To provide long-term total return of capital, primarily through capital appreciation.
The Fund uses a proprietary, statistical approach to invest in a diversified portfolio of stocks of companies in the small value category that are listed on the New York Stock Exchange, the NYSE American, and Nasdaq®. Value stocks are those that Bridgeway believes are priced cheaply relative to some measures of worth, such as the ratios of price to earnings, price to sales, or price to cash flow. While the Fund is managed for long-term return on capital, Bridgeway seeks to minimize capital gains distributions as part of a tax management strategy.
Elena Khoziaeva, CFA
Michael Whipple, CFA, FRM
(as of 10/15/2021)
NAV change: $38.20
52-Week High $38.33 | 52-Week Low $18.62
|Benchmark||Russell 2000 Value Index|
|MorningStar Rating (09/30/2021)|
As of 09/30/2021, Overall Morningstar Rating among 409 Small Value funds based on Morningstar weighted average of the Fund's three, five, and ten year Risk-Adjusted return.
Performance (as of 09/30/2021)
Calendar Year Performance (%)
|Total Return %||1.05||20.99||39.72||0.79||-9.43||26.79||7.11||-13.06||14.98||12.04|
|Russell 2000 Value Index||-5.50||18.05||34.52||4.22||-7.47||31.74||7.84||-12.86||22.39||4.63|
Annualized Returns (%)
|QTR||1 YR||3 YR||5 YR||10 YR||SINCE INCEPTION 10/31/2003|
|Russell 2000 Value Index||-2.98||63.92||8.58||11.03||13.22||8.91|
|Morningstar Ranking||—||1 of 433||4 of 405||4 of 382||12 of 289||—|
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 (09/30/2011 to 09/30/2021)
Characteristics (as of 09/30/2021)
Equity Portfolio Statistics
|Category||Stock Portfolio Avg.|
|Weighted Avg Market Cap (Mil)||$1,661|
|Total # of Holdings||174|
|Net Assets (Mil)||$350|
Company Size Breakdown
|Company Size||% Portfolio|
Top Ten Holdings
|Company||Market Cap ($Mil)||% of Net Assets|
|Dht Holdings Inc||1,097||1.70|
|SM Energy Co.||3,198||1.69|
|Ashford Hospitality Trust Inc||445||1.66|
|Nabors Industries Ltd.||795||1.62|
|Berkshire Hills Bancorp Inc.||1,320||1.60|
|Hovnanian Enterprises Inc.||539||1.57|
|Consol Energy Inc.||897||1.54|
|TravelCenters of America Inc.||726||1.51|
Fees and Expenses
Please refer to the table for any fees and expenses associated with the current fund.
|Performance Fee||+/- 0.05%|
|Gross Expense Ratio||1.12%|
|Net Expense Ratio||0.94%|
Historical Distribution and Tax Information
|Year||Ordinary Income||ST Cap Gains||LT Cap Gains||Total Distribution||Reinvest Nav||Record Date||Ex Date||Payable Date|
|Small-Cap Value Fund|
Past performance is not an indication of future results.
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 Small-Cap Value Fund was rated against the following number of US-domiciled small value funds over the following time periods: 409 funds over the last three years, 383 funds over the last five years, and 285 funds over the last 10 years. With respect to these small value funds, Bridgeway Small-Cap Value Fund received a Morningstar Rating of five stars, five 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.
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 small companies 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. Shareholders of the Fund, therefore, are taking on more risk than they would if they invested in the stock market as a whole.
The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. 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 Russell 2000® Value Index over the past three years. A beta above 1 is more volatile than the overall market, while a beta below 1 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.