Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 02/07/2025 $9.90 -$0.14 (-1.39%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 536 Small Growth funds as of 01/31/2025 View Morningstar Details Morningstar Medalist Rating as of 11/30/2024 Analyst-Driven:10% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 01/31/2025 = $61,278.09 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 2024 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 01/31/2025 Overall Rating (of 536) 3 Years (of 536) 5 Years (of 520) 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. 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: 1.31% Net Expense Ratio: 0.91% Expense Cap Expiration Date: 03/01/2025 The Fund’s Investment Manager has contractually agreed, through 03/01/2025, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. 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 16, 2024 $0.820000 $0.444000 — $0.376000 Dec 14, 2023 $0.102200 $0.102200 — — 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 $0.049100 — — $0.049100 Dec 28, 2015 $3.087000 — $0.057300 $3.029700 Dec 26, 2014 $11.896300 — $2.477200 $9.419100 Dec 26, 2013 $3.039400 — $1.225900 $1.813500 From: To: Risk & Return Statistics As of: 01/31/2025 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. 1.92 5.51 2.89 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. 22.93 26.67 22.78 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. 0.16 0.41 0.44 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. 106.52 124.27 124.65 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. 99.58 97.90 99.28 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. 0.97 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. 92.10 91.41 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. 6.48 7.86 6.67 View All Characteristics & Statistics All Characteristics & Statistics Frontier Small Cap Growth Fund (MSSYX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $89 Number of Holdings 116 1,117 Weighted Avg. Market Cap (Mil.$) $7,476 $4,416 Median Market Cap (Mil.$) $6,021 $1,204 Weighted Avg. P/E (1-yr Forward EPS) 22.48 21.94 Weighted Avg. P/E (Trailing EPS) 26.31 24.34 PEG Ratio 1.54 1.52 Weighted Avg. P/B 2.75 4.11 EPS Growth (Trailing 3-yr %) -1.48% 12.37% EPS Growth (Trailing 5-yr %) 11.62% 19.80% Forward EPS Growth (1-yr %) -0.83% 5.09% Forward EPS Growth (Long Term %) 16.75% 13.98% Revenue Growth (Trailing 5-yr %) 15.98% 14.15% Return on Equity 2.93% 4.14% Weighted Avg. Dividend Yield 0.39% 0.54% Debt to Equity 84.00 73.39 Trailing 12-Months Portfolio Turnover 233.36% As of: 12/31/2024 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. 1.92 5.51 2.89 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. 22.93 26.67 22.78 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. 0.16 0.41 0.44 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. 106.52 124.27 124.65 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. 99.58 97.90 99.28 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. 0.97 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. 92.10 91.41 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. 6.48 7.86 6.67 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. 0.26 0.72 0.47 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. 3.83 10.50 9.62 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. -19.55 -29.77 -31.77 As of: 01/31/2025 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 6.32% 8.08% Market Cap ($mm) 1,000 - 1,500 3.21% 6.79% Market Cap ($mm) 1,500 - 2,500 8.22% 13.84% Market Cap ($mm) 2,500 - 5,000 18.76% 37.40% Market Cap ($mm) 5,000 - 10,000 42.39% 28.85% Market Cap ($mm) 10,000 - 25,000 20.13% 5.04% Market Cap ($mm) 25,000 - 50,000 0.96% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 1.52% 2.93% P/E 10-15 8.57% 6.56% P/E 15-20 10.87% 10.49% P/E 20-25 4.56% 7.76% P/E 25-Above 40.07% 40.89% P/E – NA 34.42% 31.37% As of: 12/31/2024 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 21.23% 13.78% EPS Growth (Trailing 3-yr %) 0 - 5 2.31% 3.18% EPS Growth (Trailing 3-yr %) 5 - 10 2.53% 6.43% EPS Growth (Trailing 3-yr %) 10 - 15 5.01% 4.51% EPS Growth (Trailing 3-yr %) 15 - 20 3.08% 4.80% EPS Growth (Trailing 3-yr %) Above 20 17.89% 20.12% EPS Growth (Trailing 3-yr %) - NA 47.93% 47.17% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Beacon Roofing Supply Inc 3.81% Caesars Entertainment Inc 3.36% ATI Inc 2.93% Lithia Motors Inc, Class A 2.83% Granite Construction Inc 2.80% indie Semiconductor Inc, Class A 2.71% United Therapeutics Corp 2.67% Carlyle Group Inc 2.56% Credo Technology Group Holding Ltd 2.46% MaxLinear Inc, Class A 2.29% % in Top 10 Holdings 28.43% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Beacon Roofing Supply Inc 3.81% Caesars Entertainment Inc 3.36% ATI Inc 2.93% Lithia Motors Inc, Class A 2.83% Granite Construction Inc 2.80% indie Semiconductor Inc, Class A 2.71% United Therapeutics Corp 2.67% Carlyle Group Inc 2.56% Credo Technology Group Holding Ltd 2.46% MaxLinear Inc, Class A 2.29% % in Top 10 Holdings 28.43% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund BECN Beacon Roofing Supply Inc Industrials S US USD 33,258 101.58 $3,378,348 3.81% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 89,195 33.42 $2,980,897 3.36% ATI ATI Inc Materials S US USD 47,255 55.04 $2,600,915 2.93% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 7,005 357.43 $2,503,797 2.83% GVA Granite Construction Inc Industrials S US USD 28,330 87.71 $2,484,824 2.80% INDI indie Semiconductor Inc, Class A Information Technology S US USD 593,953 4.05 $2,405,510 2.71% UTHR United Therapeutics Corp Health Care S US USD 6,700 352.84 $2,364,028 2.67% CG Carlyle Group Inc Financials S US USD 44,849 50.49 $2,264,426 2.56% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 32,457 67.21 $2,181,435 2.46% MXL MaxLinear Inc, Class A Information Technology S US USD 102,665 19.78 $2,030,714 2.29% ALK Alaska Air Group Inc Industrials S US USD 30,016 64.75 $1,943,536 2.19% RRX Regal Rexnord Corp Industrials S US USD 11,555 155.13 $1,792,527 2.02% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 33,230 53.04 $1,762,519 1.99% PLNT Planet Fitness Inc, Class A Consumer Discretionary S US USD 16,158 98.87 $1,597,541 1.80% EXP Eagle Materials Inc Materials S US USD 6,337 246.76 $1,563,718 1.76% SG Sweetgreen Inc, Class A Consumer Discretionary S US USD 48,275 32.06 $1,547,697 1.75% GTLS Chart Industries Inc Industrials S US USD 8,020 190.84 $1,530,537 1.73% FTAI FTAI Aviation Ltd Industrials S KY USD 10,141 144.04 $1,460,710 1.65% RXO RXO Inc Industrials S US USD 60,526 23.84 $1,442,940 1.63% LTH Life Time Group Holdings Inc Consumer Discretionary S US USD 62,653 22.12 $1,385,884 1.56% BILL BILL Holdings Inc Information Technology S US USD 16,174 84.71 $1,370,100 1.55% DBRG DigitalBridge Group Inc, Class A Financials S US USD 120,430 11.28 $1,358,450 1.53% TEM Tempus AI Inc, Class A Health Care S US USD 40,161 33.76 $1,355,835 1.53% MAT Mattel Inc Consumer Discretionary S US USD 74,952 17.73 $1,328,899 1.50% PGY Pagaya Technologies Ltd, Class A Information Technology S US USD 133,778 9.29 $1,242,798 1.40% DAR Darling Ingredients Inc Consumer Staples S US USD 35,032 33.69 $1,180,228 1.33% BPOP Popular Inc Financials S PR USD 12,534 94.06 $1,178,948 1.33% ACVA ACV Auctions Inc, Class A Industrials S US USD 54,376 21.60 $1,174,522 1.33% CRS Carpenter Technology Corp Materials S US USD 6,663 169.71 $1,130,778 1.28% FLR Fluor Corp Industrials S US USD 22,465 49.32 $1,107,974 1.25% BBIO Bridgebio Pharma Inc Health Care S US USD 39,438 27.44 $1,082,179 1.22% MDB MongoDB Inc, Class A Information Technology S US USD 4,612 232.81 $1,073,720 1.21% UCTT Ultra Clean Holdings Inc Information Technology S US USD 29,633 35.95 $1,065,306 1.20% MOD Modine Manufacturing Co Consumer Discretionary S US USD 9,106 115.93 $1,055,659 1.19% SANM Sanmina Corp Information Technology S US USD 13,476 75.67 $1,019,729 1.15% STVN Stevanato Group SpA Health Care S IT USD 42,844 21.79 $933,571 1.05% PSTG Pure Storage Inc, Class A Information Technology S US USD 15,090 61.43 $926,979 1.05% INSM Insmed Inc Health Care S US USD 13,116 69.04 $905,529 1.02% PCOR Procore Technologies Inc Information Technology S US USD 11,997 74.93 $898,935 1.01% XPO XPO Inc Industrials S US USD 6,767 131.15 $887,492 1.00% IRTC iRhythm Technologies Inc Health Care S US USD 9,335 90.17 $841,737 0.95% ADC Agree Realty Corp Real Estate S US USD 11,502 70.45 $810,316 0.91% DLB Dolby Laboratories Inc, Class A Information Technology S US USD 10,351 78.10 $808,413 0.91% PRCT PROCEPT BioRobotics Corp Health Care S US USD 9,961 80.52 $802,060 0.91% VKTX Viking Therapeutics Inc Health Care S US USD 19,144 40.24 $770,355 0.87% LSCC Lattice Semiconductor Corp Information Technology S US USD 13,557 56.65 $768,004 0.87% KNF Knife River Corp Materials S US USD 7,488 101.64 $761,080 0.86% NVCR Novocure Ltd Health Care S JE USD 22,961 29.80 $684,238 0.77% HXL Hexcel Corp Industrials S US USD 10,399 62.70 $652,017 0.74% SILA Sila Realty Trust Inc, Class A Real Estate S US USD 26,144 24.32 $635,822 0.72% ATMU Atmus Filtration Technologies Inc Industrials S US USD 15,608 39.18 $611,521 0.69% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 23,093 26.38 $609,193 0.69% GTX Garrett Motion Inc Consumer Discretionary S CH USD 64,282 9.03 $580,466 0.65% MPWR Monolithic Power Systems Inc Information Technology S US USD 958 591.70 $566,849 0.64% ERO ERO Copper Corp Materials S CA USD 40,543 13.48 $546,520 0.62% GBX Greenbrier Cos Inc Industrials S US USD 8,814 60.99 $537,566 0.61% GTLB Gitlab Inc, Class A Information Technology S US USD 9,538 56.35 $537,466 0.61% CCJ Cameco Corp Energy S CA USD 10,371 51.39 $532,966 0.60% CHEF Chefs' Warehouse Inc Consumer Staples S US USD 10,766 49.32 $530,979 0.60% IRT Independence Realty Trust Inc Real Estate S US USD 23,578 19.84 $467,788 0.53% BWA BorgWarner Inc Consumer Discretionary S US USD 13,844 31.79 $440,101 0.50% BPMC Blueprint Medicines Corp Health Care S US USD 4,640 87.22 $404,701 0.46% BASE Couchbase Inc Information Technology S US USD 23,658 15.59 $368,828 0.42% HLIO Helios Technologies Inc Industrials S US USD 7,984 44.64 $356,406 0.40% INSP Inspire Medical Systems Inc Health Care S US USD 1,902 185.38 $352,593 0.40% WOLF Wolfspeed Inc Information Technology S US USD 52,894 6.66 $352,274 0.40% APGE Apogee Therapeutics Inc Health Care S US USD 7,540 45.30 $341,562 0.39% BYD Boyd Gaming Corp Consumer Discretionary S US USD 4,428 72.54 $321,207 0.36% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 57,149 5.53 $316,034 0.36% OKTA Okta Inc, Class A Information Technology S US USD 3,960 78.80 $312,048 0.35% DYN Dyne Therapeutics Inc Health Care S US USD 13,169 23.56 $310,262 0.35% TOST Toast Inc, Class A Financials S US USD 8,324 36.45 $303,410 0.34% VCEL Vericel Corp Health Care S US USD 5,485 54.91 $301,181 0.34% RYI Ryerson Holding Corp Materials S US USD 14,915 18.51 $276,077 0.31% BURL Burlington Stores Inc Consumer Discretionary S US USD 954 285.06 $271,947 0.31% KYMR Kymera Therapeutics Inc Health Care S US USD 6,673 40.23 $268,455 0.30% NTRA Natera Inc Health Care S US USD 1,690 158.30 $267,527 0.30% S SentinelOne Inc, Class A Information Technology S US USD 11,890 22.20 $263,958 0.30% PODD Insulet Corp Health Care S US USD 956 261.07 $249,583 0.28% AXSM Axsome Therapeutics Inc Health Care S US USD 2,332 84.61 $197,311 0.22% PAY Paymentus Holdings Inc, Class A Financials S US USD 5,669 32.67 $185,206 0.21% ZS Zscaler Inc Information Technology S US USD 1,010 180.41 $182,214 0.21% ESTC Elastic NV Information Technology S US USD 1,838 99.08 $182,109 0.21% LRN Stride Inc Consumer Discretionary S US USD 1,478 103.93 $153,609 0.17% SGML Sigma Lithium Corp Materials S BR USD 13,578 11.22 $152,345 0.17% ENVX Enovix Corp Industrials S US USD 13,785 10.87 $149,843 0.17% SSYS Stratasys Ltd Industrials S US USD 16,337 8.89 $145,236 0.16% NMIH NMI Holdings Inc, Class A Financials S US USD 3,926 36.76 $144,320 0.16% TDW Tidewater Inc Energy S US USD 2,518 54.71 $137,760 0.16% BWXT BWX Technologies Inc Industrials S US USD 1,202 111.39 $133,891 0.15% PENG Penguin Solutions Inc Information Technology S US USD 5,981 19.19 $114,775 0.13% LCII LCI Industries Consumer Discretionary S US USD 984 103.39 $101,736 0.11% EOLS Evolus Inc Health Care S US USD 8,051 11.04 $88,883 0.10% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 3,932 22.24 $87,448 0.10% FMC FMC Corp Materials S US USD 1,748 48.61 $84,970 0.10% NET Cloudflare Inc, Class A Information Technology S US USD 416 107.68 $44,795 0.05% PATH UiPath Inc, Class A Information Technology S US USD 3,455 12.71 $43,913 0.05% LNTH Lantheus Holdings Inc Health Care S US USD 481 89.46 $43,030 0.05% BLDR Builders FirstSource Inc Industrials S US USD 292 142.93 $41,736 0.05% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 340 110.85 $37,689 0.04% GMS GMS Inc Industrials S US USD 425 84.83 $36,053 0.04% INSW International Seaways Inc Energy S US USD 757 35.94 $27,207 0.03% SRPT Sarepta Therapeutics Inc Health Care S US USD 213 121.59 $25,899 0.03% CAVA Cava Group Inc Consumer Discretionary S US USD 224 112.80 $25,267 0.03% PWR Quanta Services Inc Industrials S US USD 72 316.05 $22,756 0.03% PR Permian Resources Corp, Class A Energy S US USD 1,327 14.38 $19,082 0.02% ASPN Aspen Aerogels Inc Materials S US USD 1,461 11.88 $17,357 0.02% COHR Coherent Corp Information Technology S US USD 179 94.73 $16,957 0.02% MP MP Materials Corp Materials S US USD 919 15.60 $14,336 0.02% FIVE Five Below Inc Consumer Discretionary S US USD 94 104.96 $9,866 0.01% SYM Symbotic Inc, Class A Industrials S US USD 410 23.71 $9,721 0.01% WDC Western Digital Corp Information Technology S US USD 154 59.63 $9,183 0.01% DOCU DocuSign Inc, Class A Information Technology S US USD 97 89.94 $8,724 0.01% GWRE Guidewire Software Inc Information Technology S US USD 48 168.58 $8,092 0.01% EXAS Exact Sciences Corp Health Care S US USD 128 56.19 $7,192 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 68 99.70 $6,780 0.01% Cash & Equivalents Cash C US USD - - $3,273,647 3.69% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Credo Technology Group Holding Ltd 1 2.31% 118.21% Summit Materials Inc, Class A 2 2.53% 29.49% Alaska Air Group Inc 3 2.14% 43.22% BILL Holdings Inc 4 1.17% 60.56% Beacon Roofing Supply Inc 5 3.82% 17.53% MaxLinear Inc, Class A 6 1.78% 36.60% Lithia Motors Inc, Class A 7 3.47% 12.64% FTAI Aviation Ltd 8 1.56% 8.59% Granite Construction Inc 9 3.33% 10.75% Symbotic Inc, Class A 10 0.42% -2.79% As of: 12/31/2024 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 Viking Therapeutics Inc 20 1.51% -36.44% Caesars Entertainment Inc 19 3.12% -19.93% ATI Inc 18 2.69% -17.74% Keros Therapeutics, Inc. 17 0.68% -67.57% DigitalBridge Group Inc, Class A 16 1.52% -20.12% Eagle Materials Inc 15 3.56% -14.16% MongoDB Inc, Class A 14 1.45% -13.89% ERO Copper Corp 13 0.65% -39.47% RXO Inc 12 1.66% -14.86% Pagaya Technologies Ltd, Class A 11 0.69% -22.06% As of: 12/31/2024 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: 12/31/2024 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSYX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Industrials 25.49% 22.65% Information Technology 21.32% 20.77% Consumer Discretionary 16.19% 10.21% Health Care 14.21% 23.46% Materials 8.07% 3.65% Financials 6.13% 8.63% Cash & Other 3.69% 0.00% Real Estate 2.16% 1.39% Consumer Staples 1.93% 3.34% Energy 0.81% 3.30% Communication Services 0.00% 2.15% Utilities 0.00% 0.45% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 96.31% Bonds 0.00% Cash and Other 3.69% As of: 12/31/2024 Industry Fund Russell 2000® Growth Index Semiconductors & Semiconductor Equipment 10.70% 3.89% Hotels, Restaurants & Leisure 8.87% 2.86% Biotechnology 7.95% 12.44% Software 6.26% 11.70% Trading Companies & Distributors 5.50% 3.54% Metals & Mining 5.33% 1.26% Ground Transportation 4.62% 0.50% Capital Markets 4.09% 2.95% Construction & Engineering 4.08% 2.63% Machinery 3.60% 5.10% % in Top 10 Industries 61% 46.87% As of: 12/31/2024 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 Manager James A. Colgan 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 SmallCap 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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