Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 05/03/2024 $8.47 +$0.14 (+1.68%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 552 Small Growth funds as of 03/31/2024 View Morningstar Details Morningstar Medalist Rating as of 02/29/2024 Analyst-Driven:10% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 04/30/2024 = $51,471.28 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective Seeks long-term capital appreciation by investing in a portfolio of small cap stocks. Why Consider May be appropriate for investors looking to gain exposure to small cap stocks Manager brings a long history of disciplined investing in small and mid cap stocks, emphasizing fundamental research and bottom-up stock selection Targets companies with solid business models with strong earnings power while selling at reasonable valuations Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style Frontier Small Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Frontier Small Cap Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 552) 3 Years (of 552) 5 Years (of 520) 10 Years (of 400) Category Small Growth Read Important Investment Disclosures James A. Colgan PARTNER, PORTFOLIO MANAGER Jim is a Portfolio Manager for the Frontier Small Cap strategy and an equity partner in the firm. He also holds a leadership position as a member of Frontier’s Management Advisory Committee. Prior to joining Frontier in 1998, he served as Manager, Workstation Business Planning and Strategy for Digital Equipment Corporation. Prior to that, he was with United Technologies Corporation – Pratt and Whitney, as a Program Manager, during which time he was an MIT fellow. He received a B.S. from the University of Connecticut, an M.S. from the University of Massachusetts, and an M.B.A. and M.S. from Massachusetts Institute of Technology. G. Michael Novak, Jr. PARTNER, PORTFOLIO MANAGER Mike is a Portfolio Manager for the Frontier Small Cap strategy and an equity partner in the firm. Prior to joining Frontier in 1998 he served as a Captain in the United States Army. Mike received a B.S. from The United States Military Academy at West Point and an M.B.A. from the Harvard Business School. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end, please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.71% Net Expense Ratio: 1.31% Expense Cap Expiration Date: 03/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 14, 2023 $0.082400 $0.082400 — — Dec 15, 2021 $3.912500 — $1.888300 $2.024200 Dec 16, 2020 $0.392200 — $0.015600 $0.376600 Dec 16, 2019 $0.723300 — — $0.723300 Dec 27, 2018 $4.050300 — $1.955200 $2.095100 Dec 27, 2017 $2.996200 — $0.709000 $2.287200 Dec 27, 2016 $0.047500 — — $0.047500 Dec 28, 2015 $3.000400 — $0.055700 $2.944700 Dec 26, 2014 $11.624800 — $2.420700 $9.204100 Dec 26, 2013 $2.984900 — $1.203900 $1.781000 From: To: Risk & Return Statistics As of: 04/30/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 6.20 6.65 2.87 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 22.52 26.49 22.67 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.12 0.36 0.41 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 112.98 130.15 125.53 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 93.47 97.47 99.33 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.96 1.05 1.05 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.14 92.32 92.08 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.78 7.45 6.45 View All Characteristics & Statistics All Characteristics & Statistics Frontier Small Cap Growth Fund (MSSVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $80 Number of Holdings 115 1,064 Weighted Avg. Market Cap (Mil.$) $7,181 $6,687 Median Market Cap (Mil.