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Westcore Small-Cap Opportunity Fund

Overview

Fund
Type		 Inception
Date		 Ticker
Symbol		 WSJ
Abbreviation		 CUSIP Investment
Style
Retail Class 12/28/1993 WTSCX SmCapOp 957904618 Small-Cap
Value
Institutional Class 9/28/2007 WISCX NA 957904592 Small-Cap
Value


Investment Strategy

The Fund seeks to maximize long-term capital appreciation primarily through investments in companies with relatively small capitalizations whose stocks appear to be undervalued.


A more aggressive investment selection, Westcore Small-Cap Opportunity Fund focuses on investing in small-companies with unrecognized potential whose stocks appear to be undervalued. We look for an underlying catalyst or event that we believe will unlock the value of a stock. Our research seeks small companies that may benefit from factors such as new products and services and more entrepreneurial management than larger company stocks. Historically, small-cap stocks have offered higher risk/return potential than large-company stocks.


Downloadable Fact Sheet
Download and view the most recent Westcore Small-Cap Opportunity Fund Quarterly Fact Sheet as a PDF file. This Fact Sheet contains complete information, including:
  • Fund Strategy
  • Portfolio Review and Outlook
  • Investment Performance versus Benchmark
  • Portfolio Characteristics
  • Top Ten Holdings
  • Sector Diversification
  • Morningstar Ratings
  • Fees and Expenses

If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.  


Portfolio Characteristics

Portfolio Characteristics
as of 9/30/2008
 

Westcore Small-Cap Opportunity Fund

Russell 2000 Index
Retail Class Net Assets $21.8 mil. N/A
Institutional Class Net Assets $3.1 mil. N/A
Total Small-Cap Core Assets
Managed by Denver Investment Advisors LLC		 $287.4 mil. N/A
Number of holdings 57 1982
Cash Position 4.7% N/A
Weighted Market Capitalization $1.1 bil. $1.1 bil.
Median Market Capitalization $0.9 bil. $0.5 bil.
Estimated 1-Year Forward EPS Growth 18.5% 15.8%
Average Dividend Yield of Portfolio Securities 1.0% 1.3%
P/E Ratio (1-Year Fwd EPS) 15.4x 16.3x
Beta (5-year) 1.34 1.15
Annual Turnover Ratio for period ended 9/30/2008 75.1% N/A

See our online glossary for definitions of the terms above.



Expense Information
Shareholder Fees (fees paid directly from your investment): Retail Class Institutional
Class
Redemption Fee
(as a percentage of amount redeemed or exchanged within 90 calendar days
from their date of purchase)		 2.00% 2.00%
Annual Account Maintenance Fee
(for Retail Class accounts under $750 as further described in prospectus)		 $12.00 None
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): Retail Class Institutional
Class
Management Fees(1) 1.00% 1.00%
Distribution (12b-1) Fees NONE NONE
Other Expenses 0.58% 5.09%
Acquired Fund Fees and Expenses (2) 0.01% 0.01%
Total Annual Fund Operating Expenses 1.59% 6.10%
Fee Waiver and Expense Reimbursement(1) (0.28)% (4.87)%
Net Annual Fund Operating Expenses(1) 1.31% 1.23%

(1)The Fund's Adviser and Administrators have contractually agreed to waive a portion of the investment advisory and/or administration fees and/or to reimburse other expenses for the Westcore Small-Cap Opportunity Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.30% for theFund's Retail Class for such period. In addition, the Advisor has contractually agreed to waive and/or reimburse the Institutional Class its proportionate share of the Retail Class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2009. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio.

(2)Each Fund's shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The operating expenses in this fee table may not correlate to the expense ratios in the Fund's financial statements (or the financial highlights in the prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired Funds.

Investment Minimums
Westcore Funds requires a low minimum amount to open an account, relative to many other fund companies. We also offer flexibility with the Westcore Automatic Investment Plan.
Retail Class Institutional
Class
To open a new account $2,500 $500,000
To open a new Retirement Account, Education Savings Account or UGMA/UTMA Account $1,000 $500,000
To open a new account with the Westcore Automatic Investment Plan $1,000 NA
Automatic Investments Equivalent to $100 per month NA
To add to any type of account $100 NA


Account Services
  • Automated Phone Access
  • Online Account Access
  • Wire and ACH Transmissions
  • Individual, Joint, Traditional/Roth IRA, Education Savings, UGMA/UTMA, Corporate Accounts Available
  • Automatic Exchanges


    • How to Start Investing with Westcore
    Everything you need to start investing with Westcore is right here:
    Get the facts about Westcore with a Westcore Funds Prospectus.
    Open a new account with a Westcore Account Application.
    Learn more about Westcore IRAs with a Westcore IRA Brochure.
    Open an IRA account with a Westcore IRA Application and Transfer Form.
    Learn more about Westcore Education Savings with Coverdell Education Savings Account Information
    Open an Education Savings Account with a Coverdell Education Savings Account Application.

