Overview

Investment Objective

To provide a high current return with short-term risk less than or equal to 40% of the stock market.

Investment Strategy

To provide a high current return with less short-term risk than the stock market, this Fund uses multiple techniques: purchasing or selling stocks, options, futures, and fixed income securities. Together, these strategies are designed to provide the Fund with more stable returns over a wide range of fixed-income and equity market environments.

For the stock portion of the portfolio, Bridgeway uses a proprietary, statistical approach to select stocks that span the investment style spectrum, including both "growth" and "value." However, at times Bridgeway may use a more passive approach, including investing in stock market index futures and options. At all times, the Fund will have at least 25% of total assets invested in equities. Some of these investments may be in foreign securities.

Bridgeway normally invests at least 25% of total assets in money market funds or fixed income securities, such as: US government obligations, mortgage- and asset-backed securities, corporate bonds, collateralized mortgage obligations, and/or other fixed income instruments.

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

Dick Cancelmo Head of Trading and Portfolio Manager at Bridgeway bio image

Richard Cancelmo

Michael Whipple Portfolio Manager at Bridgeway bio image

Michael Whipple, CFA, FRM

Daily Stats
(as of 11/30/2020)

NAV:
NAV change:
$16.69
$-0.04/-0.24%

52-Week High $16.73 | 52-Week Low $13.95

Fund Basics

Ticker BRBPX
Category Option Writing
Benchmark S&P 500 Index
MorningStar Rating (09/30/2020) Rating StarRating StarRating StarRating Star
Inception 06/30/2001

As of 09/30/2020, Overall Morningstar Rating among 109 Option Writing 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 % 5.41 1.94 6.46 9.25 5.95 0.17 2.42 8.18 -3.97 11.88
S&P 500 Index 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49

Annualized Returns (%)

QTR 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION 06/30/2001
BRBPX 3.08 6.54 4.82 5.09 5.08 4.11
S&P 500 Index 8.93 15.15 12.28 14.15 13.74 7.52
Morningstar Ranking 62 of 188 33 of 109 28 of 65 12 of 16

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 25.6
Price/Book 3.8
Price/Cash Flow 13.6
Price/Sales 2.5
Weighted Avg Market Cap (Mil) $479,961
Total # of Holdings 216
Turnover 63%
Net Assets (Mil) $30

Company Size Breakdown

Company Size % Portfolio
Large95.4
Medium4.5
Micro0.1

Top Ten Holdings

Company Market Cap ($Mil) % of Net Assets
Amazon.Com Inc1,577,1663.11
Apple Inc1,980,6452.82
Microsoft Corp.1,591,7042.15
Target Corp.78,8071.45
Walmart Inc.396,4701.38
Oracle Corp.179,7501.35
Adobe Inc.235,2691.29
Alphabet Inc.-Cl C490,3041.26
Alphabet Inc.-Cl A440,3711.25
Verizon Communications Inc.246,1731.15

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 0.60%
Performance Fee None
12B-1 Fee None
Gross Expense Ratio 1.28%
Net Expense Ratio 0.95%

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
Managed Volatility Fund
2019$0.1581$0.0000$0.0000$0.1581$15.3312/16/201912/17/201912/17/2019
2018$0.1350$0.0000$0.7837$0.9187$14.1912/17/201812/18/201812/18/2018
2017$0.0900$0.0000$0.0000$0.0900$15.3612/13/201712/14/201712/14/2017
2016$0.0593$0.0000$0.0000$0.0593$14.3112/14/201612/15/201612/15/2016
2015$0.0039$0.0000$0.0000$0.0039$13.9212/15/201512/16/201512/16/2015
2014$0.0176$0.0000$0.0000$0.0176$13.8112/15/201412/16/201412/16/2014
2013$0.0336$0.0000$0.0000$0.0336$13.0712/16/201312/17/201312/18/2013
2012$0.0510$0.0000$0.0000$0.0510$12.2712/20/201212/21/201212/24/2012
2011$0.0680$0.0000$0.0000$0.0680$11.1812/14/201112/15/201112/16/2011
2010$0.0945$0.0000$0.0000$0.0945$11.2312/13/201012/14/201012/15/2010
2009$0.1371$0.0000$0.0000$0.1371$10.7512/15/200912/15/200912/15/2009
2008$0.3592$0.1495$0.3676$0.8763$9.6712/16/200812/16/200812/16/2008
2007$0.1735$0.0000$0.0000$0.1735$13.0612/18/200712/18/200712/18/2007
2006$0.0000$0.0000$0.0000$0.0000$12.5103/15/200603/15/200603/15/2006
2006$0.0000$0.0000$0.0000$0.0000$12.4806/07/200606/07/200606/07/2006
2006$0.2748$0.0477$0.1062$0.4287$12.5412/14/200612/14/200612/14/2006
2005$0.1084$0.0390$0.0692$0.2166$12.2112/15/200512/15/200512/15/2005
2004$0.0771$0.0918$0.0126$0.1815$11.5712/30/200412/30/200412/30/2004
2003$0.0486$0.0000$0.0000$0.0486$10.9212/30/200312/30/200312/30/2003
2002$0.0620$0.0068$0.0000$0.0688$9.3512/11/200212/11/200212/11/2002
2001$0.0505$0.0000$0.0000$0.0505$9.6012/12/200112/12/200112/12/2001

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 0.94%. 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 Managed Volatility Fund was rated against the following number of US-domiciled option writing funds over the following time periods: 109 funds over the last three years, 65 funds over the last five years, and 16 funds over the last 10 years. With respect to these option writing funds, Bridgeway Managed Volatility Fund received a Morningstar Rating of four stars, four stars, and three 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.
Market volatility can significantly affect 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. Shareholders of the Fund, therefore, are taking on more risk than they would if they invested in the stock market as a whole. The Fund uses an option writing strategy in which the Fund may sell covered calls or secured put options. Up to 75% of Fund assets may be invested in options. Options are subject to special risks and may not fully protect the Fund against declines in the value of its stocks. In addition, an option writing strategy limits the upside profit potential normally associated with stocks. Finally, the Fund's fixed-income holdings are subject to three types of risk. Interest rate risk is the chance that bond prices overall will decline as interest rates rise. Credit risk is the chance a bond issuer will fail to pay interest and principal. Prepayment risk is the chance a mortgage-backed bond issuer will repay a higher yielding bond, resulting in a lower paying yield.
The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. 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, Inc.™ or any other affiliate.