UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Brian Wiedmeyer, President
Managed Portfolio Series
c/o U.S. Bank Global Fund Services
777 East Wisconsin Ave., 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1712
Registrant’s telephone number, including area code
Date of fiscal year end: 05/31/2024
Date of reporting period: 05/31/2024
Item 1. Reports to Stockholders.
(a) |
Reinhart Midcap PMV Fund | ||
Investor Class | RPMMX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor Class | $140 | 1.30% |
1 Year | 5 Year | 10 Year | |
Investor Class | 15.41 | 7.22 | 6.03 |
Russell 3000 Total Return | 27.58 | 15.00 | 12.09 |
Russell Midcap Value Total Return | 23.67 | 10.28 | 8.14 |
Reinhart Midcap PMV Fund | PAGE 1 | TSR_AR_56166Y842 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $122,289,501 |
Number of Holdings | 43 |
Net Advisory Fee | $903,304 |
Portfolio Turnover | 18% |
Industry | (%)** |
Financials | 25.3% |
Industrials | 12.1% |
Health Care | 11.9% |
Real Estate | 11.7% |
Consumer Discretionary | 8.6% |
Information Technology | 8.4% |
Materials | 6.1% |
Communication Services | 5.1% |
Consumer Staples | 3.0% |
Cash & Other | 7.8% |
Top 10 Issuers | (%)** |
Lantheus Holdings | 4.1% |
First American Treasury Obligations Fund | 3.7% |
SS&C Technologies Holdings | 3.6% |
Fidelity National Information Services | 3.4% |
Encompass Health | 3.4% |
Live Nation Entertainment | 3.2% |
Fidelity National Financial | 3.0% |
BJ’s Wholesale Club Holdings | 3.0% |
Affiliated Managers Group | 2.9% |
Insperity | 2.8% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 2 | TSR_AR_56166Y842 |
Reinhart Midcap PMV Fund | ||
Advisor Class | RPMVX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Advisor Class | $113 | 1.05% |
1 Year | 5 Year | 10 Year | |
Advisor Class | 15.71 | 7.49 | 6.30 |
Russell 3000 Total Return | 27.58 | 15.00 | 12.09 |
Russell Midcap Value Total Return | 23.67 | 10.28 | 8.14 |
Reinhart Midcap PMV Fund | PAGE 1 | TSR_AR_56166Y834 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $122,289,501 |
Number of Holdings | 43 |
Net Advisory Fee | $903,304 |
Portfolio Turnover | 18% |
Industry | (%)** |
Financials | 25.3% |
Industrials | 12.1% |
Health Care | 11.9% |
Real Estate | 11.7% |
Consumer Discretionary | 8.6% |
Information Technology | 8.4% |
Materials | 6.1% |
Communication Services | 5.1% |
Consumer Staples | 3.0% |
Cash & Other | 7.8% |
Top 10 Issuers | (%)** |
Lantheus Holdings | 4.1% |
First American Treasury Obligations Fund | 3.7% |
SS&C Technologies Holdings | 3.6% |
Fidelity National Information Services | 3.4% |
Encompass Health | 3.4% |
Live Nation Entertainment | 3.2% |
Fidelity National Financial | 3.0% |
BJ’s Wholesale Club Holdings | 3.0% |
Affiliated Managers Group | 2.9% |
Insperity | 2.8% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 2 | TSR_AR_56166Y834 |
Reinhart Midcap PMV Fund | ||
Institutional Class | RPMNX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $97 | 0.90% |
Reinhart Midcap PMV Fund | PAGE 1 | TSR_AR_56167N654 |
1 Year | 5 Year | Since Inception (09/29/2017) | |
Institutional Class | 15.84 | 7.62 | 6.11 |
Russell 3000 Total Return | 27.58 | 15.00 | 12.92 |
Russell Midcap Value Total Return | 23.67 | 10.28 | 7.98 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $122,289,501 |
Number of Holdings | 43 |
Net Advisory Fee | $903,304 |
Portfolio Turnover | 18% |
Industry | (%)** |
Financials | 25.3% |
Industrials | 12.1% |
Health Care | 11.9% |
Real Estate | 11.7% |
Consumer Discretionary | 8.6% |
Information Technology | 8.4% |
Materials | 6.1% |
Communication Services | 5.1% |
Consumer Staples | 3.0% |
Cash & Other | 7.8% |
Top 10 Issuers | (%)** |
Lantheus Holdings | 4.1% |
First American Treasury Obligations Fund | 3.7% |
SS&C Technologies Holdings | 3.6% |
Fidelity National Information Services | 3.4% |
Encompass Health | 3.4% |
Live Nation Entertainment | 3.2% |
Fidelity National Financial | 3.0% |
BJ’s Wholesale Club Holdings | 3.0% |
Affiliated Managers Group | 2.9% |
Insperity | 2.8% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 2 | TSR_AR_56167N654 |
Reinhart Genesis PMV Fund | ||
Investor Class | RPMAX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor Class | $136 | 1.20% |
Reinhart Genesis PMV Fund | PAGE 1 | TSR_AR_56166Y248 |
1 Year | 5 Year | Since Inception (05/31/2018) | |
Investor Class | 27.04 | 12.44 | 10.39 |
Russell 3000 Total Return | 27.58 | 15.00 | 12.81 |
Russell 2000 Value Total Return | 21.76 | 8.77 | 5.13 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $430,659,537 |
Number of Holdings | 39 |
Net Advisory Fee | $2,718,744 |
Portfolio Turnover | 21% |
Industry | (%)** |
Financials | 26.7% |
Information Technology | 19.5% |
Industrials | 16.4% |
Consumer Discretionary | 13.9% |
Health Care | 9.4% |
Real Estate | 6.3% |
Consumer Staples | 2.7% |
Materials | 1.4% |
Cash & Other | 3.7% |
Top 10 Issuers | (%)** |
Lantheus Holdings | 5.1% |
First Citizens BancShares | 4.9% |
ACI Worldwide | 4.3% |
frontdoor | 4.2% |
U-Haul Holding, Series N | 3.8% |
Wintrust Financial | 3.8% |
Insperity | 3.8% |
Air Lease, Class A | 3.7% |
First American Treasury Obligations Fund | 3.7% |
Assured Guaranty | 3.6% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Genesis PMV Fund | PAGE 2 | TSR_AR_56166Y248 |
Reinhart Genesis PMV Fund | ||
Advisor Class | RPMFX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Advisor Class | $108 | 0.95% |
Reinhart Genesis PMV Fund | PAGE 1 | TSR_AR_56166Y230 |
1 Year | 5 Year | Since Inception (05/31/2018) | |
Advisor Class | 27.33 | 12.70 | 10.67 |
Russell 3000 Total Return | 27.58 | 15.00 | 12.81 |
Russell 2000 Value Total Return | 21.76 | 8.77 | 5.13 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $430,659,537 |
Number of Holdings | 39 |
Net Advisory Fee | $2,718,744 |
Portfolio Turnover | 21% |
Industry | (%)** |
Financials | 26.7% |
Information Technology | 19.5% |
Industrials | 16.4% |
Consumer Discretionary | 13.9% |
Health Care | 9.4% |
Real Estate | 6.3% |
Consumer Staples | 2.7% |
