Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 09/10/2024 $7.93 +$0.00 (+0.00%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 547 Small Growth funds as of 08/31/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 08/31/2024 = $54,054.12 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 08/31/2024 Overall Rating (of 547) 3 Years (of 547) 5 Years (of 518) 10 Years (of 399) 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: 08/31/2024 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. 3.55 4.99 2.53 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. 22.76 26.10 22.53 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. -0.09 0.43 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. 110.83 123.44 122.51 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. 97.50 98.13 99.43 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. 0.95 1.04 1.04 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. 91.40 91.09 91.52 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. 6.77 7.85 6.61 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.$) $79 Number of Holdings 119 1,054 Weighted Avg. Market Cap (Mil.$) $6,733 $6,059 Median Market Cap (Mil.$) $5,756 $1,220 Weighted Avg. P/E (1-yr Forward EPS) 18.96 20.45 Weighted Avg. P/E (Trailing EPS) 19.37 22.91 PEG Ratio 1.20 1.26 Weighted Avg. P/B 2.66 3.99 EPS Growth (Trailing 3-yr %) -1.22% 14.29% EPS Growth (Trailing 5-yr %) 18.75% 22.00% Forward EPS Growth (1-yr %) -11.51% 3.98% Forward EPS Growth (Long Term %) 16.67% 17.62% Revenue Growth (Trailing 5-yr %) 16.16% 14.20% Return on Equity 3.71% 10.88% Weighted Avg. Dividend Yield 0.64% 0.58% Debt to Equity 79.43 76.59 Trailing 12-Months Portfolio Turnover 201.36% As of: 06/30/2024 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. 3.55 4.99 2.53 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. 22.76 26.10 22.53 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. -0.09 0.43 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. 110.83 123.44 122.51 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. 97.50 98.13 99.43 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. 0.95 1.04 1.04 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. 91.40 91.09 91.52 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. 6.77 7.85 6.61 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. 0.52 0.67 0.41 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. -2.17 10.81 8.96 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: 08/31/2024 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 3.31% 8.47% Market Cap ($mm) 1,000 - 1,500 3.93% 5.78% Market Cap ($mm) 1,500 - 2,500 14.13% 15.02% Market Cap ($mm) 2,500 - 5,000 16.83% 33.74% Market Cap ($mm) 5,000 - 10,000 38.29% 27.29% Market Cap ($mm) 10,000 - 25,000 23.28% 6.46% Market Cap ($mm) 25,000 - 50,000 0.23% 3.23% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 9.63% 4.67% P/E 10-15 7.58% 7.26% P/E 15-20 7.78% 9.06% P/E 20-25 6.44% 11.14% P/E 25-Above 30.92% 42.90% P/E – NA 37.66% 24.97% As of: 06/30/2024 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 19.16% 15.27% EPS Growth (Trailing 3-yr %) 0 - 5 0.00% 3.06% EPS Growth (Trailing 3-yr %) 5 - 10 1.99% 5.92% EPS Growth (Trailing 3-yr %) 10 - 15 3.64% 3.90% EPS Growth (Trailing 3-yr %) 15 - 20 2.88% 5.53% EPS Growth (Trailing 3-yr %) Above 20 16.48% 27.67% EPS Growth (Trailing 3-yr %) - NA 55.85% 38.65% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 FTAI Aviation Ltd 4.58% Coherent Corp 4.18% Ultra Clean Holdings Inc 3.91% Granite Construction Inc 3.15% Beacon Roofing Supply Inc 2.90% Summit Materials Inc, Class A 2.90% Credo Technology Group Holding Ltd 2.90% Carpenter Technology Corp 2.65% Pure Storage Inc, Class A 2.64% Alaska Air Group Inc 2.53% % in Top 10 Holdings 32.33% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 FTAI Aviation Ltd 4.58% Coherent Corp 