Turner All Cap Growth Fund (TBTBX)

ALL CAP Concentrated Inception Date: 6.30.00
Key Fund Details
As of 03/31/2014
NAV: 11.06
Change: -0.13
CUSIP: 87252R797
Expense Ratio (Net): 1.24%
Expense Ratio (Gross): 1.47%
Inception Date: 6.30.00
Ticker Symbol: TBTBX

Co-Managers


Christopher McHugh


Tara Hedlund, CFA, CPA

The Turner All Cap Growth Fund (formerly named the New Enterprise Fund) is a non-diversified multi-cap growth portfolio that invests in companies with projected strong earnings growth across a variety of industries and sectors where new products and services are being developed and marketed. The number of holdings in the Fund will range between 25-45 stocks.

Investment Objectives

To produce long term capital appreciation. 


 

Investment Process

The Fund is designed to add value strictly through superior stock selection, based on the output of extensive, industry-focused fundamental research. The goal of our investment process is to identify candidates for investment that are growth companies with above-average earnings prospects.

Specifically, our industry analysts seek to identify:

  • Companies benefiting from change:
    • Accelerating earnings
    • Improving expectations
    • High returns on capital 
  • Industry leaders:
    • Strong management
    • Sustainable earnings, margins and revenue growth
    • Compelling new products and services
    • Open-ended business opportunities
    • Market share gains

Our Investment Team members are grouped into five sector research teams, and each analyst is responsible for researching specific industries within each market sector. Our investment professionals perform rigorous fundamental research using innovative, multidisciplinary methods to maintain an information edge, allowing them to capture investment opportunities in all market cycles. We believe the benefits of industry-specific research versus product- or capitalization-specific research are significant, as the same analysts maintain coverage of companies that may migrate from small cap to mid cap, or mid cap to large cap. Industry-specific research ensures that the same personnel follow a security through its lifecycle.

The heart of our stock selection process is fundamental analysis. Extensive, sector-focused analysis is undertaken by our industry experts to identify and quantify the critical factors driving growth. The goal of our research teams is to produce 360°analysis utilizing input from financials, competitors, suppliers, customers and independent research providers to determine if the companies followed will exceed, meet, or fall short of consensus earnings expectations. In addition, members of our Investment Team conducted over 2,800 meetings with domestic and international company management during 2012 in efforts to gain further insight into the dynamics behind a company’s growth prospects.

The co-lead portfolio managers collaborate directly with the industry analysts regarding the output of their research, and is ultimately responsible for security selection and for the individual weighting of each portfolio holding.

Risk Disclosure

The performance data quoted represents past performance and the principal value and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown here. Please call 800.224.6312 or visit our website www.turnerinvestments.com for performance current to the most recent month end. Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns spanning more than one year are annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

Past performance can vary over short periods. Past performance is no guarantee of future results.

Since it purchases equity securities, including common stocks, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, and the prices of these companies' securities may decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of liquidation.

The Fund is also subject to taxable income and realized capital gains. Shareholder redemptions may force the Fund to sell securities at an inappropriate time, also resulting in realized gains.

The Fund may participate in initial public offerings ("IPOs"). Some successful IPOs may have a significant impact on the Fund's performance, especially if the Fund has lower asset levels. There is no guarantee that there will be successful IPOs, or that the Fund will have access to successful IPOs. In addition, as Fund assets grow, the positive impact of successful IPOs on Fund performance tends to decrease.

The Fund may buy and sell securities frequently as part of its investment strategy. This may result in higher transaction costs and additional tax liabilities.

The medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies.

Holdings

Top Holdingsas of March 31, 2014
AVAGO TECHNOLOGIES LTD5.82%
NXP SEMICONDUCTORS NV5.09%
CAVIUM INC4.26%
ATLAS MARA CO-NVEST LTD3.95%
WYNN RESORTS3.86%
LINKEDIN CORP. - A3.33%
MONOLITHIC POWER SYS. INC3.32%
INTERCONTINENTALEXCHANGE3.26%
APPLE, INC.3.18%
VISA INC., CLASS A3.18%

† Based on Market Value


These holdings are not recommendations and we may no longer hold these securities.

