EVENTIDE GILEAD FUND CELEBRATES 15-YEAR ANNIVERSARY
Flagship fund of Eventide Asset Management seeks outperformance by investing in companies that serve stakeholders and the global common good
BOSTON, Aug. 14, 2023 /PRNewswire/ -- Marking Eventide Asset Management's 15-year anniversary of its flagship fund, the Eventide Gilead Fund (NASDAQ: ETGLX), Eventide has announced that the Fund has delivered an annual return, net of fees, of 13.44% in the N share class since its inception on July 8, 20081 through June 30, 2023. This exceeded the benchmark Russell Midcap Growth Index by an annualized 2.98% over the same time period.
In recognition of its performance, the Gilead Fund has received numerous industry awards in recent years, including a Refinitiv Lipper Award (Best Mid-Cap Growth Fund Over 10 Years, 2021)2, Wall Street Journal Category King (Midcap Growth, 2013, 2014 and 20193), and Investor's Business Daily Best Midcap Funds (2019 and 20214).
"We founded Eventide with the conviction that businesses that take care of others are also the best investments," said Finny Kuruvilla, MD, PhD, Eventide founder and Senior Portfolio Manager on the Gilead Fund. "At fifteen years, our methodology is time-tested, and our values have remained at the core of what we do."
Eventide employs and encourages long-term investment time horizons. In the history of the Gilead Fund, using the N share class, its 3-year rolling returns have been consistently positive, and have outperformed the benchmark 68.8% of the time. Rolling 5-year returns have also been positive 100% of the time, and have outperformed the benchmark 94.2% of the time. In the I share class (ETILX), which launched in February 2010, rolling 3-year returns have outperformed the benchmark 70.8% of the time, and rolling 5-year returns have done so 98.3% of the time.5
"We go beyond ratings and data, with deep, independent research and human discernment. The goal of our process is to uncover companies at attractive valuations that are genuinely contributing to human flourishing," said Anant Goel, Gilead Fund Portfolio Manager.
"Our Business 360® framework is designed to capture the experience of every major stakeholder, and unearth insights that may be less visible to traditional investors," said Robin John, Eventide CEO and co-founder.
"For example, when our team researched a solar company that had received a low 'category 1' controversy exposure score from a data provider, we discovered that the controversy in question was the forced labor of the Uyghur people. Furthermore, this issue wasn't limited to one company, but touched nearly the entire solar industry. Our methodology helped protect our investors from exposure to this issue, and exemplifies the value that Eventide brings to the market."
Eventide Asset Management, LLC, ("Eventide") is a Boston-based investment adviser managing approximately $7 billion in net assets as of July 28, 2023. Eventide's mission is to honor God and serve its clients by investing in companies that create value for the global common good. The Eventide Gilead Fund is a diversified mutual fund that seeks to provide long-term capital appreciation. The Gilead Fund primarily invests in equity securities of companies that Eventide believes demonstrate values and business practices that are ethical, sustainable, and provide an attractive investment opportunity. It has approximately $4.0B in assets under management as of July 28, 2023.
All performance is historical and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Investors cannot directly invest in an index, and unmanaged index returns do not reflect any fees, expenses, or sales charges. Fund results net of fees, expenses, and sales charges. The volatility of an index may be materially different than that of the Fund, and investors should not expect the Fund to achieve the same results as a listed index. Performance data current to the most recent month-end may be obtained by calling 1-877-771-EVEN (3836). See below for important information.
