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(2)

PRI, ISG Signatories

Concentrated Portfolio

25 holdings

Earnings Growth 2 Yr Est. CAGR(3)

31%

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

(2) Investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.

(3) 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_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Ticker SPYGX
17 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 09:20 PM CUSIP 56170L703
18 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 09:20 PM Net Assets $813.2 million
19 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 09:20 PM Minimum Investment $100,000
20 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 10:46 PM Expense Ratio (Gross) 1.11%
21 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 09:20 PM Expense Ratio (Net)(1) 1%
22 iim@inertiaim.com 23/05/2024 09:20 PM iim@inertiaim.com 23/05/2024 09:20 PM Turnover(2) 65.2%

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

Portfolio Characteristics

As of March 31, 2024

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Portfolio Characteristics Spyglass Growth Fund Russell Midcap Growth Index
9 iim@inertiaim.com 13/04/2024 09:04 PM iim@inertiaim.com 13/04/2024 09:04 PM Weighted Avg Market Cap ($bn) 22.8 32.3
10 iim@inertiaim.com 13/04/2024 09:04 PM iim@inertiaim.com 13/04/2024 09:04 PM Median Market Cap ($bn) 12.5 13.106
11 iim@inertiaim.com 13/04/2024 09:04 PM iim@inertiaim.com 13/04/2024 09:04 PM Number of Holdings 25 330
12 iim@inertiaim.com 13/04/2024 09:04 PM iim@inertiaim.com 13/04/2024 09:04 PM Earnings Growth 2 Yr Est CAGR 31% 9%

Performance

Net results as of March 31, 2024

Period Spyglass Growth Fund Russell Midcap Growth Index
Q1 2024 12.17 9.49
1 Yr 53.72 26.28
3 Yr -5.26 4.62
5 Yr 8.34 11.82
Since Inception 12.39 12.82

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_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Security Weight
41 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM AppLovin Corporation 6.63%
42 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM Ascendis Pharma A/S 6.11%
43 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM WillScot Mobile Mini Holdings Corp. 5.35%
44 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM CoStar Group, Inc. 5.13%
45 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM Exact Sciences Corporation 4.82%
46 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM Shift4 Payments, Inc. 4.80%
47 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM Procore Technologies, Inc. 4.64%
48 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM APi Group Corporation 4.60%
49 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM GoDaddy Inc. 4.32%
50 iim@inertiaim.com 13/04/2024 08:42 PM iim@inertiaim.com 13/04/2024 08:42 PM Sweetgreen, Inc. 4.23%

Portfolio Weights

As of March 31, 2024

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Industry Spyglass Growth Fund Russell Midcap Growth Index
47 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Communication Services 5.95 4.22
48 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Consumer Discretionary 17.41 13.88
49 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Consumer Staples 0.00 2.79
50 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Energy 0.00 3.75
51 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Financials 12.46 11.06
52 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Health Care 16.79 18.32
53 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Industrials 13.66 20.09
54 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Information Technology 27.47 22.40
55 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Materials 0.00 1.33
56 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Real Estate 5.13 1.71
57 iim@inertiaim.com 13/04/2024 08:36 PM iim@inertiaim.com 13/04/2024 08:36 PM Utilities 0.00 0.43

Portfolio Market Cap Exposure

As of March 31, 2024