(click here to view full portfolio)

All Holdingsas of March 31, 2014
AVAGO TECHNOLOGIES LTD5.82 %
NXP SEMICONDUCTORS NV5.09 %
CAVIUM INC4.26 %
ATLAS MARA CO-NVEST LTD3.95 %
WYNN RESORTS3.86 %
LINKEDIN CORP. - A3.33 %
MONOLITHIC POWER SYS. INC3.32 %
INTERCONTINENTALEXCHANGE3.26 %
APPLE, INC.3.18 %
VISA INC., CLASS A3.18 %
GOOGLE INC. CLASS A3.15 %
AON PLC3.09 %
REGENERON PHARMACEUTICALS3.04 %
NPS PHARMACEUTICALS3.03 %
LOUIS XIII HOLDINGS LTD.3.01 %
AFFILIATED MANAGERS GROUP2.91 %
ROCHE HOLDING AG ADR2.66 %
APPLIED MICRO CIRCUITS2.65 %
HOMEAWAY INC.2.57 %
KATE SPADE & CO2.45 %
NVIDIA CORP2.25 %
METHANEX CORP.2.22 %
ALEXION PHARMACEUTICALS2.20 %
SERVICENOW, INC.2.07 %
YELP INC.1.89 %
DUNKIN' BRANDS GROUP INC.1.86 %
BIOGEN IDEC, INC.1.76 %
ROPER INDUSTRIES INC.1.55 %
RALPH LAUREN CORP1.54 %
MGM RESORTS INTERNATIONAL1.52 %
CUBIST PHARMACEUTICALS1.51 %
MICHAEL KORS HOLDINGS LTD1.49 %
ENDO INTL PLC1.48 %
SCHLUMBERGER LTD.1.47 %
SPLUNK INC.1.40 %
WORKDAY INC - CLASS A1.38 %
VEEVA SYSTEMS INC1.14 %
TABLEAU SOFTWARE INC0.76 %
ATLAS MARA WAR12/17/170.52 %

† Based on Market Value

These holdings are not recommendations and we may no longer hold these securities.

Performance through 03/31/2014

  1 MONTH 1 YEAR 3 YEAR 5 YEAR SINCE INCEPTION
TBTBX -4.88 28.81 6.70 24.55 1.05

Risk Disclosure

The performance data quoted represents past performance and the principal value and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown here. Please call 800.224.6312 or visit our website www.turnerinvestments.com for performance current to the most recent month end. Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns spanning more than one year are annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

Past performance can vary over short periods. Past performance is no guarantee of future results.

Since it purchases equity securities, including common stocks, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, and the prices of these companies' securities may decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of liquidation.

The Fund is also subject to taxable income and realized capital gains. Shareholder redemptions may force the Fund to sell securities at an inappropriate time, also resulting in realized gains.

The Fund may participate in initial public offerings ("IPOs"). Some successful IPOs may have a significant impact on the Fund's performance, especially if the Fund has lower asset levels. There is no guarantee that there will be successful IPOs, or that the Fund will have access to successful IPOs. In addition, as Fund assets grow, the positive impact of successful IPOs on Fund performance tends to decrease.

The Fund may buy and sell securities frequently as part of its investment strategy. This may result in higher transaction costs and additional tax liabilities.

The medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies.