Materials | 1.4% |
Cash & Other | 3.7% |
Top 10 Issuers | (%)** |
Lantheus Holdings | 5.1% |
First Citizens BancShares | 4.9% |
ACI Worldwide | 4.3% |
frontdoor | 4.2% |
U-Haul Holding, Series N | 3.8% |
Wintrust Financial | 3.8% |
Insperity | 3.8% |
Air Lease, Class A | 3.7% |
First American Treasury Obligations Fund | 3.7% |
Assured Guaranty | 3.6% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Genesis PMV Fund | PAGE 2 | TSR_AR_56166Y230 |
Reinhart International PMV Fund | ||
Advisor Class | RPMYX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Advisor Class | $102 | 0.95% |
Top Contributors | |
↑ | Buzzi Unicem SpA |
↑ | BAWAG Group AG |
↑ | Taiwan Semiconductor Manufacturing ADR |
↑ | International Distribution Services plc |
↑ | Adevinta ASA |
Top Detractors | |
↓ | Mercari, Inc. |
↓ | Edenred SA |
↓ | Endava Plc ADR |
↓ | JD Logistics, Inc. |
↓ | Bolsa Mexicana de Valores SAB de CV |
Reinhart International PMV Fund | PAGE 1 | TSR_AR_56167N365 |
1 Year | Since Inception (05/31/2022) | |
Advisor Class | 15.00 | 9.24 |
MSCI AC WORLD INDEX ex USA Net (USD) | 16.74 | 7.29 |
Morningstar Global ex-US Target Market Exposure NR USD | 16.90 | 7.47 |
1 | The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Net Assets | $1,718,197 |
Number of Holdings | 42 |
Net Advisory Fee | -$152,652 |
Portfolio Turnover | 12% |
Industry | (%)** |
Financials | 23.6% |
Information Technology | 17.7% |
Consumer Discretionary | 16.8% |
Industrials | 15.0% |
Consumer Staples | 8.2% |
Real Estate | 6.9% |
Materials | 4.9% |
Communication Services | 3.6% |
Health Care | 1.4% |
Cash & Other | 1.9% |
Top 10 Issuers | (%)** |
Silicon Motion Technology | 4.2% |
Taiwan Semiconductor Manufacturing | 4.0% |
Jeronimo Martins SGPS SA | 3.8% |
Bank of Ireland Group plc | 3.3% |
Edenred | 3.3% |
Euronet Worldwide | 3.3% |
BAWAG Group AG | 3.2% |
Buzzi Unicem SpA | 3.1% |
B&M European Value Retail SA | 3.1% |
Capgemini SE | 2.9% |
Top Ten Countries | (%)** |
United Kingdom | 13.5% |
United States | 10.8% |
France | 10.7% |
Canada | 10.1% |
Taiwan, Province Of China | 8.2% |
Japan | 6.5% |
China | 4.8% |
Portugal | 3.8% |
Ireland | 3.3% |
Cash & Other | 28.3% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart International PMV Fund | PAGE 2 | TSR_AR_56167N365 |
Reinhart International PMV Fund | PAGE 3 | TSR_AR_56167N365 |
(b) | Not applicable. |
OR
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees] has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other Services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 05/31/2024 | FYE 05/31/2023 | |
(a) Audit Fees | $47,000 | $44,750 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $10,500 | $10,500 |
(d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 05/31/2024 | FYE 05/31/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not applicable
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 05/31/2024 | FYE 05/31/2023 |
Registrant | $0 | $0 |
Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
OR
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page | |||
Schedule of Investments | |||
Statements of Changes in Net Assets | |||
Financial Highlights | |||
Shares | Value | |||||
COMMON STOCKS - 96.4% | ||||||
Communication Services - 5.1% | ||||||
Interpublic Group of Companies | 76,145 | $ 2,388,668 | ||||
Live Nation Entertainment(a) | 41,805 | 3,918,801 | ||||
6,307,469 | ||||||
Consumer Discretionary - 8.6% | ||||||
Allison Transmission Holdings | 31,830 | 2,413,032 | ||||
Leslie’s(a) | 350,130 | 2,002,744 | ||||
LKQ | 69,735 | 3,000,697 | ||||
TransUnion | 42,870 | 3,083,210 | ||||
10,499,683 | ||||||
Consumer Staples - 3.0% | ||||||
BJ’s Wholesale Club Holdings(a) | 41,440 | 3,649,621 | ||||
Energy - 2.1% | ||||||
Baker Hughes, Class A | 77,035 | 2,579,132 | ||||
Financials - 25.3%(b) | ||||||
Affiliated Managers Group | 21,930 | 3,565,818 | ||||
American Financial Group | 19,620 | 2,548,834 | ||||
BOK Financial | 31,341 | 2,840,121 | ||||
Fidelity National Information Services | 54,810 | 4,158,983 | ||||
Global Payments | 27,335 | 2,784,070 | ||||
Intercontinental Exchange | 21,085 | 2,823,282 | ||||
Loews | 25,765 | 1,978,752 | ||||
M&T Bank | 19,075 | 2,891,770 | ||||
Northern Trust | 25,705 | 2,165,389 | ||||
Progressive | 8,985 | 1,897,452 | ||||
White Mountains Insurance Group | 1,818 | 3,285,126 | ||||
30,939,597 | ||||||
Health Care - 11.9% | ||||||
Charles River Laboratories International(a) | 16,165 | 3,369,433 | ||||
Encompass Health | 48,042 | 4,150,348 | ||||
Lantheus Holdings(a) | 61,425 | 5,026,408 | ||||
Zimmer Biomet Holdings | 17,170 | 1,977,125 | ||||
14,523,314 | ||||||
Industrials - 12.1% | ||||||
Insperity | 35,760 | 3,387,187 | ||||
Sensata Technologies Holding | 68,680 | 2,837,858 | ||||
Snap-on | 7,075 | 1,930,484 | ||||
Stanley Black & Decker | 15,300 | 1,333,701 | ||||
U-Haul Holding, Series N | 50,740 | 3,084,485 | ||||
WillScot Mobile Mini Holdings Corp.(a) | 56,250 | 2,217,938 | ||||
14,791,653 | ||||||
Information Technology - 8.4% | ||||||
Cognizant Technology Solutions - Class A | 33,735 | 2,231,571 | ||||
Fidelity National Financial | 72,775 | 3,664,949 | ||||
1 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Information Technology - (Continued) | ||||||
SS&C Technologies Holdings | 70,305 | $4,362,425 | ||||
10,258,945 | ||||||
Materials - 6.1% | ||||||
Avantor(a) | 136,230 | 3,280,418 | ||||
Eagle Materials | 9,800 | 2,277,422 | ||||
FMC | 30,460 | 1,856,537 | ||||
7,414,377 | ||||||
Real Estate - 11.7% | ||||||
Alexandria Real Estate Equities, Inc. - REIT | 19,925 | 2,371,075 | ||||
Americold Realty Trust - REIT | 115,970 | 3,092,920 | ||||
Camden Property Trust - REIT | 27,795 | 2,853,157 | ||||
Rexford Industrial Realty - REIT | 40,525 | 1,838,214 | ||||
Ventas - REIT | 47,020 | 2,363,225 | ||||
Weyerhaeuser - REIT | 61,230 | 1,838,737 | ||||
14,357,328 | ||||||
Utilities - 2.1% | ||||||
Xcel Energy, Inc. | 46,665 | 2,587,574 | ||||
TOTAL COMMON STOCKS (Cost $95,087,073) | 117,908,693 | |||||
