Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 12/06/2024 $9.48 +$0.06 (+0.64%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 536 Small Growth funds as of 11/30/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 11/30/2024 = $59,913.75 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 11/30/2024 Overall Rating (of 536) 3 Years (of 536) 5 Years (of 517) 10 Years (of 395) 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: 11/30/2024 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. 3.42 4.22 2.41 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. 22.85 26.26 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. 0.11 0.42 0.45 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. 106.15 118.30 119.17 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. 96.27 98.29 99.26 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. 0.93 1.03 1.03 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. 91.46 90.96 91.37 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. 6.87 7.93 6.65 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.$) $80 Number of Holdings 119 1,120 Weighted Avg. Market Cap (Mil.$) $7,290 $4,239 Median Market Cap (Mil.$) $5,909 $1,227 Weighted Avg. P/E (1-yr Forward EPS) 19.96 21.68 Weighted Avg. P/E (Trailing EPS) 21.38 24.22 PEG Ratio 1.40 1.38 Weighted Avg. P/B 2.68 4.15 EPS Growth (Trailing 3-yr %) -0.50% 10.99% EPS Growth (Trailing 5-yr %) 24.15% 19.29% Forward EPS Growth (1-yr %) 2.07% 4.49% Forward EPS Growth (Long Term %) 16.06% 15.97% Revenue Growth (Trailing 5-yr %) 16.18% 13.38% Return on Equity 7.26% 4.68% Weighted Avg. Dividend Yield 0.44% 0.54% Debt to Equity 84.56 73.64 Trailing 12-Months Portfolio Turnover 229.92% As of: 09/30/2024 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. 3.42 4.22 2.41 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. 22.85 26.26 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. 0.11 0.42 0.45 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. 106.15 118.30 119.17 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. 96.27 98.29 99.26 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. 0.93 1.03 1.03 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. 91.46 90.96 91.37 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. 6.87 7.93 6.65 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. 0.47 0.55 0.39 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. 2.77 10.76 9.88 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. -26.22 -31.91 -31.91 As of: 11/30/2024 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 2.82% 8.00% Market Cap ($mm) 1,000 - 1,500 3.16% 7.52% Market Cap ($mm) 1,500 - 2,500 8.07% 14.41% Market Cap ($mm) 2,500 - 5,000 17.92% 38.38% Market Cap ($mm) 5,000 - 10,000 50.29% 27.81% Market Cap ($mm) 10,000 - 25,000 17.49% 3.81% Market Cap ($mm) 25,000 - 50,000 0.24% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.06% As of: 09/30/2024 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 4.45% 3.21% P/E 10-15 8.28% 5.89% P/E 15-20 10.85% 8.74% P/E 20-25 7.77% 9.95% P/E 25-Above 36.10% 41.06% P/E – NA 32.56% 31.15% As of: 09/30/2024 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 25.74% 16.30% EPS Growth (Trailing 3-yr %) 0 - 5 2.53% 3.20% EPS Growth (Trailing 3-yr %) 5 - 10 8.11% 4.96% EPS Growth (Trailing 3-yr %) 10 - 15 4.02% 6.08% EPS Growth (Trailing 3-yr %) 15 - 20 0.33% 4.24% EPS Growth (Trailing 3-yr %) Above 20 16.50% 22.16% EPS Growth (Trailing 3-yr %) - NA 42.77% 43.06% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Eagle Materials Inc 3.86% Granite Construction Inc 3.50% Lithia Motors Inc, Class A 3.11% ATI Inc 2.97% FTAI Aviation Ltd 2.95% Summit Materials Inc, Class A 2.92% Beacon Roofing Supply Inc 2.87% Caesars Entertainment Inc 2.82% Credo Technology Group Holding Ltd 2.69% Coherent Corp 2.64% % in Top 10 Holdings 30.34% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Eagle