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Overview

Objective & Process

The Fund seeks capital appreciation and income consistent with its asset allocation. The Fund allocates its assets amongst equity securities, fixed income securities and money market instruments.

Documents

Document Date
Fact Sheet 11/30/24
Commentary Q3 2024
Summary Prospectus 5/1/24
Prospectus 5/1/24
SAI 5/1/24
Annual Report 12/31/23
Semi-Annual Report 6/30/24
Q1 Holdings 3/31/24
Q3 Holdings 9/30/24

Daily Pricing as of 01/13/25

Class NAV % Change
Investor Class - VALIX $12.64 -0.32%
Institutional Class - VLIIX $12.64 -0.32%

Fund Details

Item Value
Regulatory Benchmark S&P 500
Secondary Benchmark 60/40 (S&P500/Bbg US Agg Bond)
Morningstar Category Moderate Allocation

Managers & Commentary

Cindy Starke

Cindy Starke Senior Portfolio Manager

Liane Rosenberg

Liane Rosenberg Senior Portfolio Manager

Ronald Deonarain

Ronald Deonarain Portfolio Manager

Performance

Average Annual Returns as of 11/30/24

Fund YTD 1 Yr 3 Yr 5 Yr 10 Yr
Investor Class - VALIX 24.29% 32.82% 5.82% 11.32% 9.87%
Institutional Class - VLIIX 1 24.57% 33.16% 6.11% 11.61% 10.04%
S&P 500 28.07% 33.89% 11.44% 15.77% 13.35%
60/40 (S&P500/Bbg US Agg Bond) 17.49% 22.49% 6.10% 9.51% 8.74%
Morningstar Moderate Allocation 14.59% 19.54% 4.85% 7.78% 6.78%
Morningstar Moderate Allocation Ranking - 5/719 165/677 24/636 14/484
Percentile Rank as of 11/30/24 - 1% 27% 6% 4%
VALIX Gross / Net Expense Ratio: 1.10%, VLIIX Gross / Net Expense Ratio*: 0.89% / 0.85%.
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
1Italics indicate Morningstar Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. The Inception Date of VLIIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
VALIX VLIIX1 S&P 500 60-40 SP500 Blmbrg US Agg Bd MMAF
YTD 24.29% 24.57% 28.07% 17.49% 14.59%
1 Yr 32.82% 33.16% 33.89% 22.49% 19.54%
3 Yr 5.82% 6.11% 11.44% 6.10% 4.85%
5 Yr 11.32% 11.61% 15.77% 9.51% 7.78%
10 Yr 9.87% 10.04% 13.35% 8.74% 6.78%
VALIX Gross / Net Expense Ratio: 1.10%, VLIIX Gross / Net Expense Ratio*: 0.89% / 0.85%.
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
1 Indicates Morningstar Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. The Inception Date of VLIIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
The S&P 500 Index is the most widely accepted barometer of the Large-Cap U.S. equities market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The returns for the index do not include any transaction costs, management fees or other costs. An investor may not invest directly in the index. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”).
The 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-through’s), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).

Morningstar as of 11/30/24

Moderate Allocation Category
Period Stars Number of Funds
3 Year ★★ of 677 Funds
5 Year ★★★★ of 636 Funds
10 Year ★★★★ of 484 Funds
Overall ★★★★ of 677 Funds

10 Year Calendar Year Returns as of 11/30/24

Fund 2015 2016 2017 2018 2019 2020 2021 2022 2023 11/30
Investor Class - VALIX -0.86% 2.79% 23.86% -2.71% 26.14% 33.03% 6.79% -29.83% 34.44% 24.29%
S&P 500 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 28.07%
60/40 (S&P500/Bbg US Agg Bond) 1.28% 8.31% 14.21% -2.35% 22.18% 14.73% 15.86% -15.79% 17.67% 17.49%
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Period VALIX 60-40 SP500 Blmbrg US Agg Bd Diff.
2015 -0.86 1.28 -2.14
2016 2.79 8.31 -5.52
2017 23.86 14.21 9.65
2018 -2.71 -2.35 -0.36
2019 26.14 22.18 3.96
2020 33.03 14.73 18.30
2021 6.79 15.86 -9.07
2022 -29.83 -15.79 -14.04
2023 34.44 17.67 16.77
11/30 24.29 17.49 6.80

Portfolio Details as of 11/30/24

Top Ten Equity Holdings

Company Name Weight (%)
Meta Platforms Inc Class A 4.23%
NVIDIA Corp 4.08%
Apple Inc 2.87%
MicroStrategy Inc Class A 2.76%
Alphabet Inc Class A 2.67%
Amazon.com Inc 2.59%
Microsoft Corp 2.46%
Advanced Micro Devices Inc 2.39%
Uber Technologies Inc 2.36%
Exact Sciences Corp 1.75%

Equity Sector Distribution as of 09/30/24

Sector Weight
Technology 41.02%
Communication Services 18.39%
Consumer Cyclical 14.70%
Financial Services 12.87%
Healthcare 9.56%
Energy 1.55%
Consumer Defensive 1.11%
Industrials 0.81%