Top Holdingsas of March 31, 2014
AVAGO TECHNOLOGIES LTD5.82%
NXP SEMICONDUCTORS NV5.09%
CAVIUM INC4.26%
ATLAS MARA CO-NVEST LTD3.95%
WYNN RESORTS3.86%
LINKEDIN CORP. - A3.33%
MONOLITHIC POWER SYS. INC3.32%
INTERCONTINENTALEXCHANGE3.26%
APPLE, INC.3.18%
VISA INC., CLASS A3.18%

† Based on Market Value


These holdings are not recommendations and we may no longer hold these securities. (click here to view full portfolio)
All Holdingsas of March 31, 2014
AVAGO TECHNOLOGIES LTD5.82 %
NXP SEMICONDUCTORS NV5.09 %
CAVIUM INC4.26 %
ATLAS MARA CO-NVEST LTD3.95 %
WYNN RESORTS3.86 %
LINKEDIN CORP. - A3.33 %
MONOLITHIC POWER SYS. INC3.32 %
INTERCONTINENTALEXCHANGE3.26 %
APPLE, INC.3.18 %
VISA INC., CLASS A3.18 %
GOOGLE INC. CLASS A3.15 %
AON PLC3.09 %
REGENERON PHARMACEUTICALS3.04 %
NPS PHARMACEUTICALS3.03 %
LOUIS XIII HOLDINGS LTD.3.01 %
AFFILIATED MANAGERS GROUP2.91 %
ROCHE HOLDING AG ADR2.66 %
APPLIED MICRO CIRCUITS2.65 %
HOMEAWAY INC.2.57 %
KATE SPADE & CO2.45 %
NVIDIA CORP2.25 %
METHANEX CORP.2.22 %
ALEXION PHARMACEUTICALS2.20 %
SERVICENOW, INC.2.07 %
YELP INC.1.89 %
DUNKIN' BRANDS GROUP INC.1.86 %
BIOGEN IDEC, INC.1.76 %
ROPER INDUSTRIES INC.1.55 %
RALPH LAUREN CORP1.54 %
MGM RESORTS INTERNATIONAL1.52 %
CUBIST PHARMACEUTICALS1.51 %
MICHAEL KORS HOLDINGS LTD1.49 %
ENDO INTL PLC1.48 %
SCHLUMBERGER LTD.1.47 %
SPLUNK INC.1.40 %
WORKDAY INC - CLASS A1.38 %
VEEVA SYSTEMS INC1.14 %
TABLEAU SOFTWARE INC0.76 %
ATLAS MARA WAR12/17/170.52 %

† Based on Market Value

These holdings are not recommendations and we may no longer hold these securities.

 

All mutual funds, regardless of performance, must distribute to shareholders any net realized gains from the sale of individual securities in their portfolios. Distributions are made to those who are registered shareholders of the fund on the record date. Distributions are paid on the pay date. All dates and distributions are subject to board approval. Distributions will vary depending on the funds' income and any profits realized from the sale of securities in the funds' portfolio. Past distributions are not indicative of future trends. A fund's per share capital gain distributions are the same for each share class offered.

Capital gains are payable to the shareholders of record as of December 12, 2013 (the "Record Date") with the distribution occuring on December 16, 2013 (the "Payable Date"). Shareholders are strongly advised to consult their own tax advisors with respect to the tax consequences of their investments in the funds.

To estimate your distribution for a fund on this list, multiply the number of shares you own by the fund’s total per-share capital gains estimates.

2013 Capital Gain Distributions

Turner Fund

Record Date

Payable Date

Capital Gains

($ per share)

Short-term
Capital Gains

Long-term
Capital Gains

Total
Capital Gains

Turner Large Growth Fund

12/12/2013

12/16/2013

-

-

-

Turner Emerging Growth Fund

12/12/2013

12/16/2013

-

$10.36269

$10.36269

Turner All Cap Growth Fund

12/12/2013

12/16/2013

-

-

-

Turner Small Cap Growth Fund

12/12/2013

12/16/2013

$0.91175

$7.05012

$7.96187

Turner Spectrum Fund

12/12/2013

12/16/2013

-

-

-

Turner Midcap Growth Fund

12/12/2013 12/16/2013 $1.95218 $7.40534 $9.35752

Turner Titan Fund

12/12/2013 12/16/2013 - $0.12209 $0.12209
Turner Medical Sciences Long/Short Fund 12/12/2013 12/16/2013 $0.16485 $0.19238 $0.35723

