Apex Global Equity Growth Fund¶

Fund Ticker: AGEGX | CUSIP: 00412Q-10-7 | ISIN: US00412Q1076
Inception Date: March 15, 2012 | Fiscal Year End: December 31
Benchmark: MSCI All Country World Index (ACWI)
Fund Manager: Victoria Chen, CFA, CAIA | Co-Manager: Robert Hargrove, CFA
Total Net Assets: $4.82 billion (as of September 30, 2025)

Investment Objective¶

The Apex Global Equity Growth Fund seeks long-term capital appreciation by investing primarily in equity securities of companies demonstrating above-average earnings growth potential across global markets. The Fund targets companies with sustainable competitive advantages, strong free cash flow generation, and expanding addressable markets. The Fund does not prioritize current income and distributions may be minimal.

The Fund aims to outperform the MSCI All Country World Index (ACWI) on a risk-adjusted basis over rolling 5-year periods, targeting annualized alpha of 150-250 basis points net of fees.

Investment Strategy¶

The Fund employs a bottom-up fundamental research process combined with top-down macroeconomic overlay to construct a concentrated portfolio of 45-65 holdings. The investment team screens a universe of approximately 8,500 global equities, narrowing candidates through proprietary quantitative models measuring revenue growth trajectory, return on invested capital (ROIC), and earnings quality metrics.

Geographic Allocation: The Fund maintains a minimum 40% allocation to non-U.S. securities, with typical exposure of 45-55% U.S., 25-30% developed international (Europe, Japan, Australasia), and 15-20% emerging markets. Currency hedging is employed tactically when foreign currency exposure exceeds 60% of net assets.

Market Capitalization Focus: Primarily large-cap (>$10B market cap, targeting 65-75% of portfolio) and mid-cap ($2B-$10B, targeting 20-30%), with opportunistic small-cap exposure limited to 10% of net assets.

Security Selection Criteria: The team favors companies with (i) 3-year forward revenue CAGR exceeding 12%, (ii) ROIC above weighted average cost of capital by at least 400 basis points, (iii) net debt-to-EBITDA below 2.5x, and (iv) management teams with demonstrable capital allocation discipline.

The Fund may invest up to 15% of net assets in American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and participatory notes to access restricted markets. Derivative instruments including index futures and currency forwards may be used for hedging purposes only, limited to 10% notional value of the portfolio.

Risk Factors¶

Investing in the Apex Global Equity Growth Fund involves significant risks. Investors should carefully consider the following before investing:

Market Risk. The Fund is subject to the risk that equity markets will decline broadly, reducing the value of the Fund's holdings regardless of individual company fundamentals. Global equity markets have historically experienced drawdowns exceeding 30% during systemic events (e.g., 2008 Financial Crisis: -54.0%, 2020 COVID selloff: -33.8%).

Growth Stock Risk. Growth-oriented securities typically trade at higher price-to-earnings multiples and are more sensitive to earnings disappointments. The Fund's growth bias may result in underperformance during value-led market rotations, as observed in 2022 when the MSCI World Growth Index underperformed the Value Index by approximately 2,300 basis points.

Currency Risk. With 45-55% of assets denominated in foreign currencies, the Fund is exposed to fluctuations in exchange rates relative to the U.S. dollar. A strengthening dollar environment can reduce returns from international holdings even when local-currency performance is positive. The Fund's tactical hedging program mitigates but does not eliminate this risk.

Emerging Markets Risk. The Fund's 15-20% emerging markets allocation exposes investors to heightened political instability, less liquid capital markets, variable regulatory and accounting standards, and potential capital controls. Emerging market equities exhibit annualized volatility approximately 1.5-2.0x that of developed market peers.

Concentration Risk. The Fund's concentrated portfolio of 45-65 holdings means that adverse events affecting a single issuer may have a larger impact on the Fund than on a more broadly diversified portfolio. The top 10 holdings typically represent 35-45% of net assets.

Liquidity Risk. Certain mid-cap and small-cap international holdings may trade in less liquid markets, potentially leading to wider bid-ask spreads and difficulty executing trades at desired prices, particularly during periods of market stress.

