BCM Focus Small/Micro-Cap Fund

BCSMX

Manager

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.

Fund Overview

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 9/30/2024	YTD	Since Inception
BCSMX	-7.01%	1.93%
Morningstar US Small-Cap Extended Index (Total Return)	10.45%	17.11%

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 Ratio	1.20%*
BCSMX Net Asset Value as of 9/30/2024	$10.17

* 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.

BCM Focus Funds are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the BCM Focus Funds or any member of the public regarding the advisability of investing in the Funds generally or in the BCM Focus Small/Micro-Cap Fund in particular or the ability of the Fund to track general market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND’S DATA OR ANY DATA INCLUDED HEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS HEREIN. It is not possible to invest directly in an index.

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