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Masters’ Select Smaller Companies
Fund seeks superior long-term performance
relative to its peer group of small cap core funds and
its small cap benchmarks. Like
the other Masters’ Select Funds, each of the five
managers separately runs a portion
of the Fund’s assets by independently managing
a portfolio comprised of between 8
and 15 of their highest conviction stocks. The Fund will
invest primarily in the securities
of small and mid-sized U.S. companies. The Advisor defines
a “Smaller Company” as one
whose market-capitalization falls within the range of
market capitalizations of any
company in the Russell 2500 Index. The Russell 2500 Index measures the performance of 2500 small and mid-sized companies with market capitalizations ranging between $182.6 million and $4.5 billion as of June 30, 2005. Overall,
the Advisor expects the majority
of the Fund’s holdings at any point to be in the
smaller half of this market capitalization range,
but the Fund will have the flexibility to hold mid-sized
companies if the investment managers
believe that holding these companies will lead to higher
overall returns. Though the overall
Fund may hold more or fewer securities at any point in
time, it is expected that the Fund will
hold between 50 and 75 securities.
Click here to see Morningstar analysis on Masters' Select Smaller Companies Fund
Investing in small companies subjects investors to additional
risks, including security price volatility and less liquidity
than investing in larger companies. Though not an international
fund, the fund may invest in foreign securities. Investing
in foreign securities exposes investors to economic, political
and market risks and fluctuations in foreign currencies.
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