Target Style


Fund Objective:

Seeks growth of capital through a focused portfolio consisting of the portfolio managers’ highest confidence stock-picking ideas across growth companies of all market capitalizations.

 

Highlights:

  • The portfolio is sub-advised by two of industry’s best-known and most knowledgeable managers in Ron Baron of BAMCO, Inc. and Tom Marsico of Marsico Capital Management, LLC.

  • The Fund invests in a focused multi-cap portfolio of approximately 30 growth stocks with alpha generating potential.

  • Marsico’s 10 stock portion (approximately 65% of the Fund’s assets) focuses on large-caps and Baron’s 20 stock selections (approximately 35% of the Fund’s assets) are across small and mid-cap companies.

The Russell 3000 Growth Index measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. Please note an investor cannot invest directly in an index.

Performance data quoted represents past performance and is not a guarantee of future results. The data assumes reinvestment of all distributions at net asset value. Maximum sales charge (Class A): 5.75%. The Fund’s daily net asset value is not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown.

$10,000 initial investment in Class A from Fund inception through the report date, with all income dividends and capital gains reinvested.  Includes a maximum 5.75% sales charge. This chart is hypothetical and is for illustrative purposes only.

*Inception date of closed-end fund 7/28/05

The Fund is newly organized. The Fund acquired the assets and assumed the liabilities of the SunAmerica Focused Alpha Growth Fund, Inc. (the “Predecessor Fund”), a closed-end investment company, in a reorganization that occurred on January 23, 2012 (the “Reorganization”). The performance of Class A shares of the Fund reflects the performance of the Predecessor Fund. As a closed-end investment company, the Predecessor Fund was not subject to the cash flow fluctuations of an open-end fund. The Fund’s past performance may have been different if it had been an open-end fund during the period covered in the chart and table.

The performance figures above for the period prior to the Reorganization were calculated using the actual operating expenses of the Predecessor Fund, which were lower than those of the Fund. If the Fund’s higher operating expenses were applied to the performance for the period prior to the Reorganization, the performance figures (as of 10/31/18 with Maximum Sales Charge) would have been as follows: 1-Year: -0.38%; 3-Year: 10.67%; 5-Year: 9.64%; 10-Year: 13.99%; Since Inception: 9.41%.

Gross operating expenses, Class A: 1.66%; Class C: 2.32%; Class W: 1.48%. Net operating expenses, Class A: 1.66%; Class C: 2.32%; Class W: 1.48% after contractual waiver of fees and/or reimbursement of expenses which will continue indefinitely subject to termination by the Board. The net expense ratio includes the contractual expense cap (which is 1.72%, 2.37% and 1.52%, for Class A, C and W, respectively) and other management fee waivers, as more fully described in the Fund’s prospectus, and it also reflects any acquired fund fees and expenses (“AFFEs”). AFFEs are not subject to the contractual expense cap, which is why the net expense ratio may exceed the contractual expense cap of 1.72%, 2.37% and 1.52%, for Class A, C and W, respectively.  Waivers and/or reimbursements are subject to recoupment within 2 years.

Focused Portfolios are less diversified than the typical mutual fund, therefore the performance of each holding has a greater impact upon the overall portfolio, which increases risk.

There is no guarantee a fund will meet its objective.

The style and risk measures illustrated above are broad-based, relative targets for the Fund. There can be no assurances that the Fund exactly exhibits these categorizations at any given time.

Percentages reflect the projected asset allocations under normal market conditions and may be rebalanced from time to time. Typically, the large-cap growth portfolio manager will invest in approximately 10 securities, with the flexibility to invest in approximately 20 securities for a possible total of 40 securities in the Fund's overall portfolio (including the small/mid-cap portion).

Marsico Capital Management, LLC is an independent and unaffiliated investment sub-adviser to SunAmerica.

BAMCO, Inc is an independent and unaffiliated investment sub-adviser to SunAmerica.