Materials Inc 3.86% Granite Construction Inc 3.50% Lithia Motors Inc, Class A 3.11% ATI Inc 2.97% FTAI Aviation Ltd 2.95% Summit Materials Inc, Class A 2.92% Beacon Roofing Supply Inc 2.87% Caesars Entertainment Inc 2.82% Credo Technology Group Holding Ltd 2.69% Coherent Corp 2.64% % in Top 10 Holdings 30.34% As of: 09/30/2024 Download All Holdings (PDF) As of: 10/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SUM Summit Materials Inc, Class A Materials S US USD 66,643 47.41 $3,159,545 4.01% EXP Eagle Materials Inc Materials S US USD 10,634 285.46 $3,035,582 3.86% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 9,002 332.37 $2,991,995 3.80% UTHR United Therapeutics Corp Health Care S US USD 6,851 373.97 $2,562,068 3.25% BECN Beacon Roofing Supply Inc Industrials S US USD 27,038 92.07 $2,489,389 3.16% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 62,718 37.70 $2,364,469 3.00% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 58,563 40.05 $2,345,448 2.98% VKTX Viking Therapeutics Inc Health Care S US USD 31,801 72.54 $2,306,845 2.93% GVA Granite Construction Inc Industrials S US USD 26,961 84.05 $2,266,072 2.88% ATI ATI Inc Materials S US USD 34,236 52.71 $1,804,580 2.29% MAT Mattel Inc Consumer Discretionary S US USD 82,567 20.38 $1,682,715 2.14% ALK Alaska Air Group Inc Industrials S US USD 33,921 47.91 $1,625,155 2.06% CRS Carpenter Technology Corp Materials S US USD 9,459 149.50 $1,414,121 1.80% DAR Darling Ingredients Inc Consumer Staples S US USD 36,068 39.11 $1,410,619 1.79% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 26,970 52.08 $1,404,598 1.78% RRX Regal Rexnord Corp Industrials S US USD 8,299 166.54 $1,382,115 1.76% SG Sweetgreen Inc, Class A Consumer Discretionary S US USD 37,830 36.10 $1,365,663 1.73% INDI indie Semiconductor Inc, Class A Information Technology S US USD 411,337 3.31 $1,361,525 1.73% DBRG DigitalBridge Group Inc, Class A Financials S US USD 86,543 15.69 $1,357,860 1.72% RXO RXO Inc Industrials S US USD 45,607 28.19 $1,285,661 1.63% KNF Knife River Corp Materials S US USD 12,915 97.32 $1,256,888 1.60% MDB MongoDB Inc, Class A Information Technology S US USD 4,114 270.40 $1,112,426 1.41% MXL MaxLinear Inc, Class A Information Technology S US USD 82,459 12.97 $1,069,493 1.36% BLDR Builders FirstSource Inc Industrials S US USD 6,188 171.40 $1,060,623 1.35% BPOP Popular Inc Financials S PR USD 11,600 89.23 $1,035,068 1.31% PLNT Planet Fitness Inc, Class A Consumer Discretionary S US USD 13,090 78.52 $1,027,827 1.31% INSM Insmed Inc Health Care S US USD 15,197 67.28 $1,022,454 1.30% COHR Coherent Corp Information Technology S US USD 10,895 92.44 $1,007,134 1.28% MOD Modine Manufacturing Co Consumer Discretionary S US USD 8,215 117.77 $967,481 1.23% ADC Agree Realty Corp Real Estate S US USD 12,553 74.25 $932,060 1.18% UCTT Ultra Clean Holdings Inc Information Technology S US USD 26,283 33.45 $879,166 1.12% FTAI FTAI Aviation Ltd Industrials S KY USD 6,458 134.44 $868,214 1.10% HALO Halozyme Therapeutics Inc Health Care S US USD 16,901 50.57 $854,684 1.09% BILL BILL Holdings Inc Information Technology S US USD 14,393 58.36 $839,975 1.07% S SentinelOne Inc, Class A Information Technology S US USD 31,869 25.79 $821,902 1.04% LTH Life Time Group Holdings Inc Consumer Discretionary S US USD 36,772 22.28 $819,280 1.04% KYMR Kymera Therapeutics Inc Health Care S US USD 15,942 46.17 $736,042 0.93% XPO XPO Inc Industrials S US USD 5,518 130.53 $720,265 0.91% KROS Keros Therapeutics Inc Health Care S US USD 11,683 58.04 $678,081 0.86% APGE Apogee Therapeutics Inc Health Care S US USD 12,657 52.04 $658,670 0.84% LNTH Lantheus Holdings Inc Health Care S US USD 5,934 109.84 $651,791 0.83% ACVA ACV Auctions Inc, Class A Industrials S US USD 37,140 17.29 $642,151 0.82% SYM Symbotic Inc, Class A Industrials S US USD 22,878 27.79 $635,780 0.81% LSCC Lattice Semiconductor