Turner Market Neutral Fund

12/12/2013 12/16/2013 - - -

Turner Emerging Markets Fund

12/12/2013 12/16/2013 $0.12571 - $0.12571

 

Special Capital Gains Distribution for the Turner Global Opportunities Fund:

Record Date: 7/26/2013

Ex-Date: 7/29/2013

Reinvest Date: 7/29/2013

Payable Date: 7/30/2013

 

Fund Name Income Distribution Rate Short-Term Cap Gains Distribution Rate                          Long-Term Cap Gains Distribution Rate                         
Turner Global Opportunities Fund -
Institutional Class                                                    
No Distribution $0.87493 $2.00325
Turner Global Opportunities Fund -
Investor Class
No Distribution $0.87493 $2.00325

 

 

TURNER FUNDS - INCOME DISTRIBUTIONS:
(All Distributions Factors are for INCOME only)

Record date: December 27, 2013

Ex Date: December 30, 2013

Reinvest Date: December 30, 2013

Payable Date: December 31, 2013

 

Fund                                                                                                         

Ticker

Per Share

Turner Emerging Markets Fund - Institutional Class

TEEEX

0.025981

Turner Emerging Markets Fund - Investor Class

TFEMX

0.016924

 

 

 

Important Information

Turner Investments and its affiliates do not provide tax advice. The information is provided for general educational purposes only. The information is not to be relied upon for legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.

Past performance can vary over short periods. Past performance is no guarantee of future results. To obtain performance data current to the most recent quarter-end, visit each Fund’s fact sheet by clicking on the fund names above. The performance data quoted represents past performance and the principal value and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown here. Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns spanning more than one year are annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The Turner Funds are distributed by Foreside Fund Services, LLC, Portland, ME. An investor should consider the investment objectives, risks, charges and expenses carefully before investing. This information can be found in the prospectus. A free summary or statutory prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in this fund, can be obtained by calling 800.224.6312 or by visiting www.turnerinvestments.com/fundinfo. Read the prospectus carefully before investing. Past performance is no guarantee of future results. Mutual fund investing involves risk, including potential loss of principal. This communication should not be considered an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.


Expense Ratios*   
Gross 1.47%
Net 1.24%
   
Minimum Initial Investments  
General $2,500
 
Systematic Investment Plan $1,000
Individual Retirement Account

$2,000

   

 

*

Turner has contractually agreed to waive fees and reimburse Fund expenses to keep the Fund's "Other Expenses" (excluding acquired fund fees and expenses and interest expenses relating to short sales) from exceeding 0.25% through January 31, 2014. Only the Board of Trustees of the Turner Funds may terminate the waiver prior to January 31, 2014. Turner may discontinue this arrangement at any time after January 31, 2014. The advisory fee is subject to a performance adjustment based on the Fund’s performance relative to the performance of the NASDAQ Composite Index and may range from 0.70% to 1.50%, depending on the Fund’s performance. Redemptions within 90 days of purchase may be subject to a 2.00% redemption fee. At this time, purchases of the Fund will not be subject to this redemption fee. The Fund will notify all existing shareholders if and when it decides to implement the fee.


 


Effective October 1, 2010, The Turner Funds are distributed by Foreside Fund Services, LLC, Portland, ME. The investor should consider the investment objectives, risks, charges and expenses carefully before investing. This information can be found in the prospectus. A free summary or statutory prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in this fund, can be obtained by calling 800.224.6312 or by visiting www.turnerinvestments.com/fundinfo. Read the prospectus carefully before investing. Past performance is no guarantee of future results. Mutual fund investing involves risk, including potential loss of principal. This communication should not be considered an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.

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