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VELA Small Cap Fund
VESAX (Mutual Fund)
VELA Small Cap Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
15.4%
1 yr return
20.6%
3 Yr Avg Return
7.1%
5 Yr Avg Return
N/A
Net Assets
$82.2 M
Holdings in Top 10
37.1%
52 WEEK LOW AND HIGH
$19.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.38%
SALES FEES
Front Load 5.00%
Deferred Load N/A
TRADING FEES
Turnover 18.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
VESAX - Profile
Distributions
- YTD Total Return 15.4%
- 3 Yr Annualized Total Return 7.1%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.34%
- Dividend Yield 0.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameVELA Small Cap Fund
-
Fund Family NameVELA Funds
-
Inception DateSep 30, 2020
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeannette Hubbard
Fund Description
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that the Adviser believes are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined by the fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $17.41 million and $14.51 billion as of September 30, 2023. The size of the companies included in the Russell 2000 Index will change with market conditions.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins, balance sheet strength, free cash flow generation, management stewardship, and other economic factors. The Adviser also typically considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance, and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating, if the company’s stock price is discounting more than the company’s long range earnings potential, or if it identifies a stock that it believes offers a better investment opportunity.
The fund may sell (write) put options or covered call options to generate additional income or hedge exposure.
VESAX - Performance
Return Ranking - Trailing
| Period | VESAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.4% | -4.1% | 31.2% | 58.37% |
| 1 Yr | 20.6% | 5.3% | 40.7% | 78.95% |
| 3 Yr | 7.1%* | -10.0% | 75.3% | 43.63% |
| 5 Yr | N/A* | -2.8% | 53.0% | N/A |
| 10 Yr | N/A* | -2.7% | 28.5% | N/A |
* Annualized
Return Ranking - Calendar
| Period | VESAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.4% | -6.0% | 33.6% | 57.79% |
| 2022 | -6.2% | -33.6% | 212.9% | 5.15% |
| 2021 | 30.1% | -62.0% | 147.6% | 17.22% |
| 2020 | N/A | -24.8% | 31.3% | N/A |
| 2019 | N/A | -21.7% | 34.0% | N/A |
Total Return Ranking - Trailing
| Period | VESAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.4% | -4.1% | 31.2% | 58.37% |
| 1 Yr | 20.6% | 5.3% | 40.7% | 78.95% |
| 3 Yr | 7.1%* | -10.0% | 75.3% | 43.63% |
| 5 Yr | N/A* | -2.8% | 53.0% | N/A |
| 10 Yr | N/A* | -2.7% | 28.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | VESAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.9% | 1.8% | 35.4% | 82.97% |
| 2022 | -5.7% | -25.2% | 250.0% | 16.91% |
| 2021 | 31.3% | -3.0% | 157.9% | 51.14% |
| 2020 | N/A | -13.5% | 33.4% | N/A |
| 2019 | N/A | -1.5% | 34.3% | N/A |
NAV & Total Return History
VESAX - Holdings
Concentration Analysis
| VESAX | Category Low | Category High | VESAX % Rank | |
|---|---|---|---|---|
| Net Assets | 82.2 M | 2.79 M | 54 B | 83.73% |
| Number of Holdings | 85 | 10 | 1599 | 69.14% |
| Net Assets in Top 10 | 39.7 M | 1.04 M | 3.62 B | 67.46% |
| Weighting of Top 10 | 37.09% | 5.2% | 92.1% | 14.87% |
Top 10 Holdings
- Kirby Corp. 5.47%
- Hub Group, Inc. 4.54%
- Graham Holdings Co 3.80%
- Federated Hermes Treasury Oligations Fund 3.75%
- Applied Industrial Technologies, Inc. 3.70%
- Range Resources Corp. 3.39%
- Coca-Cola Bottling Company Consolidated 3.17%
- Greenbrier Companies, Inc./The 3.16%
- Axis Capital Holdings Ltd. 3.10%
- Performance Food Group Co. 3.00%
Asset Allocation
| Weighting | Return Low | Return High | VESAX % Rank | |
|---|---|---|---|---|
| Stocks | 96.87% | 6.25% | 105.88% | 77.99% |
| Cash | 4.20% | 0.00% | 37.64% | 24.88% |
| Preferred Stocks | 0.00% | 0.00% | 1.05% | 34.45% |
| Convertible Bonds | 0.00% | 0.00% | 2.63% | 32.28% |
| Bonds | 0.00% | 0.00% | 90.12% | 33.97% |
| Other | -1.07% | -1.07% | 38.91% | 99.76% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | VESAX % Rank | |
|---|---|---|---|---|
| Industrials | 22.36% | 0.65% | 48.61% | 15.93% |
| Financial Services | 21.15% | 0.00% | 35.71% | 69.12% |
| Energy | 15.36% | 0.00% | 29.42% | 7.35% |
| Consumer Cyclical | 8.94% | 0.35% | 51.62% | 77.94% |