SHORT-TERM INVESTMENTS - 3.7% | ||||||
Money Market Funds - 3.7% | ||||||
First American Treasury Obligations Fund - Class X, 5.22%(c) | 4,560,081 | 4,560,081 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,560,081) | 4,560,081 | |||||
TOTAL INVESTMENTS - 100.1% (Cost $99,647,154) | $122,468,774 | |||||
Liabilities in Excess of Other Assets - (0.1)% | (179,273) | |||||
TOTAL NET ASSETS - 100.0% | $122,289,501 | |||||
(a) | Non-income producing security. |
(b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(c) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
2 |
Shares | Value | |||||
COMMON STOCKS - 96.3% | ||||||
Consumer Discretionary - 13.9% | ||||||
Carter’s | 62,250 | $4,257,900 | ||||
frontdoor(a) | 510,105 | 18,042,414 | ||||
Gentex | 240,430 | 8,415,050 | ||||
Grand Canyon Education(a) | 65,400 | 9,316,884 | ||||
Hillman Solutions(a) | 1,592,000 | 14,630,480 | ||||
Thor Industries | 54,680 | 5,426,443 | ||||
60,089,171 | ||||||
Consumer Staples - 2.7% | ||||||
Sprouts Farmers Market(a) | 147,000 | 11,610,060 | ||||
Financials - 26.7%(b) | ||||||
1st Source | 35,860 | 1,843,921 | ||||
Air Lease, Class A | 333,980 | 15,910,807 | ||||
Assured Guaranty | 197,000 | 15,310,840 | ||||
First American Financial | 216,000 | 12,005,280 | ||||
First Citizens BancShares - Class A | 12,330 | 20,941,642 | ||||
First Hawaiian | 510,490 | 10,378,262 | ||||
International Bancshares | 132,520 | 7,531,112 | ||||
LPL Financial Holdings | 13,500 | 3,863,835 | ||||
White Mountains Insurance Group | 6,000 | 10,842,000 | ||||
Wintrust Financial | 166,100 | 16,379,121 | ||||
115,006,820 | ||||||
Health Care - 9.4% | ||||||
AdaptHealth(a) | 937,000 | 8,882,760 | ||||
Encompass Health | 107,920 | 9,323,209 | ||||
Lantheus Holdings(a) | 270,000 | 22,094,100 | ||||
40,300,069 | ||||||
Industrials - 16.4% | ||||||
GMS(a) | 108,562 | 10,200,485 | ||||
GXO Logistics(a) | 130,000 | 6,529,900 | ||||
Insperity | 172,830 | 16,370,458 | ||||
MAXIMUS | 78,000 | 6,715,800 | ||||
Modine Manufacturing(a) | 97,000 | 9,789,240 | ||||
TriNet Group | 44,000 | 4,574,680 | ||||
U-Haul Holding, Series N | 272,187 | 16,546,248 | ||||
70,726,811 | ||||||
Information Technology - 19.5% | ||||||
ACI Worldwide(a) | 510,000 | 18,365,100 | ||||
ASGN(a) | 118,000 | 11,081,380 | ||||
Axcelis Technologies, Inc.(a) | 93,000 | 10,461,570 | ||||
Euronet Worldwide(a) | 125,000 | 14,572,500 | ||||
FormFactor(a) | 121,000 | 6,621,120 | ||||
PAR Technology(a) | 202,375 | 9,029,972 | ||||
Silicon Motion Technology - ADR | 175,000 | 13,665,750 | ||||
83,797,392 | ||||||
3 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Materials - 1.4% | ||||||
Element Solutions | 255,000 | $6,127,650 | ||||
Real Estate - 6.3% | ||||||
Alexander & Baldwin - REIT | 516,836 | 8,682,844 | ||||
Marcus & Millichap | 324,060 | 10,476,860 | ||||
Ryman Hospitality Properties - REIT | 76,440 | 8,031,551 | ||||
27,191,255 | ||||||
TOTAL COMMON STOCKS (Cost $317,461,625) | 414,849,228 | |||||
SHORT-TERM INVESTMENTS - 3.7% | ||||||
Money Market Funds - 3.7% | ||||||
First American Treasury Obligations Fund - Class X, 5.22%(c) | 15,890,600 | 15,890,600 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,890,600) | 15,890,600 | |||||
TOTAL INVESTMENTS - 100.0% (Cost $333,352,225) | $430,739,828 | |||||
Liabilities in Excess of Other Assets - 0.0%(d) | (80,291) | |||||
TOTAL NET ASSETS - 100.0% | $430,659,537 | |||||
(a) | Non-income producing security. |
(b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(c) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(d) | Represents less than 0.05% of net assets. |
4 |
Shares | Value | |||||
COMMON STOCKS - 98.1% | ||||||
Austria - 3.2% | ||||||
BAWAG Group AG | 840 | $ 55,567 | ||||
Canada - 10.1% | ||||||
Boyd Group Services | 150 | 25,110 | ||||
CCL Industries - Class B | 600 | 30,926 | ||||
Constellation Software | 12 | 33,378 | ||||
Dollarama | 200 | 18,929 | ||||
Element Fleet Management | 2,000 | 35,541 | ||||
Granite Real Estate Investment Trust - REIT | 600 | 29,680 | ||||
173,564 | ||||||
China - 4.8% | ||||||
China Feihe | 35,000 | 17,371 | ||||
JD Logistics(a) | 35,000 | 38,275 | ||||
NetEase - ADR | 300 | 26,709 | ||||
82,355 | ||||||
France - 10.7% | ||||||
Capgemini SE | 250 | 50,650 | ||||
Edenred | 1,200 | 55,994 | ||||
Elis SA | 1,200 | 30,509 | ||||
La Francaise des Jeux SAEM | 1,300 | 46,800 | ||||
183,953 | ||||||
Germany - 2.0% | ||||||
CTS Eventim AG | 400 | 34,701 | ||||
Ireland - 3.3% | ||||||
Bank of Ireland Group plc | 5,000 | 57,465 | ||||
Israel - 2.3% | ||||||
Sapiens International Corp. NV | 1,200 | 40,224 | ||||
Italy - 3.1% | ||||||
Buzzi Unicem SpA | 1,260 | 53,271 | ||||
Japan - 6.5% | ||||||
Hoya | 200 | 24,347 | ||||
Mercari(a) | 4,200 | 49,230 | ||||
Sanwa Holdings Corp. | 2,000 | 37,233 | ||||
110,810 | ||||||
Luxembourg - 3.1% | ||||||
B&M European Value Retail SA | 7,500 | 52,434 | ||||
Mexico - 2.5% | ||||||
Bolsa Mexicana de Valores SAB de CV | 24,000 | 43,625 | ||||
Netherlands - 2.9% | ||||||
Euronext NV(a) | 500 | 49,233 | ||||
5 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Portugal - 3.8% | ||||||
Jeronimo Martins SGPS SA | 2,900 | $65,060 | ||||
Republic of Korea - 2.9% | ||||||
Coway | 1,200 | 49,143 | ||||
Spain - 2.8% | ||||||
Aena SME SA | 250 | 48,890 | ||||
Sweden - 2.4% | ||||||
Svenska Handelsbanken AB - Class A | 4,400 | 41,407 | ||||
Taiwan, Province Of China - 8.2% | ||||||
Silicon Motion Technology - ADR | 935 | 73,014 | ||||
Taiwan Semiconductor Manufacturing - ADR | 450 | 67,968 | ||||
140,982 | ||||||
United Kingdom - 13.5% | ||||||
Compass Group plc | 1,200 | 33,691 | ||||
Endava plc - ADR(a) | 1,430 | 38,524 | ||||
International Distributions Services plc(a) | 10,000 | 43,140 | ||||
London Stock Exchange Group plc | 400 | 46,886 | ||||
Nomad Foods | 1,500 | 26,340 | ||||
UNITE Group plc - REIT | 3,600 | 42,940 | ||||
231,521 | ||||||
United States - 8.2% | ||||||
Booking Holdings | 10 | 37,764 | ||||
Cushman & Wakefield plc(a) | 4,200 | 46,662 | ||||
Euronet Worldwide(a) | 480 | 55,958 | ||||