Corp Information Technology S US USD 11,890 50.66 $602,347 0.77% SILA Sila Realty Trust Inc, Class A Real Estate S US USD 23,141 25.18 $582,690 0.74% SANM Sanmina Corp Information Technology S US USD 8,238 70.10 $577,484 0.73% BYD Boyd Gaming Corp Consumer Discretionary S US USD 8,067 69.29 $558,962 0.71% GTLB Gitlab Inc, Class A Information Technology S US USD 10,371 53.75 $557,441 0.71% ERO ERO Copper Corp Materials S CA USD 29,646 18.34 $543,708 0.69% ATMU Atmus Filtration Technologies Inc Industrials S US USD 13,757 38.94 $535,698 0.68% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 23,504 22.72 $534,011 0.68% STVN Stevanato Group SpA Health Care S IT USD 27,900 19.01 $530,379 0.67% NTRA Natera Inc Health Care S US USD 4,110 120.96 $497,146 0.63% TOST Toast Inc, Class A Financials S US USD 15,997 30.03 $480,390 0.61% BBIO Bridgebio Pharma Inc Health Care S US USD 20,010 23.41 $468,434 0.60% HLIO Helios Technologies Inc Industrials S US USD 10,088 46.13 $465,359 0.59% GBX Greenbrier Cos Inc Industrials S US USD 7,801 59.27 $462,365 0.59% TEM Tempus AI Inc, Class A Health Care S US USD 10,362 44.62 $462,352 0.59% DYN Dyne Therapeutics Inc Health Care S US USD 15,886 28.86 $458,470 0.58% CCJ Cameco Corp Energy S CA USD 8,749 52.22 $456,873 0.58% INSW International Seaways Inc Energy S US USD 9,923 43.54 $432,047 0.55% IRT Independence Realty Trust Inc Real Estate S US USD 20,868 19.62 $409,430 0.52% ENVX Enovix Corp Industrials S US USD 45,189 9.01 $406,927 0.52% AXSM Axsome Therapeutics Inc Health Care S US USD 4,467 89.03 $397,697 0.51% BASE Couchbase Inc Information Technology S US USD 21,878 16.07 $351,579 0.45% WOLF Wolfspeed Inc Information Technology S US USD 26,344 13.31 $350,639 0.45% HXL Hexcel Corp Industrials S US USD 5,676 58.69 $333,124 0.42% PGY Pagaya Technologies Ltd, Class A Information Technology S US USD 27,755 11.52 $319,738 0.41% BWXT BWX Technologies Inc Industrials S US USD 2,581 121.75 $314,237 0.40% GMS GMS Inc Industrials S US USD 3,343 89.89 $300,502 0.38% NVCR Novocure Ltd Health Care S JE USD 19,791 15.18 $300,427 0.38% CHEF Chefs' Warehouse Inc Consumer Staples S US USD 7,258 39.92 $289,739 0.37% BWA BorgWarner Inc Consumer Discretionary S US USD 7,515 33.63 $252,729 0.32% ESTC Elastic NV Information Technology S US USD 2,946 80.23 $236,358 0.30% BPMC Blueprint Medicines Corp Health Care S US USD 2,643 87.51 $231,289 0.29% TDW Tidewater Inc Energy S US USD 3,841 60.07 $230,729 0.29% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 42,324 5.41 $228,973 0.29% VCEL Vericel Corp Health Care S US USD 4,854 44.04 $213,770 0.27% STAG STAG Industrial Inc Real Estate S US USD 5,644 37.28 $210,408 0.27% NMIH NMI Holdings Inc, Class A Financials S US USD 5,278 38.68 $204,153 0.26% ZS Zscaler Inc Information Technology S US USD 1,077 180.79 $194,711 0.25% CG Carlyle Group Inc Financials S US USD 3,600 50.03 $180,108 0.23% DOCU DocuSign Inc, Class A Information Technology S US USD 2,330 69.38 $161,655 0.21% SGML Sigma Lithium Corp Materials S BR USD 11,211 13.58 $152,245 0.19% PAY Paymentus Holdings Inc, Class A Financials S US USD 5,256 24.61 $129,350 0.16% MTH Meritage Homes Corp Consumer Discretionary S US USD 680 181.20 $123,216 0.16% EXAS Exact Sciences Corp Health Care S US USD 1,728 68.93 $119,111 0.15% NET Cloudflare Inc, Class A Information Technology S US USD 1,328 87.71 $116,479 0.15% MP MP Materials Corp Materials S US USD 6,415 17.99 $115,406 0.15% GTLS Chart Industries Inc Industrials S US USD 933 120.72 $112,632 0.14% OKTA Okta Inc, Class A Information Technology S US USD 1,443 71.89 $103,737 0.13% FMC FMC Corp Materials S US USD 1,546 64.99 $100,475 0.13% LRN Stride Inc Consumer Discretionary S US USD 1,002 93.28 $93,467 0.12% SSYS Stratasys Ltd Industrials S US USD 13,000 7.15 $92,950 0.12% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 4,672 15.92 $74,378 0.09% FR First