$) $6,346 $1,331 Weighted Avg. P/E (1-yr Forward EPS) 18.10 21.07 Weighted Avg. P/E (Trailing EPS) 21.14 23.18 PEG Ratio 1.72 1.20 Weighted Avg. P/B 2.80 4.07 EPS Growth (Trailing 3-yr %) 8.33% 14.39% EPS Growth (Trailing 5-yr %) 23.37% 21.64% Forward EPS Growth (1-yr %) -10.17% 8.27% Forward EPS Growth (Long Term %) 10.81% 18.39% Revenue Growth (Trailing 5-yr %) 16.23% 13.86% Return on Equity 4.11% 10.52% Weighted Avg. Dividend Yield 0.60% 0.55% Debt to Equity 85.55 70.26 Trailing 12-Months Portfolio Turnover 221.15% As of: 03/31/2024 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 6.20 6.65 2.87 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 22.52 26.49 22.67 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.12 0.36 0.41 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 112.98 130.15 125.53 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 93.47 97.47 99.33 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.96 1.05 1.05 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.14 92.32 92.08 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.78 7.45 6.45 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.89 0.90 0.48 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -2.88 9.17 8.86 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -28.44 -31.91 -31.91 As of: 04/30/2024 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 3.56% 8.69% Market Cap ($mm) 1,000 - 1,500 5.95% 6.23% Market Cap ($mm) 1,500 - 2,500 8.67% 14.91% Market Cap ($mm) 2,500 - 5,000 22.86% 36.07% Market Cap ($mm) 5,000 - 10,000 41.71% 25.98% Market Cap ($mm) 10,000 - 25,000 14.84% 2.34% Market Cap ($mm) 25,000 - 50,000 2.39% 1.89% Market Cap ($mm) 50,000 - 100,000 0.02% 3.84% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.02% As of: 03/31/2024 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 6.98% 3.83% P/E 10-15 7.89% 7.97% P/E 15-20 10.48% 7.64% P/E 20-25 6.05% 11.50% P/E 25-Above 33.82% 44.29% P/E – NA 34.78% 24.78% As of: 03/31/2024 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 13.84% 14.13% EPS Growth (Trailing 3-yr %) 0 - 5 0.55% 4.74% EPS Growth (Trailing 3-yr %) 5 - 10 4.12% 3.95% EPS Growth (Trailing 3-yr %) 10 - 15 1.27% 3.36% EPS Growth (Trailing 3-yr %) 15 - 20 0.30% 3.50% EPS Growth (Trailing 3-yr %) Above 20 26.77% 30.45% EPS Growth (Trailing 3-yr %) - NA 53.16% 39.87% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 FTAI Aviation Ltd 4.00% Coherent Corp 3.77% Pure Storage Inc, Class A 3.66% Ultra Clean Holdings Inc 3.19% Beacon Roofing Supply Inc 3.18% Lithia Motors Inc, Class A 3.02% Eagle Materials Inc 2.77% ATI Inc 2.65% Granite Construction Inc 2.60% Alaska Air Group Inc 2.36% % in Top 10 Holdings 31.19% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 FTAI Aviation Ltd 4.00% Coherent Corp 3.77% Pure Storage Inc, Class A 3.66% Ultra Clean Holdings Inc 3.19% Beacon Roofing Supply Inc 3.18% Lithia Motors Inc, Class A 3.02% Eagle Materials Inc 2.77% ATI Inc 2.65% Granite Construction Inc 2.60% Alaska Air Group Inc 2.36% % in Top 10 Holdings 31.19% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund FTAI FTAI Aviation Ltd Industrials S KY USD 47,728 67.30 $3,212,094 4.00% COHR Coherent Corp Information Technology S US USD 49,904 60.62 $3,025,180 3.77% PSTG Pure Storage Inc, Class A Information Technology S US USD 56,517 51.99 $2,938,319 3.66% UCTT Ultra Clean Holdings Inc Information Technology S US USD 55,731 45.94 $2,560,282 3.19% BECN Beacon Roofing Supply Inc Industrials S US USD 26,051 98.02 $2,553,519 3.18% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 8,048 300.86 $2,421,321 3.02% EXP Eagle Materials Inc Materials S US USD 8,175 271.75 $2,221,556 2.77% ATI ATI Inc Materials S US USD 41,500 51.17 $2,123,555 2.65% GVA Granite Construction Inc Industrials S US USD 36,569 57.13 $2,089,187 2.60% ALK Alaska Air Group Inc