To exceed the stock market total return (primarily through capital appreciation) at a level of total risk roughly equal to that of the stock market over longer periods of time (three year intervals or more). The S&P 500® Index with dividends reinvested serves as a proxy for the "stock market" in this objective.
The Fund uses a proprietary, statistical approach to invest in a diversified portfolio of stocks of companies of any size that are listed on the New York Stock Exchange, the NYSE American, and NasdaqÂ®. The Fund seeks to achieve its risk objective by investing in stocks that Bridgeway identifies as having a lower probability of price decline over the long term, although the stock price may be more volatile over the short term. The Fund may invest in stocks that have relatively low market liquidity based upon Bridgeway's analysis of the stock's trading volume.
The Fund may engage in active and frequent trading and may employ aggressive investment techniques such as: leveraging; buying and selling futures and options on individual stocks, stock market indexes, or commodities; short-sale transactions; concentration of holdings; and short-term trading. The Fund may invest up to 15% of its assets in foreign securities (i.e., companies domiciled outside the US or deriving 50% or more of total earnings from activities outside the US).
Elena Khoziaeva, CFA
Michael Whipple, CFA, FRM
(as of 12/08/2023)
NAV change: $70.38
52-Week High $70.39 | 52-Week Low $59.11
|Benchmark||S&P 500 Index|
|MorningStar Rating (09/30/2023)|
As of 09/30/2023, Overall Morningstar Rating among 1286 Mid-Cap Blend funds based on Morningstar weighted average of the Fund's three, five, and ten year Risk-Adjusted return.
Performance (as of 09/30/2023)
Calendar Year Performance (%)
|Total Return %||42.20||14.99||-9.82||19.47||18.44||-22.44||21.85||14.35||19.89||-22.38|
|S&P 500 Index||32.39||13.69||1.38||11.96||21.83||-4.38||31.49||18.40||28.71||-18.11|
Annualized Returns (%)
|QTR||1 YR||3 YR||5 YR||10 YR||SINCE INCEPTION 08/05/1994|
|S&P 500 Index||-3.27||21.62||10.15||9.92||11.91||10.02|
|Morningstar Ranking||—||993 of 1,423||1,171 of 1,286||1,177 of 1,184||861 of 877||—|
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 (09/30/2013 to 09/30/2023)
Characteristics (as of 09/30/2023)
Equity Portfolio Statistics
|Category||Stock Portfolio Avg.|
|Weighted Avg Market Cap (Mil)||$286,913|
|Total # of Holdings||86|
|Net Assets (Mil)||$145|
Company Size Breakdown
|Company Size||% Portfolio|
Top Ten Holdings
|Company||Market Cap ($Mil)||% of Net Assets|
|UnitedHealth Group Inc.||467,034||1.91|
|Molina Healthcare Inc||19,116||1.74|
|Booking Holdings Inc||110,073||1.70|
|JPMorgan Chase & Co.||421,440||1.68|
Fees and Expenses
Please refer to the table for any fees and expenses associated with the current fund.
|Performance Fee||+/- 0.70%|
|Gross Expense Ratio||0.32%|
|Net Expense Ratio||—|
The Fund has a management fee that is comprised of a base fee of 0.15% which is applied to the Fund’s average annual net assets and a performance-based management fee of +/-0.70%. Performance-based management fee adjustments modify the base fee upward or downward depending on the Fund’s performance relative to the applicable market index over a rolling five-year performance period, and are calculated based on the Fund’s average daily net assets over the most recent five-year period ending on the last day of the quarter. As a result the management fee may change from year to year and may be higher or lower than the fee stated above.
Historical Distribution and Tax Information
|Year||Ordinary Income||ST Cap Gains||LT Cap Gains||Total Distribution||Reinvest Nav||Record Date||Ex Date||Payable Date|
|Aggressive Investors 1 Fund|
Past performance is not an indication of future results.
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 Aggressive Investors 1 was rated against the following number of US domiciled mid-cap blend funds over the following time periods: 1286 funds over the last three years, 1184 funds over the last five years, and 877 funds over the last 10 years. With respect to these mid-cap blend funds, Bridgeway Aggressive Investors 1 Fund received a Morningstar Rating of one stars, two stars, and two star 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.
©2023 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.
Market volatility can significantly impact short-term performance. The Fund 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 the small companies within this multi-cap fund generally carry greater risk than is customarily associated with larger companies. This additional risk is attributable to a number of factors, including the relatively limited financial resources that are typically available to small companies, and the fact that small companies often have comparatively limited product lines. In addition, the stock of small companies tends to be more volatile than the stock of large companies, particularly in the short term and particularly in the early stages of an economic or market downturn. The Fund's use of options, futures, and leverage can magnify the risk of loss in an unfavorable market, and the Fund's use of short-sale positions can, in theory, expose shareholders to unlimited loss. Finally, the Fund exposes shareholders to "focus risk" which may add to Fund volatility through the possibility that a single company can significantly affect total return. Shareholders of the Fund, therefore, are taking on more risk than they would if they invested in the stock market as a whole.
The S&P 500® Index is a broad-based, unmanaged measurement of the stock market, based on the average performance, over any given period, of 500 widely held common stocks. The Russell 2000® Index is an unmanaged, market-value-weighted index that measures the performance of the 2,000 companies that are between the 1,000th and 3,000th largest in the market. All indexes assume that all dividends are 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 S&P 500® 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, LLC ™ or any other affiliate.