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BCM Focus Small/Micro-Cap Fund

BCSMX

Bares Capital Management is the Investment Manager for the BCM Focus Funds. The Manager is an Austin -based Registered Investment Advisor that invests the assets of the Fund.

The investment objective of the Fund is to provide investors with long-term capital growth. The Manager will normally invest at least 80% of the Fund’s assets in companies that are generally considered small-cap or micro-cap, and as detailed in the Fund’s prospectus, the portfolio will generally keep a minimum of 25% of the portfolio in the Software and Services Industry Group within the Information Technology Sector.

The Manager assesses companies using a three-pronged qualitative framework that includes an analysis of competitive positioning, an evaluation of the people running the business, and the prospects for internal or external reinvestment of capital. The Fund’s portfolio is conviction-weighted and concentrated in the Manager’s best ideas.

Fund/Index Performance as of 5/31/2024YTDSince Inception
BCSMX3.62%6.07%
Morningstar US Small-Cap Extended Index (Total Return)4.54%15.32%
Past performance does not guarantee future results and current performance may be lower or higher.
Returns of the Fund are cumulative as the Fund has less than one year of performance data.
Inception date: 12/30/2022. Inception NAV: $10.
Fund Net Expense Ratio1.20%*
BCSMX Net Asset Value as of 5/31/2024$10.87
* The Manager contractually has agreed to waive its management fee and/or reimburse certain Fund operating expenses, but only to the extent necessary so that the Fund’s total operating expenses, excluding brokerage fees and commissions, any 12b-1 fees, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses and any indirect expenses, do not exceed 1.20% of the Fund’s average daily net assets. More details can be found in the Fund’s Prospectus.

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