Industrial Realty Trust Inc Real Estate S US USD 1,306 52.49 $68,552 0.09% INSP Inspire Medical Systems Inc Health Care S US USD 283 195.04 $55,196 0.07% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 4,981 11.05 $55,040 0.07% PSTG Pure Storage Inc, Class A Information Technology S US USD 1,041 50.05 $52,102 0.07% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 301 133.47 $40,174 0.05% PATH UiPath Inc, Class A Information Technology S US USD 3,202 12.36 $39,577 0.05% CAVA Cava Group Inc Consumer Discretionary S US USD 200 133.56 $26,712 0.03% SRPT Sarepta Therapeutics Inc Health Care S US USD 190 126.00 $23,940 0.03% PENG Penguin Solutions Inc Information Technology S US USD 1,517 15.05 $22,831 0.03% LCII LCI Industries Consumer Discretionary S US USD 198 111.28 $22,033 0.03% PWR Quanta Services Inc Industrials S US USD 64 301.63 $19,304 0.02% ASPN Aspen Aerogels Inc Materials S US USD 1,032 17.84 $18,411 0.02% PR Permian Resources Corp, Class A Energy S US USD 1,175 13.63 $16,015 0.02% BURL Burlington Stores Inc Consumer Discretionary S US USD 64 247.77 $15,857 0.02% MPWR Monolithic Power Systems Inc Information Technology S US USD 19 759.30 $14,427 0.02% SRI Stoneridge Inc Consumer Discretionary S US USD 1,263 6.99 $8,828 0.01% WDC Western Digital Corp Information Technology S US USD 135 65.31 $8,817 0.01% LGIH LGI Homes Inc Consumer Discretionary S US USD 80 101.56 $8,125 0.01% GWRE Guidewire Software Inc Information Technology S US USD 43 186.26 $8,009 0.01% FIVE Five Below Inc Consumer Discretionary S US USD 82 94.79 $7,773 0.01% PODD Insulet Corp Health Care S US USD 33 231.53 $7,640 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 60 103.05 $6,183 0.01% SMCI Super Micro Computer Inc Information Technology S US USD 98 29.11 $2,853 0.00% Cash & Equivalents Cash C US USD - - $1,603,676 2.04% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Carpenter Technology Corp 1 2.25% 45.77% Granite Construction Inc 2 3.37% 28.08% Eagle Materials Inc 3 2.27% 32.36% FTAI Aviation Ltd 4 3.13% 29.11% Hecla Mining Co 5 1.85% 37.74% Coherent Corp 6 2.85% 22.70% ATI Inc 7 2.89% 20.67% Viking Therapeutics Inc 8 2.12% 19.43% Lithia Motors Inc, Class A 9 1.95% 25.99% Meritage Homes Corp 10 1.81% 27.03% As of: 09/30/2024 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 indie Semiconductor Inc, Class A 20 1.68% -35.33% MaxLinear Inc, Class A 19 2.47% -28.10% Ultra Clean Holdings Inc 18 2.65% -18.51% Azul S.A. Sponsored ADR Pfd 17 1.04% -23.50% Pacira Biosciences, Inc. 16 0.23% -56.41% International Seaways Inc 15 1.57% -10.06% Symbotic Inc, Class A 14 0.46% -30.63% Tidewater Inc 13 1.07% -24.60% Pure Storage Inc, Class A 12 1.36% -21.76% Blueprint Medicines Corp 11 0.82% -14.18% As of: 09/30/2024 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: 09/30/2024 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 Industrials 24.84% 21.78% Information Technology 17.76% 19.63% Consumer Discretionary 17.18% 10.07% Materials 15.73% 3.93% Health Care 14.54% 25.60% Real Estate 3.70% 1.55% Financials 2.91% 8.29% Consumer Staples 1.86% 3.24% Energy 0.70% 3.43% Cash & Other 0.51% 0.00% Communication Services 0.28% 2.01% Utilities 0.00% 0.48% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 99.49% Bonds 0.00% Cash and Other 0.51% As of: 09/30/2024 Industry Fund Russell 2000® Growth Index Biotechnology 11.67% 13.57% Semiconductors & Semiconductor Equipment 10.08% 3.46% Construction Materials 7.68% 0.46% Metals & Mining 7.15% 1.35% Hotels, Restaurants & Leisure 6.46% 2.61% Trading Companies & Distributors 6.41% 3.32% Ground Transportation 3.81% 0.54% Specialty Retail 3.60% 1.96% Construction & Engineering 3.53% 2.41% Electronic Equipment, Instruments & Components 3.48% 3.78% % in Top 10 Industries 63.87% 33.46% As of: 09/30/2024 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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