(1) |
These numbers use the N share class. Other share classes launched on later dates; see returns table for respective performance and inception dates. The NASDAQ identifiers for share classes are: I shares, ETILX; N shares, ETGLX; A shares, ETAGX; C shares, ETCGX. |
(2) |
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60, and 120 months. Individual classifications of three-, five-, and ten-year periods, as well as fund families with high average scores for the three-year period are also recognized. The awards are based on Lipper's proven proprietary methodology, which can be viewed at https://lipperfundawards.com/Methodology. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see https://www.lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper. The Eventide Gilead Fund's Refinitiv Lipper Fund Award was granted in January 2021 based on performance from the 10 years ending 11/30/2020. Refinitiv Lipper Classification: Mid-Cap Growth Funds; Share Class Count: 260; Portfolio Count: 88. Eventide paid to license the Lipper fund logo for promotional use, but no fee was paid to be considered for the award. |
(3) |
The Wall Street Journal Category King is awarded to the top 10 funds in their Lipper Category based on trailing one-year total return absolute rank. The award does not account for sales loads, where applicable. Where a Fund offers multiple share classes, the award is designated for the largest share class by assets under management. Wall Street Journal rankings are not intended to constitute investment advice. Rather, you should use the rankings for informational purposes only. In October of 2013, the Eventide Gilead Fund N shares (NASDAQ: ETGLX) was named a Category King for the one-year period ending September 30, 2013. The fund ranked #1 in the mid-cap growth equity category, out of 380 funds. In July of 2014, the Eventide Gilead Fund N shares (NASDAQ: ETGLX) was named a Category King for the one-year period ending June 30, 2014. The Fund ranked #1 in the Mid-Cap Growth category out of 388 funds, ranked #4 out of 347 Mid-Cap Growth funds (Lipper data) for the 3-yr period based on total returns and #21 out of 313 Mid-Cap Growth funds (Lipper data) for the 5-yr period based on total returns. In April 2019, Eventide Gilead Fund I shares (NASDAQ: ETILX) won Category King for the one-year period ending March 31, 2019. The Fund ranked #4 in the Midcap Growth category out of 401 funds for the one-year period ending March 31, 2019. Eventide paid to license the Wall Street Journal Category Kings logo for promotional use, but no fee was paid to be considered for the award. |
(4) |
Investor's Business Daily Methodology: The annual award list recognizes the funds in each equity category that have outperformed the S&P 500 Total Return Index in each of the 1-, 3-, 5-, and 10-year periods as of the prior year-end. For award consideration, funds were required to have at least $100 million in assets under management, and must have been in operation for at least ten years. The award compared Fund performance against the S&P 500 Total Return Index. The Eventide Gilead Fund's benchmarks are the Russell Midcap Growth Total Return Index and the S&P 500 Total Return Index.The S&P 500 is an index created by Standard & Poor's of American stocks with the largest market capitalization. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. It includes mid-cap companies with higher price-to-book ratios and forecasted growth. Neither index is an investment product available for purchase. The volatility of the indices may be materially different than that of the Fund, and investors should not expect the Fund to achieve the same results as the indices listed. The award list pertained to the Fund's Class N shares (NASDAQ: ETGLX). The Fund offers other share classes:NASDAQ: ETAGX, NASDAQ: ETCGX, andNASDAQ: ETILX. The 2019 award was granted In March of 2019 based on performance in calendar year 2018. The Eventide Gilead Fund was one of 108 funds to achieve this result in the Growth Stock Funds category out of 439 funds, one of 111 funds to achieve this result in the U.S. Diversified Equity Funds category out of 1076 funds, and one of 10 funds to achieve this result in the Midcap Funds category out of 210 funds. The 2021 award was granted in March of 2021 based on performance in calendar year 2020. The Eventide Gilead Fund was one of 66 funds to achieve this result in the Midcap Funds category out of 256 funds. Eventide paid to license the Investors Business Daily logo for promotional use, but no fee was paid to be considered for the award. |
(5) |
Rolling returns are average annual returns taken over every segment (month) of a specific time period (years). |
This press release is not intended to constitute investment advice. Rather, you should use the list for informational purposes only. Past performance is no guarantee of future results.
Market Indexes:
S&P 500® is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
The Russell Midcap® Growth Index is an unmanaged market capitalization-weighted index of medium-capitalization growth-oriented stocks of U.S. domiciled companies that are included in the Russell MidcCap Index. Growth-oriented stocks tend to have higher price-to-book ratios and higher forecasted growth values.
Mutual funds involve risk including the possible loss of principal. Past performance does not guarantee future results. This communication is provided for informational purposes only and expresses views of Eventide Asset Management, LLC ("Eventide"), an investment adviser. There is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses. Eventide's values-based approach to investing may not produce desired results and could result in underperformance compared with other investments. The Adviser's judgment about the quality of a particular company may prove to be incorrect. Any reference to Eventide's Business 360® approach is provided for illustrative purposes only and indicates a general framework of guiding principles that inform Eventide's overall research process. Eventide uses its trademark ("Investing that makes the world rejoice®") in a figurative manner to help explain its focus on serving investors by helping them improve the world.
The Fund's ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. The Fund can have risk related to option investing. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. The Fund can have risk associated with the biotechnology and pharmaceutical industry in which these companies may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. The Fund can invest in private companies. Private investments include various risks including but not limited to lack of liquidity, capital commitment risk, and valuation risk. Private companies may not be financially profitable and have uncertain futures, subjecting them to additional risks.
This information is for use with concurrent or prior delivery of a fund prospectus, which can be obtained at https://www.eventidefunds.com/prospectus or by calling 1-877-771-EVEN (3836).
Investors should consider a fund's investment objectives, risks, charges, and expenses carefully before investing or sending money. This and other important information can be found in the prospectus, which can be obtained at https://www.eventidefunds.com or by calling 1-877-771-EVEN (3836). Please read the prospectus carefully before investing. Eventide Mutual Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC, which is not affiliated with Eventide Asset Management, LLC.
Eventide is not affiliated with any third parties referenced, unless otherwise noted. Eventide has not independently verified the accuracy or completeness of third-party information, and there can be no assurances that the information is accurate or complete. The information is subject to change without notice.
5619-NLD-8/14/2023
SOURCE Eventide
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