Industrials S US USD 44,019 42.99 $1,892,377 2.36% SUM Summit Materials Inc, Class A Materials S US USD 42,062 44.57 $1,874,703 2.34% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 40,610 43.74 $1,776,281 2.21% INSW International Seaways Inc Energy S US USD 32,106 53.20 $1,708,039 2.13% CG Carlyle Group Inc Financials S US USD 33,626 46.91 $1,577,396 1.97% CRS Carpenter Technology Corp Materials S US USD 21,710 71.42 $1,550,528 1.93% MAT Mattel Inc Consumer Discretionary S US USD 75,398 19.81 $1,493,634 1.86% GMS GMS Inc Industrials S US USD 14,989 97.34 $1,459,029 1.82% TDW Tidewater Inc Energy S US USD 15,495 92.00 $1,425,540 1.78% DBRG DigitalBridge Group Inc Real Estate S US USD 73,531 19.27 $1,416,942 1.77% AVTR Avantor Inc Health Care S US USD 51,935 25.57 $1,327,978 1.65% RXO RXO Inc Industrials S US USD 59,581 21.87 $1,303,036 1.62% MXL MaxLinear Inc, Class A Information Technology S US USD 69,181 18.67 $1,291,609 1.61% PR Permian Resources Corp, Class A Energy S US USD 71,500 17.66 $1,262,690 1.57% WDC Western Digital Corp Information Technology S US USD 18,009 68.24 $1,228,934 1.53% AZUL Azul SA ADR Industrials S BR USD 153,717 7.77 $1,194,381 1.49% INSP Inspire Medical Systems Inc Health Care S US USD 5,125 214.79 $1,100,799 1.37% MDB MongoDB Inc, Class A Information Technology S US USD 3,029 358.64 $1,086,321 1.35% RRX Regal Rexnord Corp Industrials S US USD 6,012 180.10 $1,082,761 1.35% INDI Indie Semiconductor Inc Information Technology S US USD 152,762 7.08 $1,081,555 1.35% BASE Couchbase Inc Information Technology S US USD 38,330 26.31 $1,008,462 1.26% HL Hecla Mining Co Materials S US USD 206,847 4.81 $994,934 1.24% ASPN Aspen Aerogels Inc Materials S US USD 55,369 17.60 $974,494 1.21% AA Alcoa Corp Materials S US USD 28,504 33.79 $963,150 1.20% GBX Greenbrier Cos Inc Industrials S US USD 18,274 52.10 $952,075 1.19% MKSI MKS Instruments Inc Information Technology S US USD 6,682 133.00 $888,706 1.11% PCRX Pacira BioSciences Inc Health Care S US USD 26,961 29.22 $787,800 0.98% MTH Meritage Homes Corp Consumer Discretionary S US USD 4,364 175.46 $765,707 0.95% BYD Boyd Gaming Corp Consumer Discretionary S US USD 11,022 67.32 $742,001 0.92% ERO ERO Copper Corp Materials S CA USD 35,089 19.28 $676,516 0.84% DOOR Masonite International Corp Industrials S US USD 5,130 131.45 $674,339 0.84% WFRD Weatherford International PLC Energy S US USD 5,685 115.42 $656,163 0.82% INSM Insmed Inc Health Care S US USD 23,570 27.13 $639,454 0.80% ESTC Elastic NV Information Technology S US USD 6,313 100.24 $632,815 0.79% VCEL Vericel Corp Health Care S US USD 12,111 52.02 $630,014 0.78% BBIO Bridgebio Pharma Inc Health Care S US USD 18,710 30.92 $578,513 0.72% ACVA ACV Auctions Inc, Class A Industrials S US USD 30,214 18.77 $567,117 0.71% NTRA Natera Inc Health Care S US USD 5,926 91.46 $541,992 0.68% FIVE Five Below Inc Consumer Discretionary S US USD 2,872 181.38 $520,923 0.65% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 30,148 16.03 $483,272 0.60% BPMC Blueprint Medicines Corp Health Care S US USD 5,058 94.86 $479,802 0.60% DOCU DocuSign Inc, Class A Information Technology S US USD 7,961 59.55 $474,078 0.59% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 42,019 11.18 $469,772 0.59% RIOT Riot Platforms Inc Information Technology S US USD 37,891 12.24 $463,786 0.58% NVCR Novocure Ltd Health Care S JE USD 29,666 15.63 $463,680 0.58% SGH SMART Global Holdings Inc Information Technology S US USD 17,560 26.32 $462,179 0.58% BLDR Builders FirstSource Inc Industrials S US USD 2,167 208.55 $451,928 0.56% ARRY Array Technologies Inc Industrials S US USD 29,329 14.91 $437,295 0.54% SSYS Stratasys Ltd Industrials S US USD 35,606 11.62 $413,742 0.52% SGML Sigma Lithium Corp Materials S BR USD 30,859 12.96 $399,933 0.50% SANM Sanmina Corp Information Technology S US USD 6,311 62.18 $392,418 0.49% SRI Stoneridge Inc Consumer Discretionary S US USD 20,451 18.44 $377,116 0.47% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 20,463 18.38 $376,110 0.47% XPO XPO Inc Industrials S US USD 2,930 122.03 $357,548 0.45% BWA BorgWarner Inc Consumer Discretionary S US USD 10,229 34.74 $355,355 0.44% AXSM Axsome Therapeutics Inc Health Care S US USD 4,385 79.80 $349,923 0.44% SYM Symbotic Inc, Class A Industrials S US USD 7,682 45.00 $345,690 0.43% EXAS Exact Sciences Corp Health Care S US USD 4,959 69.06 $342,469 0.43% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 2,967 113.36 $336,339 0.42% CRSP CRISPR Therapeutics AG Health Care S CH USD 4,929 68.16 $335,961 0.42% FR First Industrial Realty Trust Inc Real Estate S US USD 6,149 52.54 $323,068 0.40% VKTX Viking Therapeutics Inc Health Care S US USD 3,934 82.00 $322,588 0.40% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 25,157 12.29 $309,180 0.39% STNG Scorpio Tankers Inc Energy S MC USD 4,109 71.55 $293,999 0.37% IRT Independence Realty Trust Inc Real Estate S US USD 16,913 16.13 $272,807 0.34% NET Cloudflare Inc, Class A Information Technology S US USD 2,771 96.83 $268,316 0.33% ENS EnerSys Industrials S US USD 2,516 94.46 $237,661 0.30% PAY Paymentus Holdings Inc, Class A Financials S US USD 9,775 22.75 $222,381 0.28% APGE Apogee Therapeutics Inc Health Care S US USD 3,186 66.45 $211,710 0.26% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 27,919 7.42 $207,159 0.26% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 3,719 55.02 $204,619 0.25% OKTA Okta Inc, Class A Information Technology S US USD 1,878 104.62 $196,476 0.24% APLS Apellis Pharmaceuticals Inc Health Care S US USD 3,248 58.78 $190,917 0.24% GWRE Guidewire Software Inc Information Technology S US USD 1,562 116.71 $182,301 0.23% NMIH NMI Holdings Inc, Class A Financials S US USD 5,111 32.34 $165,290 0.21% QRVO Qorvo Inc Information Technology S US USD 1,348 114.83 $154,791 0.19% LCII LCI Industries Consumer Discretionary S US USD 1,143 123.06 $140,658 0.18% UA Under Armour Inc, Class C Consumer Discretionary S US USD 17,308 7.14 $123,579 0.15% SRPT Sarepta Therapeutics Inc Health Care S US USD 894 129.46 $115,737 0.14% WOLF Wolfspeed Inc Information Technology S US USD 3,893 29.50 $114,844 0.14% MP MP Materials Corp Materials S US USD 6,893 14.30 $98,570 0.12% QTRX Quanterix Corp Health Care S US USD 3,877 23.56 $91,342 0.11% LDOS Leidos Holdings Inc Industrials S US USD 670 131.09 $87,830 0.11% PATH UiPath Inc, Class A Information Technology S US USD 3,312 22.67 $75,083 0.09% STAG STAG Industrial Inc Real Estate S US USD 1,447 38.44 $55,623 0.07% MPWR Monolithic Power Systems Inc Information Technology S US USD 82 677.42 $55,548 0.07% BE Bloom Energy Corp, Class A Industrials S US USD 3,826 11.24 $43,004 0.05% PODD Insulet Corp Health Care S US USD 233 171.40 $39,936 0.05% MTZ MasTec Inc Industrials S US USD 427 93.25 $39,818 0.05% ELAN Elanco Animal Health Inc Health Care S US USD 2,445 16.28 $39,805 0.05% CHRD Chord Energy Corp Energy S US USD 202 178.24 $36,004 0.04% BILL BILL Holdings Inc Information Technology S US USD 415 68.72 $28,519 0.04% TWLO Twilio Inc, Class A Information Technology S US USD 379 61.15 $23,176 0.03% MOD Modine Manufacturing Co Consumer Discretionary S US USD 187 95.19 $17,801 0.02% PWR Quanta Services Inc Industrials S US USD 66 259.80 $17,147 0.02% BWXT BWX Technologies Inc Industrials S US USD 153 102.62 $15,701 0.02% ST Sensata Technologies Holding PLC Industrials S US USD 418 36.74 $15,357 0.02% VRT Vertiv Holdings Co, Class A Industrials S US USD 184 81.67 $15,027 0.02% TOST Toast Inc, Class A Financials S US USD 597 24.92 $14,877 0.02% CAVA Cava Group