Starting Universe

Each Epiphany Fund has a benchmark index. So, we can judge our overall performance and performance versus a like index. We judge ourselves against non-screened indexes so it a true performance comparison. This comparison is the starting universe of securities for the fund strategy.

Qualitative Analysis

A general term used determining the value of an investment, especially a stock, by examining its non-numeric characteristics, such as management, employee morale, customer loyalty, and brand value.

Quantative Analysis

A general term used for determining the value of an investment by examining its numeric characteristics.

Portfolio Construction

The process of deciding which investments that pass moral and investment criteria are used and at what amounts.

Risk Controls

These controls seek to limit the portfolio risk. As an example, our equity mutual funds can’t invest more than 4% of the portfolio value in one security.

S&P 500

The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index.

Russell 2500

The Russell 2500 is a broad index featuring 2,500 stocks that cover the small and mid cap market capitalizations. The Russell 2500 is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities. You cannot invest directly in an index.

Barclays Capital Aggregate Bond Index

The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. You cannot invest in an index directly.

Difference between Gross and Net Expense ratios

The Gross expense ratio is the total expense ratio of the fund.  The advisor to the mutual fund can agree to waive expenses to keep the expense ratio to certain number for a time period.  This is done to benefit the shareholder as the fund gains more assets.  When consdiering a fund, the net expense ratio details what the investor pays.