140,384 | ||||||
Vietnam - 1.8% | ||||||
Vietnam Dairy Products JSC | 12,200 | 31,408 | ||||
TOTAL COMMON STOCKS (Cost $1,492,415) | 1,685,997 | |||||
Contracts | ||||||
WARRANTS - 0.0%(b) | ||||||
Canada - 0.0%(b) | ||||||
Constellation Software, Expires 03/31/2040, Exercise Price $0.00(a)(c) | 20 | 0 | ||||
TOTAL WARRANTS (Cost $0) | 0 | |||||
6 |
Shares | Value | |||||
SHORT-TERM INVESTMENTS - 2.6% | ||||||
Money Market Funds - 2.6% | ||||||
First American Treasury Obligations Fund - Class X, 5.22%(d) | 44,696 | $44,696 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $44,696) | 44,696 | |||||
TOTAL INVESTMENTS - 100.7% (Cost $1,537,111) | 1,730,693 | |||||
Liabilities in Excess of Other Assets - (0.7)% | (12,496) | |||||
TOTAL NET ASSETS - 100.0% | $1,718,197 | |||||
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2024. |
(d) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Sector Classification as of May 31, 2024 (% of Net Assets) | ||||||
Financials | $406,135 | 23.6% | ||||
Information Technology | 303,759 | 17.7 | ||||
Consumer Discretionary | 287,992 | 16.8 | ||||
Industrials | 258,698 | 15.0 | ||||
Consumer Staples | 140,179 | 8.2 | ||||
Real Estate | 119,282 | 6.9 | ||||
Materials | 84,196 | 4.9 | ||||
Communication Services | 61,409 | 3.6 | ||||
Health Care | 24,347 | 1.4 | ||||
Money Market Funds | 44,696 | 2.6 | ||||
Liabilities in Excess of Other Assets | (12,496) | (0.7) | ||||
1,718,197 | 100.0% | |||||
7 |
Mid Cap PMV Fund | Genesis PMV Fund | International PMV Fund | |||||||
ASSETS: | |||||||||
Investments, at value (cost $99,647,154, $333,352,225, and $1,537,111) | $122,468,774 | $430,739,828 | $ 1,730,693 | ||||||
Dividends & interest receivable | 50,572 | 161,948 | 4,207 | ||||||
Receivable for capital shares sold | 17,350 | 257,638 | — | ||||||
Foreign Currencies (cost $1,790) | — | — | 1,790 | ||||||
Receivable for foreign withholding tax reclaim | 1,357 | — | 848 | ||||||
Receivable due from investment adviser | — | — | 18,780 | ||||||
Prepaid expenses | 23,851 | 44,374 | 4,926 | ||||||
Total assets | 122,561,904 | 431,203,788 | 1,761,244 | ||||||
LIABILITIES: | | ||||||||
Payable for capital shares redeemed | 98,028 | 79,274 | 188 | ||||||
Payable to investment adviser | 69,316 | 271,522 | — | ||||||
Payable for fund administration & accounting fees | 37,262 | 86,108 | 15,888 | ||||||
Payable for compliance fees | 3,247 | 3,245 | 3,246 | ||||||
Payable for transfer agent fees & expenses | 18,096 | 16,096 | 1,321 | ||||||
Payable for trustee fees | 157 | — | — | ||||||
Payable for custody fees | 1,125 | 3,850 | 1,820 | ||||||
Accrued distribution & shareholder service fees | 15,007 | 50,586 | 129 | ||||||
Accrued other fees | 30,165 | 33,570 | 20,455 | ||||||
Total liabilities | 272,403 | 544,251 | 43,047 | ||||||
NET ASSETS | $122,289,501 | $430,659,537 | $ 1,718,197 | ||||||
Net Assets Consists of: | |||||||||
Paid-in capital | $98,190,974 | $331,671,479 | $ 1,471,531 | ||||||
Total distributable earnings | 24,098,527 | 98,988,058 | 246,666 | ||||||
Net assets | $122,289,501 | $430,659,537 | $ 1,718,197 | ||||||
Investor Class | |||||||||
Net assets | $26,218,410 | $24,787,326 | — | ||||||
Shares issued and outstanding(1) | 1,524,489 | 1,611,680 | — | ||||||
Net asset value, redemption price and offering price per share | $17.20 | $15.38 | — | ||||||
Advisor Class | |||||||||
Net assets | $92,000,624 | $405,872,211 | $ 1,718,197 | ||||||
Shares issued and outstanding(1) | 5,349,317 | 26,193,917 | 148,237 | ||||||
Net asset value, redemption price and offering price per share | $17.20 | $15.49 | $11.59 | ||||||
Institutional Class | |||||||||
Net assets | $ 4,070,467 | $ — | $ — | ||||||
Shares issued and outstanding(1) | 235,362 | — | — | ||||||
Net asset value, redemption price and offering price per share | $17.29 | — | — | ||||||
(1) | Unlimited shares authorized without par value. |
8 |
Mid Cap PMV Fund | Genesis PMV Fund | International PMV Fund | |||||||
INVESTMENT INCOME: | |||||||||
Dividend income | $2,130,584 | $4,150,232 | $41,585 | ||||||
Interest income | 209,690 | 712,440 | 3,571 | ||||||
Less: foreign taxes withheld | — | — | (5,520) | ||||||
Total investment income | 2,340,274 | 4,862,672 | 39,636 | ||||||
EXPENSES: | |||||||||
Investment adviser fees (See Note 4) | 1,168,340 | 3,461,150 | 14,911 | ||||||
Fund administration & accounting fees (See Note 4) | 153,522 | 304,553 | 108,296 | ||||||
Transfer agent fees & expenses (See Note 4) | 71,404 | 69,438 | 8,715 | ||||||
Federal & state registration fees | 51,847 | 34,986 | 3,811 | ||||||
Custody fees (See Note 4) | 29,170 | 20,696 | 14,916 | ||||||
Trustee fees | 22,366 | 22,027 | 21,776 | ||||||
Audit fees | 21,747 | 19,748 | 18,749 | ||||||
Postage & printing fees | 13,709 | 26,988 | 207 | ||||||
Legal fees | 18,667 | 18,667 | 18,697 | ||||||
Compliance fees (See Note 4) | 11,993 | 11,993 | 11,993 | ||||||
Other fees | 6,376 | 5,939 | 4,218 | ||||||
Insurance fees | 3,175 | 4,078 | 2,323 | ||||||
Distribution & shareholder service fees (See Note 5): | |||||||||
Investor Class | 66,204 | 54,971 | — | ||||||
Advisor Class | 45,558 | 203,293 | 2,013 | ||||||
Total expenses before waiver | 1,684,078 | 4,258,527 | 230,625 | ||||||
Less: waiver from investment adviser (See Note 4) | (265,036) | (742,406) | (215,713) | ||||||
Net expenses | 1,419,042 | 3,516,121 | 14,912 | ||||||
Net Investment Income | 921,232 | 1,346,551 | 24,724 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||
Net realized gain on: | |||||||||
Investments | 7,043,837 | 7,049,362 | 50,835 | ||||||
Foreign currency translation | — | — | 189 | ||||||
Net change in unrealized appreciation/depreciation on investments | |||||||||
Investments | 9,758,948 | 77,842,916 | 141,679 | ||||||
Foreign currency translation | — | — | 53 | ||||||
Net realized and unrealized gain on investments | 16,802,785 | 84,892,278 | 192,756 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $17,724,017 | $86,238,829 | $217,480 | ||||||
9 |
