International Opportunity Fund

Fund Overview

  • Stock selection driven by proprietary fundamental research
  • Long-only portfolio of 50 – 100 stocks
  • Benchmarked to the MSCI ACWI Ex USA Small Cap

Institutional Share

Retirement Shares

Ticker Symbol

HRIOX

Institutional Shares

HRITX

Retirement Shares

Inception Date

9/28/21

Institutional Shares

12/22/21

Retirement Shares

Gross Expense Ratio

10.32%

Institutional Shares

10.22%

Retirement Shares

Net Expense Ratio

1.51%

Institutional Shares

1.41%

Retirement Shares

Minimum Purchase

$25,000

Institutional Shares

No minimum

Retirement Shares

As the Fund is new, the gross expense ratios are based on estimated amounts for the Fund’s current fiscal year. The advisor has contractually agreed to waive fees and/or reimburse expenses to limit the Total Annual Operating Expense to 1.40% through September 28, 2024 otherwise performance would have been lower. Investors will pay the net expense ratio listed above.

Investment Approach

We believe the international small-cap equity market is inefficient. For over two decades, Hood River has employed a process that utilizes rigorous proprietary, fundamental analysis that attempts to identify an information gap between our earnings estimates and Wall Street estimates.

  • Find the best businesses from those growing at 15%+ with market caps of $5 billion or less.
  • Build and corroborate our estimates by talking to management, customers, suppliers.
  • Identify potential research gaps by comparing our estimates to Street expectations.
  • Ensure we pay the right price by evaluating historical, peer, industry valuations.

Sector Weights

As of 6/30/22

Country Weights

As of 6/30/22

As a percentage of the portfolio. Subject to change at any time.

Top Ten Holdings

International Opportunity Fund — as of 6/30/22

Holding

Holding %

Industry

Country

Marubendi Corp

5.25%

Industrials

Japan

GFL Environmental Inc.

4.61%

Industrials

Canada

NXP Semiconductors NV

4.28%

Technology

Netherlands

WNS Holdings Ltd ADR

3.67%

Technology

India

Central Automotive Products

3.35%

Consumer Discretionary

Japan

Biohaven Pharmaceutical

3.13%

Healthcare

United States

CVR Partners LP

2.42%

Materials

United States

Canaccord Genuity Group Inc.

2.42%

Financials

Canada

Webjet

2.25%

Consumer Discretionary

Australia

Precia

2.14%

Industrials

France

We seek to identify and capitalize on research gaps overlooked by the broader market.

Past performance does not guarantee future results.

Information provided with respect to the Fund’s Holdings and Weightings are subject to change at any time and are not a recommendation to buy or sell any security. The Fund discloses its quarterly top ten holdings on its website within 45 business days after the quarter-end. The quarter-end portfolio holdings for the Fund will remain posted on the Fund’s website until the following quarter-end portfolio holdings are posted. The MSCI ACWI ex USA Small Cap® Index is defined as an index that captures the small cap securities exhibiting overall growth style characteristics across 22 of 23 developed markets (excluding the US) and 27 emerging markets countries. Index returns include dividends and/or interest income and do not reflect fees or expenses. Unlike the Fund, which periodically maintains a cash position, the MSCI ACWI Ex USA Small Cap® Index is fully invested. Investors cannot directly invest in an index.

The Fund invests in small-cap securities which present a greater risk of loss than large-cap securities, and in growth companies which can be more sensitive to the company’s earnings and more volatile than the stock market in general. The Fund may also invest in foreign securities which are subject to risks including currency fluctuations, economic and political change and differing accounting standards. The Fund may invest in derivatives and initial public offerings (IPOs), which are highly volatile. The Fund may invest in emerging and frontier markets. The risks include potential for price volatility and illiquidity; government ownership or control of parts of the private sector and certain companies; trade barriers; exchange controls, managed adjustments in relative currency values (foreign currency risk) and other protectionist measures; and relatively new and unsettled securities laws. Additional risk information may be found in the prospectus.

Investors should carefully consider the Fund’s investment objective, risks, charges and expenses before investing. For a prospectus, which contains this and other important information about the Fund, please call 800-497-2960. Please read the prospectus carefully before investing or sending money.

Investments involve risk, principal loss is possible.

The Hood River Funds are distributed by Quasar Distributors, LLC. Hood River Capital is the advisor to the Funds.

Hood River Capital Management LLC serves as the advisor to the Fund.