North Star Micro Cap Fund
“A Twenty Year Track Record in Value Investing”
The North Star Micro Cap Fund has a concentrated portfolio of high conviction companies and has one of the lowest median market caps of any U.S. mutual fund.
Investment Objective
The investment objective of the North Star Micro Cap Fund is capital appreciation. The fund invests in micro-cap companies, defined as companies with market capitalizations under $1 billion.
Why Invest?
North Star looks for situations that may be undiscovered by most investors due to their lack of size, liquidity, research coverage, or intrigue. We focus our research on companies that have the potential to generate a high level of free cash flow and that we believe have strong or improving balance sheets.
Portfolio Managers
Performance
Calendar Year Total Returns
| YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|
| NSMVX | 11.75% | -24.84% | 14.18% | 37.19% | 18.94% | -13.44% | 4.83% |
| MS Small Value PR Index | 1.10% | -9.06% | 29.21% | -1.74% | 16.53% | -18.70% | 6.02% |
| MS Small Value TR Index | 2.56% | -6.60% | 31.79% | 1.01% | 19.96% | -16.61% | 8.40% |
Unaudited, net of fees as of June 30, 2023
Anualized Returns
| 1-Year | 3-Year | 5-Year | 10-Year | Inception | |
|---|---|---|---|---|---|
| NSMVX | 9.23% | 10.23% | 5.26% | 7.54% | 9.64% |
| MS Small Value PR Index | 4.85% | 17.26% | 2.00% | 5.01% | 5.90% |
| MS Small Value TR Index | 7.88% | 20.16% | 4.72% | 7.70% | 8.78% |
Unaudited, net of fees as of June 30, 2023 | Inception date 12/31/97
Benchmark Change
Effective 3/31/23 the benchmark for the North Star Micro Cap Fund was changed to the Morningstar Small Value Total Return Index from the Morningstar Small Value Price Return Index. The Total Return index includes dividends, interest, rights offerings and other distributions realized over a given period of time which is best matched to the North Star Micro Cap Fund.
Each Fund will deduct a 2% redemption fee on the redemption amount if you sell your shares less than 30 days after purchase or shares held less than 30 days are redeemed for failure to maintain a Fund’s balance minimum. See Low Balances for further information on account closure policy. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. Shares held for 30 days or more are not subject to the 2% fee. Redemption fees are paid to a Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.
Past performance or ranking is not indicative of future results. There is no assurance dividends will be paid. Past performance or ranking is not indicative of future results. Current performance may be lower or higher than the performance data quoted above. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end please call toll-free 855-580-0900.
Performance shown before June 3, 2013 is for the Fund’s predecessor limited partnership (Kuby Gottlieb Special Value Fund). The prior performance is net of management fees and other expenses, but does not include the effect of the performance fee. The Fund has been managed in the same style and by the same portfolio manager since the predecessor limited partnership’s inception on December 31, 1997. The Fund’s investment goals, polices, guidelines and restrictions are, in all material respects, equivalent to the predecessor limited partnerships investment goals, polices, guidelines and restrictions. From its inception on December 31, 1997 through the date of this prospectus the predecessor limited partnership was not subject to certain investment restrictions of the 1940 Act of the Code, which if they had been applicable might have adversely affected its performance. Performance of the predecessor fund is not an indicator of future results. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Performance quoted is past performance and is no guarantee of future results. Current performance may be lower or higher. Please call 855-580-0900 for more current performance data.
The Morningstar Small Value Index measures the performance of the small-cap segment of the U.S. equity universe.