Reinhart Mid Cap PMV Fund | ||||||
Year Ended May 31, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $921,232 | $1,434,497 | ||||
Net realized gain on investments | 7,043,837 | 11,707,515 | ||||
Net change in unrealized appreciation/depreciation on investments | 9,758,948 | (32,800,213) | ||||
Net increase (decrease) in net assets resulting from operations | 17,724,017 | (19,658,201) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||
Investor Class: | ||||||
Proceeds from shares sold | 2,516,211 | 2,097,930 | ||||
Proceeds from reinvestment of distributions | 1,376,151 | 1,226,913 | ||||
Payments for shares redeemed | (2,524,933) | (2,762,638) | ||||
Increase in net assets from Investor Class transactions | 1,367,429 | 562,205 | ||||
Advisor Class: | ||||||
Proceeds from shares sold | 9,585,232 | 12,673,968 | ||||
Proceeds from reinvestment of distributions | 4,853,160 | 6,875,088 | ||||
Payments for shares redeemed | (46,929,692) | (53,881,921) | ||||
Decrease in net assets from Advisor Class transactions | (32,491,300) | (34,332,865) | ||||
Institutional Class: | ||||||
Proceeds from shares sold | — | 785,905 | ||||
Proceeds from reinvestment of distributions | 215,706 | 180,406 | ||||
Payments for shares redeemed | (334,894) | (28,676,877) | ||||
Decrease in net assets from Institutional Class transactions | (119,188) | (27,710,566) | ||||
Net Decrease in Net Assets Resulting from Capital Share Transactions | (31,243,059) | (61,481,226) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||
Net distributions to shareholders - Investor Class | (1,381,920) | (1,227,874) | ||||
Net distributions to shareholders - Advisor Class | (5,259,798) | (7,310,232) | ||||
Net distributions to shareholders - Institutional Class | (220,654) | (201,175) | ||||
Total distributions to shareholders | (6,862,372) | (8,739,281) | ||||
Total Decrease in Net Assets | (20,381,414) | (89,878,708) | ||||
NET ASSETS: | ||||||
Beginning of year | 142,670,915 | 232,549,623 | ||||
End of year | $122,289,501 | $142,670,915 | ||||
10 |
Reinhart Genesis PMV Fund | ||||||
Year Ended May 31, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $1,346,551 | $994,071 | ||||
Net realized gain on investments | 7,049,362 | 15,731,419 | ||||
Net change in unrealized appreciation/depreciation on investments | 77,842,916 | 1,458,186 | ||||
Net increase in net assets resulting from operations | 86,238,829 | 18,183,676 | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||
Investor Class: | ||||||
Proceeds from shares sold | 281,500 | 800,000 | ||||
Proceeds from reinvestment of distributions | 644,198 | 1,179,222 | ||||
Payments for shares redeemed | (475) | — | ||||
Increase in net assets from Investor Class transactions | 925,223 | 1,979,222 | ||||
Advisor Class: | ||||||
Proceeds from shares sold | 121,732,388 | 76,161,974 | ||||
Proceeds from reinvestment of distributions | 10,135,703 | 16,463,865 | ||||
Payments for shares redeemed | (71,958,319) | (79,868,292) | ||||
Increase in net assets from Advisor Class transactions | 59,909,772 | 12,757,547 | ||||
Net Increase in Net Assets Resulting from Capital Share Transactions | 60,834,995 | 14,736,769 | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||
Net distributions to shareholders - Investor Class | (644,198) | (1,179,223) | ||||
Net distributions to shareholders - Advisor Class | (10,665,024) | (17,199,714) | ||||
Total distributions to shareholders | (11,309,222) | (18,378,937) | ||||
Total Increase in Net Assets | 135,764,602 | 14,541,508 | ||||
NET ASSETS: | ||||||
Beginning of year | 294,894,935 | 280,353,427 | ||||
End of year | $430,659,537 | $294,894,935 | ||||
11 |
Reinhart International PMV Fund | ||||||
Year Ended May 31, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $24,724 | $17,583 | ||||
Net realized gain on: | ||||||
Investments | 50,835 | 800 | ||||
Foreign currency translation | 189 | 305 | ||||
Net change in unrealized appreciation/depreciation on investments | ||||||
Investments | 141,679 | 51,903 | ||||
Foreign currency translation | 53 | (46) | ||||
Net increase in net assets resulting from operations | 217,480 | 70,545 | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||
Advisor Class: | ||||||
Proceeds from shares sold | 88,087 | 1,354,518 | ||||
Proceeds from reinvestment of distributions | 28,402 | 13,313 | ||||
Payments for shares redeemed | (5,397) | (7,036) | ||||
Net increase in net assets resulting from capital share transactions | 111,092 | 1,360,795 | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||
Total distributions to shareholders | (28,402) | (13,313) | ||||
Total Increase in Net Assets | 300,170 | 1,418,027 | ||||
NET ASSETS: | ||||||
Beginning of year | 1,418,027 | — | ||||
End of year | $ 1,718,197 | $ 1,418,027 | ||||
12 |
Year Ended May 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Investor Class | |||||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $15.76 | $18.35 | $18.23 | $12.23 | $13.76 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.09 | 0.10(1) | 0.12 | 0.10 | 0.09 | ||||||||||
Net realized and unrealized gain (loss) on investments | 2.30 | (1.84) | 0.14 | 6.01 | (1.54) | ||||||||||
Total from investment operations | 2.39 | (1.74) | 0.26 | 6.11 | (1.45) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (0.13) | (0.12) | (0.14) | (0.11) | (0.08) | ||||||||||
Net realized gains | (0.82) | (0.73) | — | — | — | ||||||||||
Total distributions | (0.95) | (0.85) | (0.14) | (0.11) | (0.08) | ||||||||||
Net asset value, end of year | $ 17.20 | $ 15.76 | $ 18.35 | $ 18.23 | $12.23 | ||||||||||
Total Return | 15.41% | (9.77)%(2) | 1.43% | 50.16% | (10.67)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $26.2 | $22.7 | $25.8 | $21.0 | $14.4 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver | 1.48% | 1.41% | 1.48% | 1.57% | 1.58% | ||||||||||
After expense waiver | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||||||||
Ratio of net investment income to average net assets: | |||||||||||||||
