Dean Mid Cap Value Fund | |
Ticker | DALCX |
Benchmark | Russell Midcap Value |
Morningstar Category | Mid Cap Value |
Fund Assets (as of 4/30/22) | $77.3 Million |
Minimum Initial Purchase | $1,000 |
Minimum IRA Purchase | $250 |
Gross Expense Ratio | 1.15% |
Net Expense Ratio | 0.85% |
Sub-advisor Inception date | 6/30/08 |
Investment Strategy Change - Mid Cap | 3/31/11 |
Portfolio Guidelines | |
Market Capitalization | $3.5 billion to $40 billion |
Number of Holdings | 40 - 60 Stocks |
Sector Variance | ± 15% |
Security Max | 5% @ purchase 7% @ market |
Typical top 10 concentration | 15% - 35% |
Cash Exposure | < 5% |
Foreign Exposure | < 10% |
Benchmark | Russell Mid Cap Value |
Monthly Performance as of April 30, 2022 | | | | | | | |
| 1-Month | 3-Month | YTD | 1 Year | 3 Year* | 5 Year* | 10 Year* |
Dean Mid Cap Value Fund | -3.66% | -2.30% | -5.80% | 1.53% | 8.79% | 8.11% | 10.30% |
Russell Mid Cap Value¹ | -5.94% | -3.54% | -7.65% | 0.00% | 10.19% | 8.61% | 11.40% |
Quarterly Performance as of March 31, 2022 | | | | | | |
| QTD | YTD | 1 Year | 3 Year* | 5 Year* | 10 Year* |
Dean Mid Cap Value Fund | -2.22% | -2.22% | 11.22% | 11.47% | 9.01% | 10.64% |
Russell Mid Cap Value¹ | -1.82% | -1.82% | 11.45% | 13.69% | 9.99% | 12.01% |
*Periods greater than 1 year are annualized.
Gross Expense Ratio: 1.15% / Net Expense Ratio: 0.85%. Expense ratios per the 7/29/2021 prospectus. Gross expenses reflect actual expenses incurred during the fiscal year ended March 31, 2021. Effective December 1, 2019 the Fund’s advisor, Dean Investment Associates, has contractually agreed to waive its management fee and/or to reimburse certain Fund operating expenses so that annual operating expenses do not exceed 0.85% of the Fund’s average daily assets. This contractual agreement is in place through July 31, 2022.
¹Russell Midcap Value measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect deductions for fees, expenses or taxes. Index is not available for purchase. The Russell Midcap is an unmanaged, capitalization-weighted index of domestic mid-cap stocks. It is a subset of the Russell 1000 Index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
Effective 3/31/11 the Dean Mid Cap Value Fund (DALCX) changed its investment objective from large cap value to mid cap value. In accordance with this change the Fund’s benchmark was updated from the Russell 1000 Value to the Russell Midcap Value Index. Performance prior to 3/31/11 pertains to the history of the Fund when following a large cap value objective.
Performance quoted is past performance and is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-899-8343.
14947732-UFD-05/05/2022
as of 3/31/22
Portfolio Characteristics | | | |
| DALCX | Russell Midcap Value | Russell Midcap |
Wtd Avg. Mkt. Cap | $18.4B | $22.7B | $24.0B |
Median Mkt. Cap | $15.5B | $10.4B | $10.7B |
*P/E (excl. negative earnings) | 17.9x | 17.0x | 19.2x |
*P/E (projected next 12 months) | 16.6x | 15.0x | 17.1x |
Price/Book | 3.1x | 2.5x | 3.3x |
Price/Cash Flow | 13.8x | 18.7x | 21.6x |
Number of Holdings | 57 | 699 | 825 |
Cash & Equiv. | 4.8% | 0.0% | 0.0% |
Non-US | 3.1% | 0.0% | 0.0% |
*P/E - a stock's price compared to its earnings per share (EPS) | | | |
Top Ten Holdings | | | |
Ticker | Name | Sector | % Total |
PXD | Pioneer Natural Resources Co | Energy | 3.2% |
RJF | Raymond James Financial Inc | Financials | 2.4% |
ESS | Essex Property Trust Inc | Real Estate | 2.3% |
BJ | BJ's Wholesale Club Holdings Inc | Consumer Staples | 2.3% |
AZO | AutoZone Inc | Consumer Discretionary | 2.2% |
BKR | Baker Hughes Co | Energy | 2.2% |
FMC | FMC Corp | Materials | 2.1% |
CCK | Crown Holdings Inc | Materials | 2.1% |
ATO | Atmos Energy Corp | Utilities | 2.1% |
WRB | W R Berkley Corp | Financials | 2.0% |
| | % in top 10 | 23.0% |
Sector Weights | | | |
| DALCX | Russell Midcap Value | Russell Midcap |
Communication Services | 1.9% | 3.6% | 3.4% |
Consumer Discretionary | 10.6% | 9.3% | 11.3% |
Consumer Staples | 9.2% | 4.8% | 3.8% |
Energy | 5.4% | 7.3% | 5.7% |
Financials | 18.1% | 16.4% | 12.7% |
Health Care | 6.3% | 7.8% | 10.9% |
Industrials | 16.3% | 14.1% | 14.5% |
Information Technology | 4.8% | 9.4% | 17.9% |
Materials | 9.8% | 8.1% | 6.1% |
Real Estate | 7.9% | 11.5% | 8.5% |
Utilities | 9.7% | 7.7% | 5.2% |
Russell Midcap Value measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect deductions for fees, expenses or taxes. Index is not available for purchase.
The Russell Midcap is an unmanaged, capitalization-weighted index of domestic mid-cap stocks. It is a subset of the Russell 1000 Index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
Douglas A. Leach, CFA
Portfolio Manager, Mid-Cap Value
Years of Investment Experience: 30+
Started at Dean Capital Mgmt: March 2008 (founding member)
Lead PM on DALCX since: 03/31/2011
Prior Experience: American Century Investments
Education: BA, Central Missouri State; MBA, University of Missouri - Kansas City