As of 03.31.2024
ERSHARES US SMALL CAP MUTUAL FUND INVESTMENT STRATEGY> The Fund selects the most entrepreneurial, primarily US Small Cap companies, that meet the thresholds embedded in their proprietary Entrepreneur Factor. APPROACH> The Entrepreneur Factor incorporates a bottom-up investment orientation that stands above other investment factors such as momentum, sector, growth, value, leverage, market cap (size) and geographic orientation. Moreover, with the aid of Thematic Research, ERShares incorporates a macro-economic, top-down approach that integrates changing investment flows, innovation entry points, sector growth and other characteristics into a dynamic, global perspective model.
IMPAX
1 Year
3 Year
5 Year
10 Year
Inception
IMPAX
12.65%
-5.51%
2.48%
7.25%
7.50%
Russell 2000
19.71%
-0.10%
8.10%
7.58%
7.90%
Russell 2000 Growth
20.35%
-2.68%
7.38%
7.89%
8.17%
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance data current to the most recent month end may be obtained by calling +1 (617) 279 0045.
Fund Information
Joel Shulman Ph.D., CFA Founder & CIO
Strategy AUM
$77.03 mm
Joel Shulman, founder of ERShares, is a global asset manager that has successfully managed professional assets for ultra-high net worth, pension funds and other institutional investors for 15+ years. He is a frequent contributor to major news networks and print media commenting on Market issues.
Number of Holdings
92
Ticker Symbol
IMPAX
CUSIP
293828505 12/17/2013
Inception Date
Gross Expense Ratio Net Expense Ratio*
0.87% 0.85%
Avg. Mkt. Cap.
5,035mm
The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling +1 (617) 279 0045 or visiting www.ershares.com. Read it carefully before investing. Distributed by Vigilant Distributors, LLC. The ERShares US Small Cap Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund is exposed to common stock risk. Common Stock prices fluctuate based on changes in a company’s financial condition and on overall market and economic conditions. Additional risks are detailed in the prospectus. The Russell 2000 Total Return Index is a subset of the Russell 3000 Total Return Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Growth Index is composed of small-capitalization US equities that exhibit growth characteristics. Fees The ERShares US Small Cap Fund mutual fund has institutional class shares. The ERShares U.S. Small Cap Fund has Total Annual Fund Operating Expenses of 0.87%. The Mutual Fund share classes is subject to a Redemption Fee of 2%. *Net Expense ratios reflect the expense waiver and fee reimbursement the advisor has contractually agreed to through November 1, 2024.
www.ershares.com
+1 (617) 279 0045
As of 03.31.2024
Top 10 Holdings 4.50% Super Micro Computer Inc 3.03% Robinhood Markets Inc 2.60% Toast Inc 2.32% Impinj Inc 2.27% Pegasystems Inc
Lattice Semiconductor Corp
2.24% 2.17% 1.98% 1.94% 1.94%
Sanmina Corp
Skechers USA Inc Globus Medical Inc Liberty Energy Inc
Entrepreneurs by Sector
Publications: Leadership Matters: Crafting a Smart Beta Portfolio with a Founder-CEO Twist Source : Shulman, Joel M. “Leadership Matters: Crafting a Smart Beta Portfolio with a Founder-CEO Twist.” The Journal of Index Investing, vol. 8, 2017, doi: https://entrepreneurshares.com/wp-content/uploads/2021/04/Leadership-Matters.pdf Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct Source : Shulman, Joel M. “Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct.” The Journal of Index Investing, vol. 9, 2019, doi: https://entrepreneurshares.com/wp-content/uploads/2021/04/Entrepreneurs-Breed-ESG-Rich-Companies.pdf
29.90% Health Care 24.87% Information Technology 15.79% Consumer Discretionary 12.98% Financials 6.28% Communication Services 4.65% Industrials 1.94% Energy 1.73% Consumer Staples 1.19% Materials 0.47% Real Estate 0.00% Utilities
In the process of evaluation over 55,000 global public companies for entrepreneurial characteristics, the advisor seeks to exploit state-of-the-art machine learning techniques to develop a more sophisticated assessment of targeted investments. The net result is intended to create an edge in delivering their one- of-a-kind, proprietary, alpha-generating, Entrepreneur Factor.
Alpha compares the risk-adjusted performance of a portfolio to a benchmark index. A positive alpha means the portfolio has outperformed the index on a risk-adjusted basis. Beta is a measure of the volatility of a portfolio in comparison to a benchmark index. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index. Standard deviation measures historical volatility. Higher Standard Deviation implies greater volatility. Sharpe Ratio measures risk-adjusted performance by dividing the portfolio’s excess returns (returns above a "risk-free" rate such as a Treasury bill) by the standard deviation of those returns. The higher the ratio, the better the portfolio’s return per unit of risk. The Up Capture ratio is the statistical measure of an investment manager’s performance in up-markets. The Down Capture ratio is the statistical measure of an investment manager’s performance in down-markets. Information Ratio is a ratio of portfolio returns above the returns of a benchmark compared to the volatility of those returns. The P/E (or Price/Earnings) ratio is the ratio of a company’s share price to its earnings per share. Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company's operating performance. Companies deemed to meet the threshold of the Entrepreneur Factor, show the potential to experience unique cost efficiencies and demand explosions, through disruptive innovation adjustments in their respective industries. The fund seek to exploit these demand expansions/cost utilizations through its investment methodology applied across a multitude of industrial sectors though historically has concentrated primarily on sectors within Information Technology, HealthCare, Communication Services and Consumer Discretionary. Portfolio constituents include world class entrepreneurs who have the potential to drive disruptive innovation and wealth creation in emerging growth companies. Leadership cohorts often include relatively unknown entrepreneurs who the advisor believe represent the next generation of exceptional global leaders. Dr. Shulman’s research, developed at Harvard University, has been widely disseminated in leading investment journals around the world and has surpassed independent peer review. This proprietary research, and the portfolio manager’s long-standing position as one of the first (if not the first) thematic investment managers (established in 2005), enables them to maintain their leadership status within the community of disruptive, innovative and Entrepreneurial investment strategies.
www.ershares.com
+1 (617) 279 0045
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