VESAX – VELA Small Cap A Investment Strategy | Morningstar

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Strategy

The investment seeks to provide long-term capital appreciation. The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that the Adviser believes are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined by the Adviser as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VESMX	VELA Small Cap Fund Class I	Institutional	Open			Sep 30, 2020	$150.06M	1.090%	High	$2,500	$20.42M
VESAX	VELA Small Cap Fund Class A	Front Load	Open			Sep 30, 2020	$26.68M	1.340%	Above Average	$1,000	$2.26M

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