Investment Philosophy

At Spyglass, we are Value Investors in Growth Companies. We do not conform to a traditional investment style. We invest with a well-defined valuation framework in businesses operating in secular growth industries.

Fund Overview

As of March 31, 2024

Fund Inception

December 29, 2017

Primary Benchmark(1)

Russell Midcap Growth Index

Active Management

93% active share

ESG Integration

PRI, ISG Signatories

Concentrated Portfolio

25 holdings

Earnings Growth 2 Yr Est. CAGR(2)

31%

(1) Please see “additional information” for important disclosures.

(2) Spyglass research models use hypothetical scenarios and forecasts which have inherent limitations, including but not limited to, their inability to reflect the impact of unknown economic and market factors. They rely on opinions, assumptions and mathematical models, which can turn out to be incomplete or inaccurate. These opinions and assumptions are often based on past events and do not consider unforeseen events or developments. Should any opinions or assumptions prove to be inaccurate, the model’s results may vary significantly.

wdt_IDwdt_created_bywdt_created_atwdt_last_edited_bywdt_last_edited_atTickerSPYGX
12iim@inertiaim.com13/04/2024 09:09 PMiim@inertiaim.com13/04/2024 09:09 PMCUSIP56170L703
13iim@inertiaim.com13/04/2024 09:09 PMiim@inertiaim.com13/04/2024 09:09 PMNet Assets$813.2 million
14iim@inertiaim.com13/04/2024 09:09 PMiim@inertiaim.com13/04/2024 09:09 PMMinimum Investment$100,000
15iim@inertiaim.com13/04/2024 09:09 PMiim@inertiaim.com13/04/2024 10:50 PMExpense Ratio (Net)(1)1%
16iim@inertiaim.com13/04/2024 09:09 PMiim@inertiaim.com13/04/2024 10:52 PMTurnover(2)65.2%

(1) Contractual fee waiver through April 30, 2024
(2) Trailing 12 months

Portfolio Characteristics

As of March 31, 2024

wdt_IDwdt_created_bywdt_created_atwdt_last_edited_bywdt_last_edited_atPortfolio CharacteristicsSpyglass Growth FundRussell Midcap Growth Index
9iim@inertiaim.com13/04/2024 09:04 PMiim@inertiaim.com13/04/2024 09:04 PMWeighted Avg Market Cap ($bn)22.832.3
10iim@inertiaim.com13/04/2024 09:04 PMiim@inertiaim.com13/04/2024 09:04 PMMedian Market Cap ($bn)12.513.106
11iim@inertiaim.com13/04/2024 09:04 PMiim@inertiaim.com13/04/2024 09:04 PMNumber of Holdings25330
12iim@inertiaim.com13/04/2024 09:04 PMiim@inertiaim.com13/04/2024 09:04 PMEarnings Growth 2 Yr Est CAGR31%9%

Performance

Net results as of March 31, 2024

PeriodSpyglass Growth FundRussell Midcap Growth Index
Q1 202412.179.49
1 Yr53.7226.28
3 Yr-5.264.62
5 Yr8.3411.82
Since Inception12.3912.82

The performance data quoted represents past performance. Past performance 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, and current performance may be higher or lower than the performance quoted. Performance verified by US Bank Global Fund Services. Performance data source: Bloomberg. 3 Yr, 5 Yr, and Since Inception performance is annualized. Inception date: October 1, 2015.

On December 29, 2017, Spyglass Partners Fund LP, a limited partnership managed by the Advisor (the “Predecessor Partnership”), converted into the Institutional Shares class of the Fund by contributing all of its assets to the Fund in exchange for Institutional Shares of the Fund. The Predecessor Partnership was formed on October 1, 2015 to serve as a pooled investment vehicle for accredited investors, and since inception the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. From the date of inception through the time of the conversion, the Predecessor Partnership was managed by the Advisor and the same portfolio manager as the Fund. The conversion date was December 29, 2017 (inception) and the Fund commenced operations on January 2, 2018. The Fund’s performance prior to 2018 is that of the Predecessor Partnership and the returns reflect the deduction of the 1% management fee and expenses, paid by the Predecessor Partnership, without provision for state or local taxes. The performance includes gains or losses plus income and the reinvestment of all dividends and interest. Other than the Predecessor Partnership, the Advisor did not manage any accounts materially equivalent to the Fund during the period of the Predecessor Partnership’s performance shown above. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have adversely affected its performance. For periods beginning January 1, 2018, the Fund’s net performance is calculated on a daily basis and also includes a deduction of 1% management fee and is subject to a 1% expense cap, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. The Spyglass Growth Fund is distributed by ALPS Distributor, Inc.

Top 10 Holdings

As of March 31, 2024

wdt_IDwdt_created_bywdt_created_atwdt_last_edited_bywdt_last_edited_atSecurityWeight
41iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMAppLovin Corporation6.63%
42iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMAscendis Pharma A/S6.11%
43iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMWillScot Mobile Mini Holdings Corp.5.35%
44iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMCoStar Group, Inc.5.13%
45iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMExact Sciences Corporation4.82%
46iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMShift4 Payments, Inc.4.80%
47iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMProcore Technologies, Inc.4.64%
48iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMAPi Group Corporation4.60%
49iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMGoDaddy Inc.4.32%
50iim@inertiaim.com13/04/2024 08:42 PMiim@inertiaim.com13/04/2024 08:42 PMSweetgreen, Inc.4.23%

Portfolio Weights

As of March 31, 2024

wdt_IDwdt_created_bywdt_created_atwdt_last_edited_bywdt_last_edited_atIndustrySpyglass Growth FundRussell Midcap Growth Index
47iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMCommunication Services5.954.22
48iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMConsumer Discretionary17.4113.88
49iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMConsumer Staples0.002.79
50iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMEnergy0.003.75
51iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMFinancials12.4611.06
52iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMHealth Care16.7918.32
53iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMIndustrials13.6620.09
54iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMInformation Technology27.4722.40
55iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMMaterials0.001.33
56iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMReal Estate5.131.71
57iim@inertiaim.com13/04/2024 08:36 PMiim@inertiaim.com13/04/2024 08:36 PMUtilities0.000.43

Portfolio Market Cap Exposure

As of March 31, 2024