. 4.31%
Benefitfocus, Inc. 4.31%
Cambium Networks Corp. 3.95%
Yext, Inc. 3.74%
Zoura, Inc. 3.37%
Total 45.21%

Market Capitalization Exposure as of 9/30/22

% of Net Assets
> $8 billion 0.00
$2 – 8 billion 3.42
$250 million – $2 billion 73.60
< $250 million 22.98

Sector Weightings as of 9/30/22*

Sector1 2 % of Net Assets*
Information Technology 67.7
Cash 20.4
Health Care 8.0
Materials 2.0
Industrials 1.9

*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 9/30/22*

3 YR 5 YR Since Inception
Fund Russell 2000 Growth Fund Russell 2000 Growth Fund Russell 2000 Growth
Average Annual Return 11.92 2.94 11.81 3.60 10.99 7.74
Alpha 9.38 0.00 8.61 0.00 4.35 0.00
Beta 0.95 1.00 0.92 1.00 0.86 1.00
Maximum Drawdown -41.50 -33.43 -41.50 -33.43 -41.50 -52.31
Upside Capture Ratio 103.86 100.00 94.93 100.00 85.42 100.00
Downside Capture Ratio 83.49 100.00 76.25 100.00 78.18 100.00
Standard Deviation 27.55 25.97 24.42 23.45 20.53 20.60
R-Squared 80.23 100.00 78.39 100.00 73.90 100.00
Sharpe Ratio 0.41 0.09 0.44 0.11 0.48 0.32

*Risk/Reward metrics based on the Fund’s retail share class. Metrics since inception of the Fund are from 5/22/02 to 9/30/22. Active Share is as of 9/30/22.

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.