Palm Valley Capital Fund

Investment Performance (%) as of September 30, 2021

* The inception date for the Palm Valley Capital Fund is April 30, 2019.

 

Periods over one year are annualized.  Returns reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions.

 

Performance data quoted represent past performance; Past performance is no guarantee of future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted.  Performance of the Fund current to most recent quarter-end can be obtained by calling 904-747-2345.

The S&P SmallCap 600 Index measures the small cap segment of the U.S. equity market.  The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

 

The Morningstar Small Cap Index tracks the performance of U.S. small-cap stocks that fall between 90th and 97th percentile in market capitalization of the investable universe.  It is not possible to invest directly in an index.

As of the most recent prospectus, the Fund’s gross expense ratio is 3.44% and the net expense ratio is 1.31%.  Palm Valley Capital Management has contractually agreed to waive its management fees and reimburse Fund operating expenses through at least April 30, 2022.   

Fund Distributions (Dividends)

Mutual funds are required by law to pay substantially all net investment income (interest income and dividends) and capital gains (short-term and long-term) to their shareholders.  This usually occurs at the end of the year and causes the fund's NAV to decline by the amount of the distribution.  Shareholders can take the distribution in the form of immediate payments or reinvest it in additional fund shares.  

The Palm Valley Capital Fund has made the following distributions per share:

December 30, 2020       $0.31574          Short-term capital gains

December 30, 2020       $0.00000295   Income

December 27, 2019       $0.03034         Short-term capital gains

December 27, 2019       $0.041502       Income