    Performance

    Average Annual Total Returns
    for the periods ended     9/30/2008

    Fund Name

    Quarter

    YTD

    1-Year

    3-Year

    5-Year

    10-Year

    Since
    Inception
    (12/28/1993)

    Fund
    Expense1
    Gross/Net
    Westcore Small-Cap Opportunity Fund
    Retail Class    		 (5.20)% (13.92)% (21.51)% 0.27% 7.30% 6.85% 8.87% 1.73% /
    1.30%
    Westcore Small-Cap Opportunity Fund
    Institutional Class    		 (5.12)% (13.80)% (21.35)% 0.34% 7.34% 6.88% 8.89% 2.30% /
    1.25%
    Russell 2000 Index (1.11)% (10.38)% (14.48)% 1.83% 8.15% 7.81% 8.19%  


    Annual Total Returns
    from 12/28/1993 (Retail Class) and 9/28/2007 (Institutional Class)
    Year
    Westcore Small-Cap
    Opportunity Fund - Retail Class
    Westcore Small-Cap
    Opportunity Fund - Inst'l Class
    Russell 2000 Index
    2007
    (3.30)%
    (3.33)%
    (1.57)%
    2006
    16.23%
    NA
    18.37%
    2005
    5.14%
    NA
    4.56%
    2004
    22.45%
    NA
    18.32%
    2003
    40.31%
    NA
    47.25%
    2002
    (16.05)%
    NA
    (20.48)%
    2001
    9.99%
    NA
    2.48%
    2000
    19.99%
    NA
    (3.03)%
    1999
    (7.82)%
    NA
    21.26%
    1998
    (5.73)%
    NA
    (2.57)%
    1997
    27.78%
    NA
    22.36%
    1996
    25.58%
    NA
    16.49%
    1995
    29.48%
    NA
    28.45%
    1994
    (1.96)%
    NA
    (1.82)%


    Daily NAV
      Fund Name NAV
    as of 11/20/2008    		 $ Change
    in NAV    		 % Change
    in NAV
      Westcore Small-Cap Opportunity Fund$16.73($-1.29)(-7.16%)


    Morningstar Rating TM as of 9/30/2008

    Overall

    3-Year

    5-Year

    10-Year


    (of 556 funds)


    (of 565 funds)


    (of 438 funds)


    (of 195 funds)


    2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Morningstar proprietary ratings reflect historical risk-adjusted performance as of 9/30/08. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, ten-year (if applicable) Morningstar Rating metrics. During periods on which ratings are based, service providers of the Fund waived fees. This waiver had a material impact on the funds' average annual returns. In the absence of fee waivers, performance would have been reduced.

    Westcore Small-Cap Opportunity Fund - Retail Class was rated against the following numbers of U.S.-domiciled Small Blend funds over the following time periods: 556 funds in the last three years, 438 funds in the last five years and 195 funds in the last ten years. With respect to these Small Blend funds, Westcore Small-Cap Opportunity Fund received a Morningstar Rating of 3 stars, 3 stars and 2 stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.

    Click here for the most recent month-end Morningstar Ratings information.


    $10,000 Hypothetical Investment Graph

    The performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 1-800-392-CORE (2673) or visit us online at www.westcore.com. Average annual total returns and yield figures reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. Without the fee waivers and expense reimbursements, total return and yield figures would have been lower. The performance data quoted does not reflect the deduction of the 2% redemption fee imposed if shares are redeemed or exchanged within three months of purchase. If imposed, the fee would reduce the performance quoted. Total return and yield figures represent past performance. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Westcore fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

    Performance information for the Institutional Class shares prior to their inception date is based on the performance of the Retail Class.

    1The Funds' Adviser and Administrators have contractually agreed to waive a portion of the investment advisory and/or administration fees and/or to reimburse other expenses from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than quoted for the current fiscal year. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio. The waivers are described in more detail in the prospectus.

    Holdings/Sectors

    Top Ten Holdings as of 9/30/2008 (updated quarterly upon availability)
    Company Name Ticker

    % of Portfolio
    Waste Connections Inc. WCN 4.14%
    Steris Corp. STE 3.26%
    Casey's General Stores Inc. CASY 2.63%
    Belden Inc. BDC 2.49%
    Max Capital Group Ltd. MXGL 2.24%
    Steven Madden Ltd. SHOO 2.20%
    PacWest Bancorp PACW 2.15%
    South Jersey Industries Inc. SJI 2.14%
    Sciele Pharmaceuticals Inc. SCRX 2.13%
    Columbus McKinnon Corp. CMCO 2.09%

    Top ten holdings are subject to change, and there are no guarantees that the Fund will continue to remain invested in any particular company or holding.

    Download and view the most recent Westcore Small-Cap Opportunity Fund Composition Sheet as a PDF file. This Composition Sheet contains complete holdings for the Fund. Updated monthly upon availability.

    If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.  