Inc Consumer Discretionary S US USD 204 70.05 $14,290 0.02% WCC WESCO International Inc Industrials S US USD 77 171.28 $13,189 0.02% SMCI Super Micro Computer Inc Information Technology S US USD 13 1,010.03 $13,130 0.02% SITM SiTime Corp Information Technology S US USD 136 93.23 $12,679 0.02% KBR KBR Inc Industrials S US USD 132 63.66 $8,403 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 61 129.62 $7,907 0.01% UTHR United Therapeutics Corp Health Care S US USD 34 229.72 $7,810 0.01% Cash & Equivalents Cash C US USD - - $1,080,630 1.35% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Super Micro Computer Inc 1 0.65% 194.20% FTAI Aviation Ltd 2 4.16% 45.78% Coherent Corp 3 3.76% 39.26% Pure Storage Inc, Class A 4 3.13% 45.79% Eagle Materials Inc 5 3.61% 34.07% Ultra Clean Holdings Inc 6 3.01% 34.56% Masonite International Corp 7 1.13% 55.27% Modine Manufacturing Co 8 1.26% 59.45% Viking Therapeutics Inc 9 0.36% 167.97% Builders FirstSource Inc 10 2.71% 24.93% As of: 03/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Sigma Lithium Corp 20 1.34% -58.90% ACADIA Pharmaceuticals Inc. 19 0.85% -43.02% MaxLinear Inc, Class A 18 1.42% -21.46% Azul SA ADR 17 1.39% -19.81% Lithia Motors Inc, Class A 16 2.94% -8.52% MasTec Inc 15 0.96% 23.15% Riot Platforms Inc 14 0.40% -23.69% Insulet Corp 13 0.73% -21.01% MongoDB Inc, Class A 12 1.33% -12.28% Pacira BioSciences Inc 11 1.48% -13.40% As of: 03/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 03/31/2024 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Industrials 25.83% 20.35% Information Technology 23.63% 23.95% Materials 14.80% 4.07% Consumer Discretionary 11.33% 10.62% Health Care 10.71% 21.28% Energy 6.71% 4.57% Real Estate 2.58% 1.52% Financials 2.47% 6.06% Cash & Other 1.35% 0.00% Communication Services 0.60% 1.93% Consumer Staples 0.00% 4.38% Utilities 0.00% 1.27% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 98.65% Bonds 0.00% Cash and Other 1.35% As of: 03/31/2024 Industry Fund Russell 2000® Growth Index Trading Companies & Distributors 9.02% 2.21% Metals & Mining 8.48% 1.24% Semiconductors & Semiconductor Equipment 8.25% 4.08% Biotechnology 5.48% 10.37% Technology Hardware, Storage & Peripherals 5.21% 3.91% Construction Materials 5.10% 0.05% Electronic Equipment, Instruments & Components 4.26% 3.13% Oil, Gas & Consumable Fuels 4.11% 1.63% Passenger Airlines 4.10% 0.10% Specialty Retail 3.68% 2.00% % in Top 10 Industries 57.69% 28.72% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About Frontier Capital Management Frontier Capital Management Company, LLC, specializes in growth and value equity investments on behalf of institutional and individual clients. Learn More About Frontier Capital Management's Approach FOUNDED 1980 AMG AFFILIATE SINCE 2000 HEADQUARTERS Boston Portfolio Managers James A. Colgan PARTNER, PORTFOLIO MANAGER Read full bio G. Michael Novak, Jr. PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach Frontier Small Cap Growth Fund The Fund invests primarily in common stocks of small U.S. companies whose market capitalization at the time of purchase is within the range of the Russell 2000® Index, the S&P Small Cap 600 Index, or the Dow Jones U.S. Small Cap Total Stock Market Index. Frontier utilizes and draws support from its entire team of investment professionals to identify opportunities and conduct fundamental research. Through fundamental bottom-up research, Frontier seeks long-term capital appreciation by investing in small cap companies that it believes have above-average earnings growth potential and are available at reasonable valuations. Related products Other Products From Frontier Capital Management Frontier Capital Appreciation Strategy View SMA Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS