Overview

Investment Objective

To provide a long-term total return of capital, primarily through capital appreciation.

Investment Strategy

The Fund aims to approximate the total return of the Cap-Based Portfolio 10 Index published by the University of Chicago's Center for Research in Security Prices (CRSP) over long time periods. For investment purposes, "ultra-small companies" are defined as those companies that have a market capitalization the size of the smallest 10% of companies listed on the New York Stock Exchange, or companies with capitalizations that fall within the range of companies included in the CRSP 10 Index. Bridgeway seeks to minimize the distribution of capital gains, operating within the constraints of the investment objective and ultra-small company focus by offsetting capital gains with capital losses.

Team Managed

John Montgomery Founder and CIO of Bridgeway bio image

John Montgomery

Elena Khoziaeva Head of US Equity at Bridgeway bio image

Elena Khoziaeva, CFA

Christine Wang Portfolio Manager at Bridgeway bio image

Christine Wang, CFA, CPA

Michael Whipple Portfolio Manager at Bridgeway bio image

Michael Whipple, CFA, FRM

Daily Stats
(as of 11/30/2020)

NAV:
NAV change:
$13.24
$-0.20/-1.49%

52-Week High $13.44 | 52-Week Low $6.38

Fund Basics

Ticker BRSIX
Category Small Value
Benchmark CRSP 10 Index
MorningStar Rating (09/30/2020) Rating StarRating StarRating StarRating Star
Inception 07/31/1997

As of 09/30/2020, Overall Morningstar Rating among 387 Small-Cap Blend funds based on Morningstar weighted average of the Fund's three, five, and ten year Risk-Adjusted return.


Performance (as of 09/30/2020)

Calendar Year Performance (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Return % 24.86 -7.86 19.83 50.91 4.61 -8.28 21.47 12.47 -17.12 15.34
CRSP 10 Index 29.25 -14.05 21.56 49.25 2.76 -11.34 21.55 13.70 -16.29 26.15

Annualized Returns (%)

QTR 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION 07/31/1997
BRSIX 6.83 -1.71 -3.64 4.40 8.40 8.92
CRSP 10 Index 3.47 9.32 1.58 7.43 8.93 9.76
Morningstar Ranking 21 of 416 79 of 387 78 of 356 21 of 254

RETURNS LESS THAN ONE YEAR ARE NOT ANNUALIZED.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NO GUARANTEE OF FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAT THE PERFORMANCE DATA QUOTED. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OF LESS THAN ORIGINAL COST. FOR THE MOST RECENT MONTH-END PERFORMANCE, PLEASE CLICK HERE OR CALL 800-661-3550.

Growth of $10,000 Investment (09/30/2010 to 09/30/2020)


Characteristics (as of 09/30/2020)

Equity Portfolio Statistics

Category Stock Portfolio Avg.
Price/Earnings 8.5
Price/Book 0.8
Price/Cash Flow 2.4
Price/Sales 0.3
Weighted Avg Market Cap (Mil) $133
Total # of Holdings 520
Turnover 55%
Net Assets (Mil) $154

Company Size Breakdown

Company Size % Portfolio
Small16.8
Ultra-Small83.2

Top Ten Holdings

Company Market Cap ($Mil) % of Net Assets
A-Mark Precious Metals Inc2371.09
Eastman Kodak Co6680.82
Xeris Pharmaceuticals Inc2740.72
Container Store Group Inc3130.68
Innerworkings Inc1580.64
Commercial Vehicle Group Inc2130.62
Big 5 Sporting Goods Corp1640.60
Party City Holdco Inc2870.55
Bluelinx Holdings Inc2040.54
Rocky Brands Inc.1820.51

Download Our Complete Holdings List

Fees and Expenses

Please refer to the table for any fees and expenses associated with the current fund.

Sales Charges
Front-end Load None
Deferred Loads None
Management Fee 0.50%
Performance Fee None
12B-1 Fee None
Gross Expense Ratio 1.01%
Net Expense Ratio 0.94%

Distributions

Historical Distribution and Tax Information

Year Ordinary Income ST Cap Gains LT Cap Gains Total Distribution Reinvest Nav Record Date Ex Date Payable Date
Ultra-Small Company Market Fund
2019$0.1513$0.0000$0.0000$0.1513$11.2912/16/201912/17/201912/17/2019
2018$0.0757$0.0000$1.5703$1.6460$10.4512/17/201812/18/201812/18/2018
2017$0.0202$0.0000$1.9353$1.9555$13.8412/13/201712/14/201712/14/2017
2016$0.1489$0.0000$1.0445$1.1934$14.4012/14/201612/15/201612/15/2016
2015$0.1285$0.0000$1.5287$1.6573$12.7712/15/201512/16/201512/16/2015
2014$0.1427$0.0000$1.6382$1.7808$14.9412/15/201412/16/201412/16/2014
2013$0.1841$0.0000$1.5948$1.7790$16.2312/16/201312/17/201312/18/2013
2012$0.3995$0.0000$2.5367$2.9362$12.5112/20/201212/21/201212/24/2012
2011$0.1448$0.0000$0.5635$0.7083$12.5112/14/201112/15/201112/16/2011
2010$0.1467$0.0000$0.0000$0.1467$14.3912/13/201012/14/201012/15/2010
2009$0.1729$0.0000$0.0000$0.1729$11.5112/15/200912/15/200912/15/2009
2008$0.2144$0.0000$0.8939$1.1083$9.4512/16/200812/16/200812/16/2008
2007$0.0421$0.0000$0.6466$0.6886$17.3812/18/200712/18/200712/18/2007
2006$0.0000$0.0000$0.0000$0.0000$18.7601/10/200601/10/200601/10/2006
2006$0.0000$0.0000$0.0000$0.0000$18.9706/07/200606/07/200606/07/2006
2006$0.0828$0.0000$0.3746$0.4574$19.4712/14/200612/14/200612/14/2006
2005$0.0290$0.0000$0.5322$0.5612$18.1412/15/200512/15/200512/15/2005
2004$0.0272$0.0000$0.1482$0.1754$17.7012/30/200412/30/200412/30/2004
2003$0.0000$0.0000$0.0426$0.0426$15.0112/30/200312/30/200312/30/2003
2001$0.0118$0.0000$0.0000$0.0118$7.7712/12/200112/12/200112/12/2001
2000$0.0427$0.0000$0.0000$0.0427$6.3712/15/200012/15/200012/15/2000

Past performance is not an indication of future results.

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Disclosures

Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. The Adviser is contractually obligated to waive fees and/or reimburse expenses such that the net expenses of the Fund do not exceed 0.75%. Any material change to this Fund policy would require a vote by shareholders.

The Morningstar Rating™ for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Bridgeway Ultra-Small Company Market Fund was rated against the following number of US-domiciled small-cap blend funds over the following time periods: 387 funds over the last three years, 356 funds over the last five years, and 254 funds over the last ten years. With respect to these small value funds, Bridgeway Ultra-Small Company Market Fund received a Morningstar Rating of three stars, three stars, and four stars for the three-, five-, and ten-year periods respectively.

Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower.

Past performance is no guarantee of future results.

©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Before investing you should carefully consider the Fund's investment objectives, risks, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 800-661-3550 or visiting the Fund's website at bridgewayfunds.com. Please read the prospectus carefully before you invest.
Total return figures include the reinvestment of dividends and capital gains. Some of the fees were waived or expenses reimbursed; returns would have been lower had this not been the case. Returns do not reflect the taxes that a shareholder who owned this Fund in a taxable account would pay on Fund distributions or on the redemption of Fund shares.
The Fund is subject to very high, above market risk (volatility) and is not an appropriate investment for short-term investors. In addition, market turbulence and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect the Funds. Investments in ultra-small companies generally carry greater risk than is customarily associated with larger companies and even "small companies" for various reasons such as narrower markets (fewer investors), limited financial resources, and greater trading difficulty.
The CRSP Cap-Based Portfolio10 Index (CRSP 10 Index) is an unmanaged index of roughly 1,000 ultra-small companies compiled by the Center for Research in Security Prices. The Russell 2000® Index is an unmanaged, market value-weighted index, which measures performance of the 2,000 companies that are between the 1,000th and 3,000th largest in the market. The Russell Microcap® Index measures the performance of microcap stocks, which make up less than 3% of the US equity market (by market cap) and consist of the smallest 1,000 securities in the Russell 2000® Index, plus the next smallest eligible securities by market cap, with dividends reinvested. It is not possible to invest directly in an index.
Holdings and sector weightings are subject to change without notice. Percentages may not total 100 due to rounding. Price-to-earnings ratios, price-to-book ratios, price-to-cash flow ratios, and price-to-sales ratios all express the value of a stock's most recent closing price as divided by the underlying company's earnings per share, book value per share, cash flow per share, or revenues per share (respectively), all as computed over the previous 12 months. Beta is a quantitative measure of the volatility of the Fund relative to the CRSP 10 Index over the past three years. A beta above one is more volatile than the overall market, while a beta below one is less volatile.
The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Bridgeway Capital Management, Inc.™ or any other affiliate.