| Healthcare | 8.85% | 0.00% | 25.76% | 17.65% |
| Consumer Defense | 8.00% | 0.00% | 13.22% | 7.84% |
| Basic Materials | 7.39% | 0.00% | 67.30% | 15.44% |
| Utilities | 3.29% | 0.00% | 13.86% | 35.29% |
| Technology | 2.85% | 0.00% | 27.23% | 96.08% |
| Communication Services | 1.79% | 0.00% | 17.58% | 64.95% |
| Real Estate | 0.00% | 0.00% | 44.41% | 96.08% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | VESAX % Rank | |
|---|---|---|---|---|
| US | 94.42% | 6.25% | 105.88% | 85.17% |
| Non US | 2.44% | 0.00% | 77.52% | 14.59% |
VESAX - Expenses
Operational Fees
| VESAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.38% | 0.05% | 37.04% | 35.17% |
| Management Fee | 0.75% | 0.00% | 1.50% | 38.13% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 42.02% |
| Administrative Fee | N/A | 0.01% | 0.35% | N/A |
Sales Fees
| VESAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.00% | 3.50% | 5.75% | 83.05% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| VESAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| VESAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 18.00% | 7.00% | 252.00% | 6.30% |
VESAX - Distributions
Dividend Yield Analysis
| VESAX | Category Low | Category High | VESAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.38% | 0.00% | 14.14% | 83.01% |
Dividend Distribution Analysis
| VESAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| VESAX | Category Low | Category High | VESAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.34% | -1.43% | 4.13% | 89.46% |
Capital Gain Distribution Analysis
| VESAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 21, 2023 | $0.076 | OrdinaryDividend |
| Dec 22, 2022 | $0.073 | OrdinaryDividend |
| Dec 22, 2021 | $0.016 | OrdinaryDividend |
| Dec 22, 2021 | $0.007 | CapitalGainShortTerm |
| Dec 22, 2021 | $0.129 | CapitalGainLongTerm |
| Dec 22, 2020 | $0.004 | OrdinaryDividend |
VESAX - Fund Manager Analysis
Managers
Jeannette Hubbard
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Ms. Hubbard is a Research Analyst and Co-Portfolio Manager of the Small Cap Strategy. Ms. Hubbard joined VELA Investment Management, LLC in 2020. Prior to joining the firm, Ms. Hubbard served as a Research Analyst and Assistant Portfolio Manager of the Small-Mid Cap and Mid Cap Strategies at Diamond Hill Capital Management, having joined the firm in 2007. Ms. Hubbard has industry experience since 1996, including positions with ABN/AMRO LaSalle Bank and Avondale Partners. Ms. Hubbard holds the Chartered Financial Analyst (CFA) designation, a M.A. in International Economic Development Policy from Stanford University, and a B.A. in English from the University of Colorado.
Ric Dillon
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Mr. Dillon is one of the founders of VELA Investment Management, LLC and has served as CEO, CIO & Co-Portfolio Manager of the firm since November 2019. Early in his career, Mr. Dillon was a Portfolio Manager at Loomis, Sayles & Company. In the 1990s, Mr. Dillon founded Dillon Capital Management, where he served as President and Chief Investment Officer until the company was acquired by Loomis, Sayles & Company, where he returned to work as a Portfolio Manager until 2000. In May 2000, Mr. Dillon founded Diamond Hill Capital Management, where he served as CEO and Portfolio Manager on their Small Cap and Long-Short Strategies. Mr. Dillon retired from Diamond Hill Capital Management in 2018. Mr. Dillon holds the Chartered Financial Analyst (CFA) designation. He received an MBA from the University of Dayton, as well as a M.A. in Finance and a B.S. in Business Administration from The Ohio State University.
Brian Hilderbrand
Start Date
Tenure
Tenure Rank
May 28, 2021
1.01
1.0%
Mr. Hilderbrand is a Research Analyst and Co-Portfolio Manager of the Small Cap Strategy. Mr. Hilderbrand joined the Adviser in 2021. Prior to joining the Adviser, he was a Research Analyst at Diamond Hill Capital Management, covering restaurants, recreation, and managed care. Mr. Hilderbrand has industry experience since 2005, including Investment Analyst roles at Homrich Berg and LCG Associates. Mr. Hilderbrand holds the Chartered Financial Analyst (CFA) designation, an MBA from London Business School, and a B.B.A. in Finance from University of Georgia (magna cum laude).
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 37.45 | 8.23 | 3.58 |
