The Fund

The Fund | Active Share

“Active share” measures the extent to which our portfolio overlaps the holdings in our stated benchmark, the S&P 500. To illustrate, if our portfolio owned all the stocks in the same proportion as the S&P 500, our active share would be zero percent. If we didn’t own any S&P 500 companies, our active share would be 100%. We currently own some non-index names along with some S&P 500 stocks, but the S&P 500 stocks we own are held in a significantly different proportion to their weightings within the index. As such, our active share is typically around 90%.

Why does this matter? A high level of active share demonstrates that we manage a truly distinctive portfolio. Our value offering to you as an investor is building a sufficiently diversified portfolio while pursuing our goal to outperform the S&P 500 over the long-term. To this end, we make high conviction investments in 15 to 30 companies we believe have significant potential.




Active Share is measured against the SPDR® S&P 500® ETF (SPY). The SPDR® S&P 500® ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”).