Daily Price Change as of 05/17/13
| NAV | 32.8 |
| Change ($/%) | 0.30 / 0.92 |
Fund Details as of 03/31/13
| Manager | Stephen Grant |
| Inception Date | May 30, 1956 |
| Net Assets | $367M |
| No Load |
Morningstar as of 03/31/13
| Category | Mid-Cap Growth Funds |
| 3 Year |  |
| of 645 Funds | |
| 5 Year | |
| of 564 Funds | |
| 10 Year | |
| of 417 Funds | |
| Overall | |
| of 645 Funds | |
Portfolio Statistics (3 Yr.)
as of 03/31/13
| Beta | 0.96 |
| Alpha | 3.21 |
| Standard Deviation | 15.13 |
| Tracking Error | 4.41 |
| Sharpe ratio | 0.97 |
| Information ratio | 0.63 |
| R-Squared | 0.92 |
Valuation as of 03/31/13
| Price/Earnings | 21.48x |
| Price/Book | 3.53x |
| Price/Sales | 1.83x |
| Price/Cash Flow | 14.02x |
| Dividend Yield | 1.41 |
Fees & Expenses as of 12/31/12
| Redemption Fee | N/A |
| 12b-1 Fee | 0.25% |
| Max Mgmt Fee | 0.75% |
| Expense Ratio Before Waivers | 1.25% |
| Expense Ratio After Waivers | 1.25% |
| Turnover | 15% |
| Minimum Initial Investment | $1,000 |
| Minimum Subsequent Investment | $100 |
| Best 3 Mo. Period (last 10 years) |
Apr-June 2009 18.60% |
| Worst 3 Mo. Period (last 10 years) |
Oct-Dec 2008 -24.67% |
Portfolio Composition as of 03/31/13
Investment Objective and Strategy (Condensed)
The Fund primarily seeks long-term growth of capital.
To achieve the Fund’s goal, the Fund’s investment adviser invests at least 80% of the Fund’s net assets in a diversified portfolio of U.S. equity securities with favorable growth prospects. In selecting securities for purchase or sale, the Adviser generally analyzes the issuer of a security using fundamental factors such as growth potential and earnings estimates and quantitative factors such as historical earnings, earnings momentum and price momentum. The Fund may invest in small, mid or large capitalization companies, including foreign companies. There are no set limitations of investments according to a company’s size, or to a sector weighting.
My Account
Login to view details of your account and up-to-date fund information.
LoginFund Literature
Fact Sheet Annual Report Semi-Annual Report Summary Prospectus Prospectus SAI
Average Annual Returns as of 03/31/13
Premier Growth FundTop Ten Holdings as of 03/31/13
| Company Name | Market Value | Weight (%) | Sector |
|---|---|---|---|
| MasterCard, Inc. | $5,735,978 | 1.56 | Information Technology |
| Companhia de Bebidas das Americas | $5,502,900 | 1.50 | Consumer Staples |
| ANSYS, Inc. | $4,885,200 | 1.33 | Information Technology |
| Roper Industries, Inc. | $4,583,160 | 1.25 | Industrials |
| Alexion Pharmaceuticals, Inc. | $4,330,580 | 1.18 | Health Care |
| AMETEK, Inc. | $4,195,080 | 1.14 | Industrials |
| Stericycle, Inc. | $3,992,368 | 1.09 | Industrials |
| FMC Technologies, Inc. | $3,807,300 | 1.04 | Energy |
| Henry Schein, Inc. | $3,590,940 | 0.98 | Health Care |
| Salesforce.com, Inc. | $3,576,600 | 0.97 | Information Technology |
Sector Distribution as of 03/31/13
2012 Year End Distributions
| Ordinary Income |
Short Term | Long Term | Total Per Share |
Ex. Date | Pay Date |
|---|---|---|---|---|---|
| $0.09252 | $0.10791 | $2.11827 | $2.3187 | 12/28 | 12/28 |
|
Standard Deviation Statistical measure that shows the likelihood of an investment to yield above- or below-average returns over a period of time. For example, if hypothetical XYZ Fund has an average annual total return of 11% and a standard deviation of 6.00, that means XYZ Fund's performance is likely to vary from a low of 5% to a high of 17%. |
Beta Equation (Stocks) Beta of a portfolio is a number describing the correlated volatility of the portfolio in relation to the volatility of the benchmark. A positive beta means that the portfolio generally follows the benchmark. A negative beta means that the portfolio generally moves opposite the benchmark. |
|
|
R Squared The measure of diversification that determines how closely a particular fund's performance parallels an appropriate market benchmark over a period. The market is understood to have an R Squared of 100%. Therefore, a fund with an R Squared of 95% contains 95% of the market's diversification and risk. The remaining 5% is unique to the fund manager's actions. |
Sharpe Ratio A statistical expression calculated by dividing a fund's excess return by the standard deviation of those returns that measures the relative reward of holding onto risky investments. The higher the ratio, the greater the potential for return for the same amount of risk. The lower the ratio, the worse the fund's historical risk-adjusted performance. |
|
|
Alpha Equation A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha |
Information Ratio A ratio of portfolio returns above the returns of a benchmark to the volatility of those returns. The information ratio measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. |
|
|
Tracking Error A divergence between the price behavior of the portfolio and the price behavior of a benchmark, reported as a "standard deviation percentage" difference. This measure reports the difference between the return an investor receives and that of the benchmark he or she was attempting to imitate. |
The Morningstar Rating™ for funds methodology rates funds based on an enhanced Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or redemption fees. Funds are ranked by their Morningstar Risk-Adjusted Return scores and stars are assigned using the following scale: 5 stars for top 10%; 4 stars next 22.5%; 3 stars next 35%; 2 stars next 22.5%; 1 star for bottom 10%. Funds are rated for up to three periods: the trailing three-, five-, and 10-years. For a fund that does not change categories during the evaluation period, the overall rating is calculated using the following weights: At least 3 years, but less than 5 years uses 100% three-year rating. At least 5 years but less than 10 years uses 60% five-year rating / 40% three-year rating. At least 10 years uses 50% ten-year rating / 30% five-year rating / 20% three-year rating.
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available at vlfunds.com or by calling 1-800-243-2729.
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.