New Opportunities Fund
Fund Overview
- Stock selection driven by proprietary fundamental research
- Long-only portfolio of 80 – 120 growth stocks
- Benchmarked to the Russell 2500 Growth Index®
Investment Approach
We believe the US small/mid-cap equity market is relatively 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 $10 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, and industry valuations.
Institutional Shares
Investor Shares
Retirement Shares
Ticker Symbol
HRNOX
Institutional Shares
HRNIX
Investor Shares
HRNRX
Retirement Shares
Inception Date
8/5/24
Institutional Shares
8/5/24
Investor Shares
8/5/24
Retirement Shares
Gross Expense Ratio
7.05%
Institutional Shares
7.30%
Investor Shares
6.95%
Retirement Shares
Net Expense Ratio (fiscal YTD)
0.95%
Institutional Shares
1.20%
Investor Shares
0.85%
Retirement Shares
Minimum Purchase
$25,000
Institutional Shares
$1,000
Investor Shares
No minimum
Retirement Shares
Investor Shares are subject to a Rule 12b-1 Fee of up to 0.25%. As the Fund is new, the gross expense ratios are based on estimated amounts for the Fund's current fiscal year. The adviser has contractually agreed to waive fees and/or reimburse expenses to limit the Total Annual Operating Expense to 0.85% through August 5, 2027, otherwise performance would have been lower. Investors will pay the net expense ratio listed above.
Average Annual Total Returns
Fund Performance — as of 6/30/25
2025 Year-to-Date
Since Inception (Cumulative)*
HRNOX
4.94%
1 Year
38.20%
Since Inception (Cumulative)*
Russell 2500® Growth Index
-0.71%
1 Year
12.27%
Since Inception (Cumulative)*
*HRNOX inception date 8/5/24
Performance quoted represents past performance for the Fund's institutional class shares and there is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted above. Please call 800-497-2960 to obtain current and the most recent month-end performance data.
Performance for periods over one year is annualized.
Sector Diversification
HRNOX vs. Russell 2500® Growth Index
As of 6/30/25
HRNOX
Russell 2500® Growth Index
Communication Services
1.23%
HRNOX
2.49%
Russell 2500® Growth Index
Consumer Discretionary
9.36%
HRNOX
14.07%
Russell 2500® Growth Index
Consumer Staples
3.33%
HRNOX
3.31%
Russell 2500® Growth Index
Energy
1.76%
HRNOX
2.03%
Russell 2500® Growth Index
Financials
12.61%
HRNOX
11.85%
Russell 2500® Growth Index
Healthcare
18.83%
HRNOX
20.43%
Russell 2500® Growth Index
Industrials
24.28%
HRNOX
18.98%
Russell 2500® Growth Index
Information Technology
22.30%
HRNOX
22.33%
Russell 2500® Growth Index
Materials
0.98%
HRNOX
2.13%
Russell 2500® Growth Index
Real Estate
0.00%
HRNOX
2.02%
Russell 2500® Growth Index
Utilities
2.09%
HRNOX
0.36%
Russell 2500® Growth Index
Cash
3.22%
HRNOX
As a percentage of the portfolio. Subject to change at any time.
Top Ten Holdings
New Opportunities Fund (HRNOX) — as of 3/31/25 - Subject to change at any time.
Holding
Holding %
Industry
Description
ACI Worldwide
3.20%
Information Technology
Develops e-payment and electronic funds transfer software for companies around the world
Mastec
3.13%
Industrials
Provides infrastructure construction to telecom, wireless, cable, energy and utility companies
HCI Group
2.79%
Financials
Engages in the property and casualty insurance, insurance management, reinsurance, real estate, and information technology businesses in Florida
Insmed Inc.
2.06%
Healthcare
A global biopharmaceutical company on a mission to transform the lives of patients with serious and rare disease
Applied Digital Corp.
2.04%
Information Technology
Designs, develops, and operates datacenters in North America
Alignment Healthcare
1.93%
Healthcare
Operates a consumer-centric healthcare platform for seniors in the United States
New Fortress Energy
1.75%
Energy
Operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide
Western Alliance Bancorp
1.72%
Financials
Operates nearly 50 branches providing standard consumer and business deposit and loan products
Knife River
1.71%
Materials
Provides aggregates-led construction materials and contracting services in the United States
Vishay Intertechnology
1.65%
Information Technology
A global leader in electronic components for various markets, such as automotive, industrial and consumer
Prospectus Information
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 benchmark is the Russell 2500® Growth Index, which is defined as an unmanaged, capitalization weighted index of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. 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 Russell 2500® Growth Index is fully invested. Investors cannot directly invest in an index.
The Fund invests in small-cap and mid-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. Additional risk information may be found in the prospectus.
Investors should carefully consider the Fund’s investment objective, risks, charges and expenses before investing. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. 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.
