To provide a long-term total return of capital, primarily through capital appreciation.
Using a proprietary, statistical approach, the Fund invests in a diversified portfolio of ultra-small companies. For investment purposes, “ultra-small companies” are defined as those companies that have a market capitalization the size of the smallest 20% of companies listed on the New York Stock Exchange, or companies with capitalizations that fall within the range of companies included in the Cap-Based Portfolio 9 Index and Cap-Based Portfolio 10 Index published by the University of Chicago’s Center for Research in Security Prices (CRSP).
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). The Fund may engage in active and frequent trading.
Elena Khoziaeva, CFA
Michael Whipple, CFA, FRM
(as of 12/08/2023)
NAV change: $27.33
52-Week High $30.46 | 52-Week Low $23.45
|Benchmark||RUSSELL MICROCAP® INDEX|
|MorningStar Rating (09/30/2023)|
As of 09/30/2023, Overall Morningstar Rating among 447 Small Value funds based on Morningstar weighted average of the Fund's three, five, and ten year Risk-Adjusted return.
Performance (as of 09/30/2023)
Calendar Year Performance (%)
|Total Return %||55.77||-0.56||-16.12||14.06||3.88||-15.68||9.51||31.31||33.34||-10.72|
|RUSSELL MICROCAP® INDEX||45.62||3.65||-5.16||20.37||13.17||-13.08||22.43||20.96||19.34||-21.96|
Annualized Returns (%)
|QTR||1 YR||3 YR||5 YR||10 YR||SINCE INCEPTION 08/05/1994|
|RUSSELL MICROCAP® INDEX||-7.93||-1.35||4.85||0.23||5.25||—|
|Morningstar Ranking||—||436 of 483||197 of 447||124 of 420||305 of 327||—|
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)||$172|
|Total # of Holdings||278|
|Net Assets (Mil)||$74|
Company Size Breakdown
|Company Size||% Portfolio|
Top Ten Holdings
|Company||Market Cap ($Mil)||% of Net Assets|
|Harrow Health Inc.||505||3.72|
|Security National Financial Corp.||156||1.90|
|Kandi Technologies Group Inc||273||1.84|
|Computer Task Group Inc.||166||1.81|
|American Resources Corp||131||1.55|
|Friedman Industries Inc.||99||1.55|
|Alpine Income Property Trust Inc||230||1.51|
|Consolidated Water Co Ltd||448||1.49|
|Epsilon Energy Ltd.||117||1.42|
|DLH Holdings Corp.||162||1.41|
Fees and Expenses
Please refer to the table for any fees and expenses associated with the current fund.
|Gross Expense Ratio||1.20%|
|Net Expense Ratio||—|
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 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 1.85%. 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 was rated against the following number of US-domiciled small value funds over the following time periods: 447 funds over the last three years, 420 funds over the last five years, and 327 funds over the last 10 years. With respect to these small value funds, Bridgeway Ultra-Small Company Fund received a Morningstar Rating of five stars, four star, 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.
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.
Effective October 31, 2021, the Fund changed its broad-based securities market benchmark from the CRSP Cap-Based Portfolio 10 Index to the Russell Microcap® Index. The Adviser believes the Russell Microcap® Index is the most appropriate publicly accessible comparison for evaluating the Fund’s performance.
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, LLC or any other affiliate.