4.18% Ultra Clean Holdings Inc 3.91% Granite Construction Inc 3.15% Beacon Roofing Supply Inc 2.90% Summit Materials Inc, Class A 2.90% Credo Technology Group Holding Ltd 2.90% Carpenter Technology Corp 2.65% Pure Storage Inc, Class A 2.64% Alaska Air Group Inc 2.53% % in Top 10 Holdings 32.33% As of: 06/30/2024 Download All Holdings (PDF) As of: 07/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GVA Granite Construction Inc Industrials S US USD 37,408 68.46 $2,560,952 3.14% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 91,502 27.75 $2,539,181 3.11% BECN Beacon Roofing Supply Inc Industrials S US USD 24,361 102.80 $2,504,311 3.07% ATI ATI Inc Materials S US USD 36,421 67.71 $2,466,066 3.03% FTAI FTAI Aviation Ltd Industrials S KY USD 21,302 111.45 $2,374,108 2.91% UCTT Ultra Clean Holdings Inc Information Technology S US USD 53,397 43.26 $2,309,954 2.83% CRS Carpenter Technology Corp Materials S US USD 15,834 145.87 $2,309,706 2.83% RXO RXO Inc Industrials S US USD 72,671 31.71 $2,304,397 2.83% SUM Summit Materials Inc, Class A Materials S US USD 49,372 41.78 $2,062,762 2.53% COHR Coherent Corp Information Technology S US USD 28,173 69.68 $1,963,095 2.41% MXL MaxLinear Inc, Class A Information Technology S US USD 132,701 14.14 $1,876,392 2.30% INSW International Seaways Inc Energy S US USD 31,152 56.00 $1,744,512 2.14% VKTX Viking Therapeutics Inc Health Care S US USD 29,339 57.00 $1,672,323 2.05% HL Hecla Mining Co Materials S US USD 284,162 5.78 $1,642,456 2.01% ALK Alaska Air Group Inc Industrials S US USD 43,316 37.53 $1,625,649 1.99% INDI Indie Semiconductor Inc Information Technology S US USD 258,992 5.98 $1,548,772 1.90% MTH Meritage Homes Corp Consumer Discretionary S US USD 7,502 202.87 $1,521,931 1.87% RRX Regal Rexnord Corp Industrials S US USD 9,428 160.68 $1,514,891 1.86% INSM Insmed Inc Health Care S US USD 19,964 72.75 $1,452,381 1.78% SANM Sanmina Corp Information Technology S US USD 18,794 75.33 $1,415,752 1.74% TDW Tidewater Inc Energy S US USD 13,554 98.96 $1,341,304 1.65% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 33,200 39.95 $1,326,340 1.63% MAT Mattel Inc Consumer Discretionary S US USD 67,270 19.29 $1,297,638 1.59% AZUL Azul SA ADR Industrials S BR USD 286,400 4.22 $1,208,608 1.48% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 4,307 276.33 $1,190,153 1.46% MOD Modine Manufacturing Co Consumer Discretionary S US USD 10,101 117.66 $1,188,484 1.46% BPMC Blueprint Medicines Corp Health Care S US USD 10,838 108.30 $1,173,755 1.44% QRVO Qorvo Inc Information Technology S US USD 9,752 119.80 $1,168,290 1.43% EXP Eagle Materials Inc Materials S US USD 3,965 272.30 $1,079,670 1.32% MDB MongoDB Inc, Class A Information Technology S US USD 4,241 252.36 $1,070,259 1.31% PSTG Pure Storage Inc, Class A Information Technology S US USD 16,988 59.93 $1,018,091 1.25% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 18,584 54.43 $1,011,527 1.24% ERO ERO Copper Corp Materials S CA USD 49,386 19.50 $963,027 1.18% ASPN Aspen Aerogels Inc Materials S US USD 46,372 20.41 $946,453 1.16% CG Carlyle Group Inc Financials S US USD 18,920 49.74 $941,081 1.15% GBX Greenbrier Cos Inc Industrials S US USD 17,432 51.01 $889,206 1.09% TEM Tempus AI Inc, Class A Health Care S US USD 20,454 43.28 $885,249 1.09% HLIO Helios Technologies Inc Industrials S US USD 19,117 45.95 $878,426 1.08% DBRG DigitalBridge Group Inc Real Estate S US USD 61,809 14.13 $873,361 1.07% BASE Couchbase Inc Information Technology S US USD 41,115 19.19 $788,997 0.97% NVCR Novocure Ltd Health Care S JE USD 34,348 22.77 $782,104 0.96% ACVA ACV Auctions Inc, Class A Industrials S US USD 43,151 17.08 $737,019 0.90% VCEL Vericel Corp Health Care S US USD 13,851 50.52 $699,753 0.86% ADC Agree Realty Corp Real Estate S US USD 10,044 68.97 $692,735 0.85% FMC FMC Corp Materials S US USD 11,515 58.36 $672,015 0.82% FR First Industrial Realty