Target Style

Fund Objective:

Seeks long-term growth of capital by investing in equity securities of companies without regard to market capitalization that the Adviser believes will benefit significantly from technological advances or improvements.


Fund Highlights:

  • The Fund invests in between 30 to 50 technology stocks across all market capitalizations.
  • Management looks for companies that provide innovative technological solutions, are expected to benefit from technological advances, or may be experiencing growth in earnings driven by technology products or services.
  • Established technology firms continue to expand as large enterprises integrate new products and as emerging markets develop their infrastructures and communication systems.


The Morgan Stanley Technology Index is an equal-dollar weighted index designed to measure the performance of a cross section of highly capitalized U.S. companies that are active in nine technology subsectors. Please note an investor cannot invest directly into 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.

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.

Technology companies may react similarly to certain market pressures and events. They may be significantly affected by short product cycles, aggressive pricing of products and services, competition from new market entrants, and obsolescence of existing technology. As a result, the Focused Technology Portfolio’s returns may be considerably more volatile than a fund that does not invest in technology companies. 

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.

Standard Deviation is a measure of the volatility that an investment experiences over time. The higher the standard deviation, the greater the performance swings of the investment. The Sharpe Ratio uses a fund’s standard deviation and its excess return (the difference between the fund’s return and the risk-free return of 90-day Treasury Bills) to determine reward per unit of risk. Beta is a measure of a fund’s sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fund’s movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Alpha is a measure of performance on a risk adjusted basis of a mutual fund and compares its risk adjusted performance to a benchmark index. A positive alpha of 1.0% means the fund has outperformed its benchmark index by 1% and a negative alpha of -1.0% would indicate an underperformance of 1%.

Price/Earnings Ratio measures a company’s current share price compared to its per-share earnings. Price/Book Ratio compares a company’s book value to its current market price. Book value denotes the portion of equity held by shareholders.