Portfolio Statistics
3 Year Period, as of 11/30/24

Statistic Value
Alpha 3.39
Beta 1.40
Information Ratio 0.23
R-Squared 79.08
Sharpe Ratio 0.18
Standard Deviation 19.94
Average Effective Duration (as of 09/30/24) 6.31
Average Effective Maturity (as of 09/30/24) 13.53

Portfolio Composition
as of 09/30/24

Composition Weight
Equities 67.42%
Fixed Income 28.22%
Cash & Other 4.36%

Credit Quality (%)
as of 09/30/24

Composition Weight
AAA 60.76%
AA 2.82%
A 7.73%
BBB 27.53%
BB 1.16%
B 0.00%
NR 0.00%
Ratings are based on S&P and Moody’s ratings. For securities rated differently by the rating agencies, the higher rating will apply. Ratings are subject to change and apply to the credit worthiness of the issuers of the underlying securities and not to the fund or its shares. Ratings range from AAA to D, with AAA being the highest quality and D the lowest, according to S&P. Bonds rated BBB and above are considered Investment Grade while bonds rated BB and below are considered Speculative Grade.

Valuation
as of 11/30/24

Item Value
TTM Yield 0.60%
Best 3 month period ended: 06/30/20
31.59%
Worst 3 month period ended: 06/30/22
-22.15%

Valuation (Quarterly)
as of 09/30/24

Item Value
Price/Earnings 30.67x
Price/Book 5.96x
Price/Sales 5.17x
Price/Cash Flow 21.79x
Turnover (as of 12/31/23) 52%

Fees & Distributions as of 12/31/23

VALIX Investor Class

Composition Weight
Redemption Fee N/A
Expense Ratio Before Waivers 1.10%
Expense Ratio After Waivers 1.10%
Minimum Initial Investment $1,000
Minimum Subsequent Investment No Minimum

VLIIX Institutional Class

Composition Weight
Redemption Fee N/A
Expense Ratio Before Waivers 0.89%
Expense Ratio After Waivers* 0.85%
Minimum Initial Investment
(**See prospectus for exceptions)
$100,000
Minimum Subsequent Investment No Minimum

2024 Year-End Distributions (Finalized)

Ticker Ordinary Income Short Term Long Term Total Per Share Ex. Date Pay Date
Investor Class - VALIX $0.10010 - - $0.10010 12/18 12/18
Institutional Class - VLIIX $0.12953 - - $0.12953 12/18 12/18
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*

EULAV Asset Management (the "Adviser") has agreed to pay or reimburse certain class-specific fees and expenses incurred by the Institutional Class so that the Institutional Class bears its class-specific fees and expenses at the same percentage of its average daily net assets as the Investor Class’s class-specific fees and expenses (excluding 12b-1 fees and any extraordinary expenses incurred in different amounts by the classes) (the "Expense Limitation"). The Adviser may subsequently recover from assets attributable to the Institutional Class the reimbursed expenses and/or waived fees (within 3 years from the month in which the waiver/reimbursement occurred) to the extent that the Institutional Class’s expense ratio is less than the Expense Limitation or, if lower, the expense limitation in effect when the waiver/reimbursement occurred. The Expense Limitation can be terminated only with the agreement of the Fund’s board. The Fund's performance would be lower in the absence of such waivers.

Morningstar™ Categories based on Investor class shares.

There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than stocks of large companies, including the risk of price fluctuations.

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.

You should carefully consider investment objectives, risks, charges and expenses of Value Line Funds before investing. This and other information can be found in the fund's prospectus and summary prospectus, which can be obtained free of charge from your investment representative, by calling 800.243.2729, or by clicking on the applicable fund at www.vlfunds.com. Please read it carefully before you invest or send money. Value Line Funds are distributed by EULAV Securities LLC. Past performance is no guarantee of future results.

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.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. VLEOX (3 Year / 5 stars / 536 funds; 5 Year / 5 stars / 517 funds; 10 Year / 4 stars / 395 funds; ) VLIFX (3 Year / 5 stars / 477 funds; 5 Year / 5 stars / 440 funds; 10 Year / 5 stars / 356 funds; ) VALLX (3 Year / 2 stars / 1020 funds; 5 Year / 2 stars / 955 funds; 10 Year / 2 stars / 751 funds; ) VALSX (3 Year / 4 stars / 1020 funds; 5 Year / 2 stars / 955 funds; 10 Year / 3 stars / 751 funds; ) VLAAX (3 Year / 4 stars / 677 funds; 5 Year / 4 stars / 636 funds; 10 Year / 5 stars / 484 funds; ) VALIX (3 Year / 2 stars / 677 funds; 5 Year / 4 stars / 636 funds; 10 Year / 4 stars / 484 funds; ) VAGIX (3 Year / 2 stars / 431 funds; 5 Year / 1 stars / 386 funds; 10 Year / 2 stars / 271 funds; )

Source: Morningstar Direct