Manager Steve MacMillan has been at the helm of this fund for just over three years and the results have been great. For the three years ending June 30, it has gained an annualized 24.3%, handily outpacing the 18.5% return of the Russell 2000. While this is impressive, he has also done a stellar job managing the volatility, keeping it well below the category average. When it comes to protecting capital in falling markets this fund leads the category with a down capture ratio of 34% for the past three years. The portfolio is much different than its benchmark and is significantly overweight in consumer names and industrials. It holds no materials and is underweight financials and energy. While it outpaced the Russell 2000, it failed to keep pace with its peer group during the quarter. I am monitoring the fund closely.