Before expense waiver | 0.32% | 0.47% | 0.57% | 0.38% | 0.33% | ||||||||||
After expense waiver | 0.50% | 0.58% | 0.75% | 0.65% | 0.61% | ||||||||||
Portfolio turnover rate | 18% | 42% | 31% | 38% | 53% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net increase from payments by invesment adviser on the disposal of investments due to trade error added 0.22% to this return (See Note 4) |
13 |
Year Ended May 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Advisor Class | |||||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $15.75 | $18.32 | $18.22 | $12.22 | $13.75 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.15 | 0.14(1) | 0.19 | 0.15 | 0.12 | ||||||||||
Net realized and unrealized gain (loss) on investments | 2.28 | (1.84) | 0.12 | 6.00 | (1.53) | ||||||||||
Total from investment operations | 2.43 | (1.70) | 0.31 | 6.15 | (1.41) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (0.16) | (0.14) | (0.21) | (0.15) | (0.12) | ||||||||||
Net realized gains | (0.82) | (0.73) | — | — | — | ||||||||||
Total distributions | (0.98) | (0.87) | (0.21) | (0.15) | (0.12) | ||||||||||
Net asset value, end of year | $ 17.20 | $ 15.75 | $ 18.32 | $ 18.22 | $12.22 | ||||||||||
Total Return | 15.71% | (9.56)%(2) | 1.68% | 50.56% | (10.41)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $92.0 | $116.1 | $ 172.6 | $ 167.3 | $123.8 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver | 1.25% | 1.20% | 1.16% | 1.24% | 1.25% | ||||||||||
After expense waiver | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||||||
Ratio of net investment income to average net assets: | |||||||||||||||
Before expense waiver | 0.55% | 0.69% | 0.89% | 0.71% | 0.65% | ||||||||||
After expense waiver | 0.75% | 0.84% | 1.00% | 0.90% | 0.86% | ||||||||||
Portfolio turnover rate | 18% | 42% | 31% | 38% | 53% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net increase from payments by invesment adviser on the disposal of investments due to trade error added 0.22% to this return (See Note 4) |
14 |
Year Ended May 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Institutional Class | |||||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $15.82 | $18.40 | $18.27 | $12.25 | $13.77 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.18 | 0.17(1) | 0.21 | 0.16 | 0.15 | ||||||||||
Net realized and unrealized gain (loss) on investments | 2.28 | (1.88) | 0.13 | 6.02 | (1.54) | ||||||||||
Total from investment operations | 2.46 | (1.71) | 0.34 | 6.18 | (1.39) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (0.17) | (0.14) | (0.21) | (0.16) | (0.13) | ||||||||||
Net realized gains | (0.82) | (0.73) | — | — | — | ||||||||||
Total distributions | (0.99) | (0.87) | (0.21) | (0.16) | (0.13) | ||||||||||
Net asset value, end of year | $ 17.29 | $ 15.82 | $ 18.40 | $ 18.27 | $12.25 | ||||||||||
Total Return | 15.84% | (9.54)%(2) | 1.87% | 50.75% | (10.28)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $4.1 | $3.8 | $34.1 | $38.4 | $30.5 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver | 1.21% | 1.09% | 1.12% | 1.18% | 1.17% | ||||||||||
After expense waiver | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | ||||||||||
Ratio of net investment income to average net assets: | |||||||||||||||
Before expense waiver | 0.59% | 0.80% | 0.93% | 0.77% | 0.73% | ||||||||||
After expense waiver | 0.90% | 0.99% | 1.15% | 1.05% | 1.01% | ||||||||||
Portfolio turnover rate | 18% | 42% | 31% | 38% | 53% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net increase from payments by invesment adviser on the disposal of investments due to trade error added 0.22% to this return (See Note 4) |
15 |
Year Ended May 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Investor Class | |||||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $12.46 | $12.55 | $13.39 | $8.71 | $9.94 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.02 | 0.02 | 0.03 | 0.04 | 0.02 | ||||||||||
Net realized and unrealized gain (loss) on investments | 3.31 | 0.74 | (0.30) | 4.65 | (1.20) | ||||||||||
Total from investment operations | 3.33 | 0.76 | (0.27) | 4.69 | (1.18) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (0.03) | (0.02) | (0.06) | (0.01) | (0.01) | ||||||||||
Net realized gains | (0.38) | (0.83) | (0.51) | — | (0.04) | ||||||||||
Total distributions | (0.41) | (0.85) | (0.57) | (0.01) | (0.05) | ||||||||||
Net asset value, end of year | $ 15.38 | $ 12.46 | $ 12.55 | $ 13.39 | $8.71 | ||||||||||
Total Return | 27.04% | 6.73% | (2.09)% | 53.82% | (12.00)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $24.8 | $19.3 | $17.3 | $17.7 | $10.3 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense reimbursement/waiver | 1.34% | 1.37% | 1.37% | 1.49% | 1.99% | ||||||||||
After expense reimbursement/waiver | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | ||||||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||
Before expense reimbursement/waiver | (0.01)% | (0.04)% | 0.01% | 0.09% | (0.60)% | ||||||||||
After expense reimbursement/waiver | 0.13% | 0.13% | 0.18% | 0.38% | 0.19% | ||||||||||
Portfolio turnover rate | 21% | 47% | 33% | 32% | 46% | ||||||||||
16 |
Year Ended May 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Advisor Class | |||||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $12.54 | $12.61 | $13.45 | $8.73 | $9.96 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | ||||||||||
Net realized and unrealized gain (loss) on investments | 3.34 | 0.74 | (0.29) | 4.69 | (1.20) | ||||||||||
Total from investment operations | 3.39 | 0.79 | (0.24) | 4.74 | (1.17) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (0.06) | (0.03) | (0.09) | (0.02) | (0.02) | ||||||||||
Net realized gains | (0.38) | (0.83) | (0.51) | — | (0.04) | ||||||||||
Total distributions | (0.44) | (0.86) | (0.60) | (0.02) | (0.06) | ||||||||||
Net asset value, end of year | $ 15.49 | $ 12.54 | $ 12.61 | $ 13.45 | $8.73 | ||||||||||