Geopolitical Risk. International investments expose the Fund to risks arising from trade disputes, sanctions, armed conflicts, and regulatory changes across multiple jurisdictions. These events can trigger sudden and severe price dislocations in affected markets.

Sector Concentration Risk. The Fund's growth orientation may result in overweight positions in technology and healthcare sectors, historically comprising 40-55% of the portfolio. Sector-specific regulatory or competitive developments could disproportionately affect Fund performance.

Fee Schedule¶

Expense Example: An investor purchasing $10,000 in Class A shares would pay approximately $628 in front-end load plus $108 in annual expenses in the first year, totaling $736. Over 5 years, assuming 5% annual return and expense reinvestment, cumulative costs would approximate $1,489. Institutional share class investors with $1,000,000 minimum would pay approximately $83 annually per $10,000 invested.

Fee Waivers: The Adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 2026, to the extent necessary to maintain total annual operating expenses at or below 1.05% (Class A) and 0.80% (Institutional), excluding interest, taxes, brokerage commissions, and extraordinary expenses.

Historical Performance¶

Performance data as of September 30, 2025. Returns for periods greater than one year are annualized.

Top 10 Holdings¶

As of September 30, 2025. Holdings are subject to change.

Sector Allocation¶

Tax Implications¶

The Fund is structured as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code and distributes substantially all net investment income and realized capital gains to shareholders annually.

Capital Gains Distributions: The Fund's active trading strategy generates both short-term and long-term capital gains. In the most recent fiscal year, the Fund distributed $1.47 per share in long-term capital gains and $0.38 per share in short-term capital gains. The Fund's portfolio turnover rate was 67% for the fiscal year ended December 31, 2024, indicating moderate tax efficiency.

Tax Efficiency Rating: Morningstar Tax Cost Ratio of 1.42% (3-year), placing the Fund in the 58th percentile among world large stock peers. Tax-sensitive investors should consider holding shares in tax-advantaged accounts.

Qualified Dividend Income: Approximately 72% of the Fund's ordinary income distributions qualified for the reduced tax rate on qualified dividend income (QDI) in the most recent fiscal year, reflecting the Fund's emphasis on established, dividend-paying companies within its growth universe.

Minimum Investment¶

Minimums may be waived for certain fee-based advisory programs, employer-sponsored retirement plans, and accounts established through financial intermediaries with omnibus arrangements.

Redemption Terms¶

Shareholders may redeem shares on any business day the New York Stock Exchange is open for trading. Redemption requests received in good order before 4:00 PM Eastern Time will be processed at that day's net asset value (NAV).

Settlement: Redemption proceeds are generally paid within T+2 business days for electronic transfers and T+3 for check disbursements. Large redemptions exceeding $250,000 or 1% of Fund net assets may take up to 7 calendar days per SEC regulations.

Early Redemption Fee: A 2.00% fee applies to shares redeemed within 90 days of purchase to discourage short-term trading. This fee is paid directly to the Fund, not to the Adviser.

Systematic Withdrawal Plans: Available for accounts with balances of $50,000 or more, with monthly, quarterly, or annual frequency options.

Important Disclosures¶

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.apexfinancialpartners.com/performance or call 1-800-APEX-FND.

The Fund's prospectus, dated January 28, 2025, contains more complete information including investment objectives, risks, charges, and expenses. Investors should read the prospectus carefully before investing. Copies may be obtained by contacting the Fund at the address above or by visiting www.apexfinancialpartners.com/prospectus.

The Apex Global Equity Growth Fund is registered under the Investment Company Act of 1940. Apex Financial Partners serves as the Fund's investment adviser and is registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training.

Shares of the Fund are distributed by Apex Fund Distributors, LLC, member FINRA/SIPC. Apex Fund Distributors, LLC and Apex Financial Partners are affiliated entities.

MSCI ACWI Index captures large and mid-cap representation across 23 developed and 24 emerging market countries. The index is unmanaged and does not reflect fees, expenses, or sales charges. It is not possible to invest directly in an index.