Trust Inc Real Estate S US USD 11,929 54.72 $652,755 0.80% GTLB Gitlab Inc, Class A Information Technology S US USD 12,526 51.23 $641,707 0.79% GTLS Chart Industries Inc Industrials S US USD 3,902 161.08 $628,534 0.77% HALO Halozyme Therapeutics Inc Health Care S US USD 10,578 55.26 $584,540 0.72% GMS GMS Inc Industrials S US USD 5,790 96.23 $557,172 0.68% DAR Darling Ingredients Inc Consumer Staples S US USD 13,436 39.73 $533,812 0.65% DOCU DocuSign Inc, Class A Information Technology S US USD 8,993 55.48 $498,932 0.61% TGLS Tecnoglass Inc Industrials S US USD 9,219 53.81 $496,074 0.61% BYD Boyd Gaming Corp Consumer Discretionary S US USD 8,076 60.87 $491,586 0.60% SGML Sigma Lithium Corp Materials S BR USD 44,156 10.93 $482,625 0.59% ESTC Elastic NV Information Technology S US USD 4,062 109.67 $445,480 0.55% BLDR Builders FirstSource Inc Industrials S US USD 2,661 167.37 $445,372 0.55% IRT Independence Realty Trust Inc Real Estate S US USD 23,045 18.65 $429,789 0.53% KROS Keros Therapeutics Inc Health Care S US USD 8,527 50.16 $427,714 0.52% SYM Symbotic Inc, Class A Industrials S US USD 15,724 26.81 $421,560 0.52% AXSM Axsome Therapeutics Inc Health Care S US USD 4,814 87.31 $420,310 0.52% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 18,639 22.54 $420,123 0.52% KYMR Kymera Therapeutics Inc Health Care S US USD 9,027 46.20 $417,047 0.51% APGE Apogee Therapeutics Inc Health Care S US USD 8,411 48.70 $409,616 0.50% BURL Burlington Stores Inc Consumer Discretionary S US USD 1,463 260.32 $380,848 0.47% PCRX Pacira BioSciences Inc Health Care S US USD 18,054 20.65 $372,815 0.46% ENS EnerSys Industrials S US USD 3,344 109.93 $367,606 0.45% BWA BorgWarner Inc Consumer Discretionary S US USD 9,980 35.31 $352,394 0.43% CHEF Chefs' Warehouse Inc Consumer Staples S US USD 8,472 41.59 $352,350 0.43% ST Sensata Technologies Holding PLC Industrials S US USD 8,492 38.99 $331,103 0.41% CHRD Chord Energy Corp Energy S US USD 1,853 171.66 $318,086 0.39% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 47,945 6.50 $311,643 0.38% BBIO Bridgebio Pharma Inc Health Care S US USD 11,846 25.95 $307,404 0.38% OKTA Okta Inc, Class A Information Technology S US USD 3,059 93.94 $287,362 0.35% SRI Stoneridge Inc Consumer Discretionary S US USD 16,898 16.81 $284,055 0.35% LSCC Lattice Semiconductor Corp Information Technology S US USD 4,945 53.00 $262,085 0.32% WFRD Weatherford International PLC Energy S US USD 2,151 117.86 $253,517 0.31% NMIH NMI Holdings Inc, Class A Financials S US USD 6,095 39.35 $239,838 0.29% SSYS Stratasys Ltd Industrials S US USD 27,658 8.56 $236,752 0.29% RIOT Riot Platforms Inc Information Technology S US USD 23,065 10.19 $235,032 0.29% SGH SMART Global Holdings Inc Information Technology S US USD 9,972 23.40 $233,345 0.29% ARRY Array Technologies Inc Industrials S US USD 17,434 10.52 $183,406 0.22% PATH UiPath Inc, Class A Information Technology S US USD 14,736 12.17 $179,337 0.22% GWRE Guidewire Software Inc Information Technology S US USD 1,182 150.07 $177,383 0.22% APLS Apellis Pharmaceuticals Inc Health Care S US USD 4,294 39.60 $170,042 0.21% MP MP Materials Corp Materials S US USD 12,330 13.52 $166,702 0.20% STNG Scorpio Tankers Inc Energy S MC USD 2,165 76.68 $166,012 0.20% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 25,002 6.12 $153,012 0.19% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,145 120.25 $137,686 0.17% ZS Zscaler Inc Information Technology S US USD 674 179.35 $120,882 0.15% WDC Western Digital Corp Information Technology S US USD 1,794 67.05 $120,288 0.15% XPO XPO Inc Industrials S US USD 999 114.89 $114,775 0.14% EXAS Exact Sciences Corp Health Care S US USD 2,363 45.68 $107,942 0.13% CCJ Cameco Corp Energy S CA USD 1,841 45.49 $83,747 0.10% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 6,120 12.90 $78,948 0.10% BILL BILL Holdings Inc Information Technology S US USD 