Total Return | 27.33% | 6.97% | (1.86)% | 54.33% | (11.85)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $ 405.9 | $ 275.6 | $ 263.1 | $ 192.0 | $57.7 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense reimbursement/waiver | 1.16% | 1.19% | 1.16% | 1.27% | 1.66% | ||||||||||
After expense reimbursement/waiver | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||||||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||
Before expense reimbursement/waiver | 0.17% | 0.15% | 0.22% | 0.32% | (0.27)% | ||||||||||
After expense reimbursement/waiver | 0.38% | 0.39% | 0.43% | 0.64% | 0.44% | ||||||||||
Portfolio turnover rate | 21% | 47% | 33% | 32% | 46% | ||||||||||
17 |
Year Ended May 31, | ||||||
2024 | 2023 | |||||
Advisor Class | ||||||
PER SHARE DATA: | ||||||
Net asset value, beginning of year | $10.26 | $10.00 | ||||
INVESTMENT OPERATIONS: | ||||||
Net investment income | 0.17 | 0.13 | ||||
Net realized and unrealized gain on investments | 1.36 | 0.24 | ||||
Total from investment operations | 1.53 | 0.37 | ||||
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.11) | (0.06) | ||||
Net realized gains | (0.09) | (0.05) | ||||
Total distributions | (0.20) | (0.11) | ||||
Net asset value, end of year | $11.59 | $10.26 | ||||
Total Return | 15.00% | 3.76% | ||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||
Net assets, end of year (in millions) | $1.7 | $1.4 | ||||
Ratio of expenses to average net assets: | ||||||
Before expense reimbursement/waiver | 14.66% | 19.29% | ||||
After expense reimbursement/waiver | 0.95% | 0.95% | ||||
Ratio of net investment loss to average net assets: | ||||||
Before expense reimbursement/waiver | (12.14)% | (16.74)% | ||||
After expense reimbursement/waiver | 1.57% | 1.60% | ||||
Portfolio turnover rate | 12% | 11% | ||||
18 |
19 |
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
20 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | $117,908,693 | $ — | $ — | $117,908,693 | ||||||||
Short-Term Investments | 4,560,081 | — | — | 4,560,081 | ||||||||
Total Investments in Securities | $122,468,774 | $— | $— | $122,468,774 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | $414,849,228 | $ — | $ — | $414,849,228 | ||||||||
Short-Term Investments | 15,890,600 | — | — | 15,890,600 | ||||||||
Total Investments in Securities | $430,739,828 | $— | $— | $430,739,828 | ||||||||
21 |
Level 1 | Level 2 | Level 3* | Total | |||||||||
Common Stocks | $ 630,352 | $ 1,055,645 | $ — | $ 1,685,997 | ||||||||
Warrants | — | — | — | — | ||||||||
Short-Term Investements | 44,696 | — | — | 44,696 | ||||||||
Total Investments in Securities | $675,048 | $1,055,645 | $— | $1,730,693 | ||||||||
* | Additional Level 3 disclosures were deemed to be immaterial. |
Fund | |||
Mid Cap Fund | 0.90% | ||
Genesis Fund | 0.95% | ||
International Fund | 0.95% | ||
Fund | Investor Class | Advisor Class | Institutional Class | ||||||
Mid Cap Fund | 1.30% | 1.05% | 0.90% | ||||||
Genesis Fund | 1.20% | 0.95% | N/A | ||||||
International Fund | N/A | 0.95% | N/A | ||||||
Fund | Expiration | Amount | ||||
Mid Cap Fund | June 2024 - May 2025 | $300,293 | ||||
June 2025 - May 2026 | $260,979 | |||||
June 2026 - May 2027 | $265,036 | |||||
Genesis Fund | June 2024 - May 2025 | $550,093 | ||||
June 2025 - May 2026 | $648,042 | |||||
June 2026 - May 2027 | $742,406 | |||||
International Fund | June 2025 - May 2026 | $153,512 | ||||
June 2026 - May 2027 | $167,563 | |||||
22 |
Fund | Amount | ||
Mid Cap Fund | $61,647 | ||
Genesis Fund | $54,971 | ||
International Fund | N/A | ||
Fund | Investor Class | Advisor Class | ||||
Mid Cap Fund | $4,557 | $45,558 | ||||
Genesis Fund | — | 203,293 | ||||
International Fund | N/A | 2,013 | ||||
23 |
Mid Cap Fund | Genesis Fund | |||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Investor Class: | ||||||||||||
Shares sold | 149,548 | 124,160 | 19,146 | 64,379 | ||||||||
Shares issued in reinvestment of distributions | 83,606 | 73,556 | 45,270 | 104,913 | ||||||||
Shares redeemed | (151,384) | (159,707) | (33) | — | ||||||||
Net increase in Investor Class shares | 81,770 | 38,009 | 64,383 | 169,292 | ||||||||
Advisor Class: | ||||||||||||
Shares sold | 576,803 | 740,670 | 8,629,541 | 6,224,051 | ||||||||
Shares issued in reinvestment of distributions | 295,204 | 412,918 | 707,800 | 1,456,979 | ||||||||
Shares redeemed | (2,891,962) | (3,207,863) | (5,113,715) | (6,568,243) | ||||||||
Net increase (decrease) in Advisor Class shares | (2,019,955) | (2,054,275) | 4,223,626 | 1,112,787 | ||||||||
Institutional Class: | ||||||||||||
Shares sold | — | 45,266 | — | — | ||||||||
Shares issued in reinvestment of distributions | 13,057 | 10,796 | — | — | ||||||||
Shares redeemed | (19,607) | (1,669,330) | — | — | ||||||||
Net decrease in Institutional Class shares | (6,550) | (1,613,268) | — | — | ||||||||
Net increase (decrease) in shares outstanding | (1,944,735) | (3,629,534) | 4,288,009 | 1,282,079 | ||||||||
International Fund | ||||||
Year Ended May 31, | ||||||
2024 | 2023 | |||||
Advisor Class: | ||||||
Shares sold | 7,957 | 137,635 | ||||
Shares issued in reinvestment of distributions | 2,574 | 1,373 | ||||
Shares redeemed | (508) | (794) | ||||
Net increase in Advisor Class shares | 10,023 | 138,214 | ||||
Net increase in shares outstanding | 10,023 | 138,214 | ||||
U.S. Government Securities | Other | |||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||
Mid Cap Fund | $ — | $ — | $22,921,023 | $ 61,260,353 | ||||||||
Genesis Fund | $— | $— | $ 119,127,324 | $ 74,222,176 | ||||||||
International Fund | $— | $— | $326,813 | $194,354 | ||||||||
24 |
Fund | Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net Appreciation | Federal Income Tax Cost | ||||||||
Mid Cap Fund | $31,748,270 | $(10,294,557) | $21,453,713 | $101,015,062 | ||||||||
Genesis Fund | 108,412,927 | (16,778,696) | 91,634,231 | 339,105,597 | ||||||||
International Fund | 316,770 | (134,858) | 181,912 | 1,548,788 | ||||||||
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Appreciation | Total Distributable Earnings | ||||||||
Mid Cap Fund | $199,870 | $2,444,944 | $21,453,713 | $ 24,098,527 | ||||||||
Genesis Fund | 3,412,410 | 3,941,417 | 91,634,231 | 98,988,058 | ||||||||
International Fund | 37,195 | 27,559 | 181,912 | 246,666 | ||||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Total | ||||||
Mid Cap Fund | $1,098,885 | $5,763,488 | $6,862,373 | ||||||
Genesis Fund | 6,842,670 | 4,466,552 | 11,309,222 | ||||||
International Fund | 16,133 | 12,269 | 28,402 | ||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Total | ||||||
Mid Cap Fund | $1,353,077 | $7,386,204 | $8,739,281 | ||||||
Genesis Fund | 2,203,333 | 16,175,604 | 18,378,937 | ||||||
International Fund | 13,313 | — | 13,313 | ||||||
* | For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income. |
25 |
Fund | Shareholder | Percent of Shares Held | Type of Ownership | ||||||
Genesis Fund | Morgan Stanley Smith Barney, LLC | 43.86% | Record | ||||||
International Fund | National Financial Services, LLC | 44.44% | Record | ||||||
James Reinhart | 34.73% | Beneficial | |||||||
26 |
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights | ||||||
Reinhart Mid Cap PMV Fund Reinhart Genesis PMV Fund | For the year ended May 31, 2024 | For the years ended May 31, 2024 and 2023 | For the years ended May 31, 2024, 2023, 2022, 2021, and 2020 | ||||||
Reinhart International PMV Fund | For the year ended May 31, 2024 | For the years ended May 31, 2024 and 2023 | |||||||
27 |
28 |
• | Reinhart Mid Cap PMV Fund. The Trustees noted that the Fund had underperformed both the Category and Cohort averages for all periods presented as of September 30, 2023. The Trustees also considered that the Fund had outperformed its benchmark index for three-year period ended September 30, 2023, but had underperformed for all other periods presented. The Trustees noted that the Fund’s Investor Class and Advisor Class did not perform as well against the benchmark index as compared to the Institutional Class, but that these classes have a 12b-1 fee and/or a shareholder servicing fee, which is not necessarily the case for the funds included in the Category and Cohort. The Trustees also considered that the Fund’s performance was consistent with the returns of the Adviser’s composite for accounts with a similar strategy over all relevant time periods. |
• | Reinhart Genesis PMV Fund. The Trustees noted that the Fund had outperformed both the Category and Cohort averages as well as its benchmark index and additional index for all periods presented as of September 30, 2023. The Trustees also considered that the Fund’s performance was consistent with the returns of the Adviser’s composite for accounts with a similar strategy over all relevant time periods. |
• | Reinhart International PMV Fund. The Trustees noted that the Fund had outperformed the Cohort average for the year-to-date period ended September 30, 2023, but had underperformed the Category average for this same period as well as the Category and Cohort averages for the one-year period ended September 30, 2023. The Trustees noted that the Fund had outperformed its benchmark index over all periods presented. The Trustees also considered that Reinhart does not manage other accounts or composites with the same or substantially similar strategies as the Fund. |
• | Reinhart Mid Cap PMV Fund. The Trustees noted that while the Fund’s advisory fee was higher than the Category and Cohort averages and the Fund’s total expenses (after waivers and expense reimbursements) were higher than the Cohort average, the total expenses of the Fund’s Institutional Class (after waivers and expense reimbursements) were below the Category average. Regarding the Fund’s Advisor Class and Investor Class, the Trustees noted that the total expenses (after waivers and expense reimbursements) for each were above the Category and Cohort averages, but that these classes include shareholder servicing and/or Rule 12b-1 fees, which is not necessarily the case for the funds included in the Category and Cohort. |
• | Reinhart Genesis PMV Fund. The Trustees noted that while the Fund’s advisory fee was higher than the Category and Cohort averages and the Fund’s total expenses (after waivers and expense reimbursements) were higher than the Cohort average, the total expenses of the Fund’s Advisor Class (after waivers and expense reimbursements) were below the Category average. Regarding the Fund’s Investor Class, the Trustees noted that the total expenses (after waivers and expense reimbursements) were above the Category and Cohort averages, but that this class includes shareholder servicing and Rule 12b-1 fees, which is not necessarily the case for the funds included in the Category and Cohort. |
29 |
• | Reinhart International PMV Fund. The Trustees note that the Fund’s advisory fee and total expenses (after waivers and expense reimbursements) were higher than the Category and Cohort averages. The Trustees further considered that the Fund includes a shareholder servicing which is not necessarily the case for the funds included in the Category and Cohort. |
30 |
Fund | |||
Mid Cap Fund | 100.00% | ||
Genesis Fund | 45.92% | ||
International Fund | 78.68% | ||
Fund | |||
Mid Cap Fund | 100.00% | ||
Genesis Fund | 45.00% | ||
International Fund | 0.00% | ||
Fund | |||
Mid Cap Fund | 0.00% | ||
Genesis Fund | 77.75% | ||
International Fund | 0.00% | ||
Fund | Gross Foreign Income | Foreign tax Paid | ||||
International Fund | $41,634 | $5,202 | ||||
31 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form.” |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s [Principal Executive Officer] and [Principal Financial Officer] have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this |
report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Managed Portfolio Series |
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 8/6/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 8/6/2024 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Treasurer |
Date | 8/6/2024 |
* Print the name and title of each signing officer under his or her signature.