SMCI - Palm Valley Capital Fund Q1 2024 Commentary

2024-04-10 06:15:00 ET

Summary

• The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.
• For the quarter ending March 31, 2024, the Palm Valley Capital Fund Investor class increased 1.04%, while the S&P SmallCap 600 Index rose 2.46% and the Morningstar Small Cap Total Return Index gained 5.69%.
• The top gainers in the Palm Valley Capital Fund in Q1 were the Sprott Physical Gold Trust, Kelly Services, and John Wiley & Sons.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The current performance of the Fund may be higher or lower than the performance quoted. Performance of the Fund current to the most recent month-end can be obtained by calling 904-747-2345.

As of the latest prospectus, the Fund's Investor class gross expense ratio is 1.53% and the net expense ratio is 1.28%. Palm Valley Capital Management has contractually agreed to waive its management fees and reimburse Fund operating expenses through at least April 30, 2025. ...

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