1,539 49.96 $76,888 0.09% WOLF Wolfspeed Inc Information Technology S US USD 3,891 18.85 $73,345 0.09% QTRX Quanterix Corp Health Care S US USD 3,571 14.76 $52,708 0.06% PAY Paymentus Holdings Inc, Class A Financials S US USD 2,280 21.15 $48,222 0.06% LCII LCI Industries Consumer Discretionary S US USD 408 116.69 $47,610 0.06% PR Permian Resources Corp, Class A Energy S US USD 2,674 15.34 $41,019 0.05% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 3,586 11.36 $40,737 0.05% NET Cloudflare Inc, Class A Information Technology S US USD 520 77.50 $40,300 0.05% MKSI MKS Instruments Inc Information Technology S US USD 313 125.90 $39,407 0.05% NTRA Natera Inc Health Care S US USD 383 102.39 $39,215 0.05% SRPT Sarepta Therapeutics Inc Health Care S US USD 193 142.24 $27,452 0.03% STAG STAG Industrial Inc Real Estate S US USD 661 40.81 $26,975 0.03% MPWR Monolithic Power Systems Inc Information Technology S US USD 24 863.09 $20,714 0.03% PWR Quanta Services Inc Industrials S US USD 65 265.38 $17,250 0.02% CAVA Cava Group Inc Consumer Discretionary S US USD 203 84.22 $17,097 0.02% TOST Toast Inc, Class A Financials S US USD 598 26.16 $15,644 0.02% BWXT BWX Technologies Inc Industrials S US USD 153 99.49 $15,222 0.02% UTHR United Therapeutics Corp Health Care S US USD 34 313.29 $10,652 0.01% SITM SiTime Corp Information Technology S US USD 62 141.95 $8,801 0.01% KBR KBR Inc Industrials S US USD 132 66.59 $8,790 0.01% INSP Inspire Medical Systems Inc Health Care S US USD 62 141.05 $8,745 0.01% PODD Insulet Corp Health Care S US USD 42 194.35 $8,163 0.01% SMCI Super Micro Computer Inc Information Technology S US USD 10 701.65 $7,017 0.01% FIVE Five Below Inc Consumer Discretionary S US USD 83 72.74 $6,037 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 61 98.00 $5,978 0.01% Cash & Equivalents Cash C US USD - - $92,334 0.11% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return FTAI Aviation Ltd 1 3.98% 53.97% Carpenter Technology Corp 2 2.41% 53.70% Insmed Inc 3 1.18% 146.96% Coherent Corp 4 3.35% 19.53% Pure Storage Inc, Class A 5 3.33% 23.50% Credo Technology Group Holding Ltd 6 0.98% 49.53% Aspen Aerogels Inc 7 1.63% 35.51% RXO Inc 8 1.60% 19.57% International Seaways Inc 9 2.38% 14.45% ATI Inc 10 2.69% 8.36% As of: 06/30/2024 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 Azul SA ADR 20 1.66% -48.52% Inspire Medical Systems Inc 19 1.26% -37.69% DigitalBridge Group Inc 18 1.17% -28.87% Summit Materials Inc, Class A 17 2.77% -17.86% Eagle Materials Inc 16 2.18% -19.92% Builders FirstSource Inc 15 1.27% -33.63% Lithia Motors Inc, Class A 14 1.94% -15.97% Couchbase Inc 13 1.16% -30.60% Mattel Inc 12 1.74% -17.92% Regal Rexnord Corp 11 1.12% -24.78% As of: 06/30/2024 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: 06/30/2024 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 Information Technology 26.17% 24.02% Industrials 25.17% 19.88% Materials 16.39% 4.02% Health Care 9.79% 21.58% Consumer Discretionary 9.61% 10.37% Energy 6.31% 4.63% Cash & Other 2.05% 0.00% Financials 2.00% 5.92% Real Estate 1.65% 1.44% Consumer Staples 0.52% 4.79% Communication Services 0.34% 2.02% Utilities 0.00% 1.33% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 97.95% Bonds 0.00% Cash and Other 2.05% As of: 06/30/2024 Industry Fund Russell 2000® Growth Index Semiconductors & Semiconductor Equipment 12.82% 4.64% Metals & Mining 9.68% 1.26% Trading Companies & Distributors 8.54% 2.35% Biotechnology 6.38% 10.40% Electronic Equipment, Instruments & Components 5.03% 3.50% Oil, Gas & Consumable Fuels 4.35% 1.61% Construction Materials 4.30% 0.06% Passenger Airlines 4.01% 0.08% Technology Hardware, Storage & Peripherals 3.88% 3.29% Ground Transportation 3.32% 0.38% % in Top 10 Industries 62.31% 27.57% As of: 06/30/2024 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. 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