    Sectors as of 9/30/2008
    Interest Rate Sensitive 18.1%
    Technology 8.4%
    Medical/Healthcare 15.3%
    Energy 5.1%
    Capital Goods 9.4%
    Consumer Cyclical 10.1%
    Basic Materials 2.0%
    Transportation 4.8%
    REIT's 3.5%
    Consumer Staples 5.0%
    Communications 4.9%
    Commercial Services 5.2%
    Cash 4.7%
    Utilities 3.5%

    Management/Commentary

    Kris B. Herrick, CFA
    Co-Portfolio Manager, Westcore Small-Cap Opportunity Fund

    Kris B. Herrick, CFA, a Vice President of Denver Investment Advisors is Director of Value Research and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Kris joined Denver Investment Advisors as a Research Analyst in 2000. His previous experience includes working as an analyst with Jurika and Voyles. Kris earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst and a member of the CFA Society of Colorado.

     

    Mark M. Adelmann, CFA, CPA
    Co-Portfolio Manager, Westcore Small-Cap Opportunity Fund

    Mark M. Adelmann, CFA, CPA, a Vice President of Denver Investment Advisors is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Mark joined the Value Strategies Group in 1995 in order to expand the capabilities of the department. Prior to joining Denver Investment Advisors, Mark worked with Deloitte & Touche for 14 years in auditing and financial reporting. He received his B.S. from Oral Roberts University and is a Certified Public Accountant. Mark is a Chartered Financial Analyst and a member of AIMR and the CFA Society of Colorado.

     

    Jerry PowersDerek R. Anguilm, CFA
         Co-Portfolio Manager, Westcore Small-Cap Opportunity Fund

    Derek R. Anguilm, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Derek joined the Value Research Team in December 2002. He started at Denver Investment Advisors as a Research Analyst to Wealth Management and Growth investing style in 2000, after interning as a research assistant on the MIDCO product. His previous experience includes an internship as a research assistant at Everen Securities. Derek earned a B.S. in Finance at Metropolitan State College of Denver and was President of the Finance Club while there. Derek is a member of the Association for Investment Management and Research as well as an affiliate member of the CFA Society of Colorado.



    Troy Dayton, CFA           
    Co-Portfolio Manager, Westcore Small-Cap Opportunity Fund

    Troy Dayton, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Troy joined Denver Investment Advisors as a Research Analyst with the Value Strategies Group in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles, as well as an Analyst at Dresdner RCM Global Investors. He also worked as a Trading Support Officer for Citibank's Global Asset Management Department in London, England. Troy earned his B.S. degree from Colorado State University. Troy is a Chartered Financial Analyst.

     

    "We combine computer power with experienced, hands-on analysis to identify undervalued stocks or improving businesses for Westcore Small-Cap Opportunity Fund."

    Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.


    Manager Commentary/Current Issues
    As of 9/30/08

  • Small-cap stocks proved to be somewhat of a safe haven for investors, as the Russell 2000 Index was only moderately negative with a return of -1.11% for the quarter. To put this into perspective, the S&P 500 Index provided a negative return of 8.4%. International stocks, as measured by the MSCI EAFE Index, fared even worse, with a negative 21.6% return, while oil was down 28.0%.

  • As always, the focus continues to be on owning a portfolio of fundamentally sound companies that are generating cash and using it to create shareholder value. Regretfully, we underperformed our small-cap core benchmark in the third quarter. However, we remain committed to our investment process which is designed to identify fundamentally strong, well-managed companies.

  • The largest contributors to relative performance this quarter were medical/healthcare, consumer cyclical and consumer staples. Sciele Pharma (2.1% of the portfolio) was our best performing stock for the quarter and the key contributor to our healthcare results. Within consumer cyclical, Steven Madden (2.2%) performed very well, reflecting its strong balance sheet, absence of debt and high free-cash flow. Casey's General Stores (2.6%) was the leader within consumer staples as each of its business lines produced solid results.

  • Our results were most negatively impacted by the transportation, communications and basic materials sectors. Within the transportation sector, our results were impacted the most by our exposure to dry bulk tankers. Investors became concerned that the economic/credit issues impacting the U.S. were becoming global in nature. Our position in Novatel Wireless (1.2%) disappointed investors as profitability fell during the quarter. At the beginning of the quarter, we trimmed our position in Schnitzer Steel (0.8%), primarily reflecting strong performance in the first half of the year which resulted in lower upside potential. Despite the fact that we reduced our position size, it was a negative contributor to the portfolio.

    Percent of portfolio as of 9/30/08.

    • Distributions

    Recent Distributions


    Type Amount Record Date Ex-Date Pay Date
    LT Cap Gains $0.6792 12/26/2007 12/27/2007 12/31/2007

    *Please note that this information applies to both the retail class and institutional class.

    A fund's income from dividends and interest and any net realized short-term capital gains are paid to shareholders as income dividends. A fund realizes capital gains whenever it sells securities for a higher price than it paid for them. Net realized long-term gains are paid to shareholders as capital gain dividends. A dividend will reduce the net asset value of a fund share by the amount of the dividend on the ex-dividend date.

    Investing in small-cap funds and/or concentrated funds can be more volatile and loss of principal could be greater than investing in large-cap or more diversified funds.

    An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Click here for a prospectus, which contains this and other important information. Please read the prospectus carefully before investing.

    Westcore Funds are distributed by ALPS Distributors, Inc.

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