Shareholder Report
Jun. 30, 2026
USD ($)
$ / shares
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS From November 24, 2025 to June 30, 2026? (based on a hypothetical $10,000 investment)*
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment**
|
|
Institutional Shares
|
$105
|
1.25%
|
HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?
During the Fund’s initial fiscal period, emerging market equities benefited from improving corporate earnings and increasing differentiation across countries, industries, and individual companies. Although geopolitical developments and evolving monetary policy contributed to periods of market volatility, market performance reflected a growing emphasis on company-specific fundamentals. Against this backdrop, the Fund remained focused on identifying investment opportunities across the emerging markets universe through disciplined fundamental research. The Emerging Markets Fund Institutional Share Class (HREOX) returned +82.21% since the Fund’s inception on November 24, 2025 through June 30, 2026, versus +29.93% for the MSCI Emerging Markets Index.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology and industrials sectors, while materials and communication services modestly detracted from performance.
The Fund employs a disciplined, bottom-up investment process emphasizing fundamental research and independent security selection. Portfolio holdings are selected based on our assessment of each company’s competitive position, financial characteristics, valuation, and long-term business prospects, while maintaining diversified exposure across countries and industries within the emerging markets universe.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(11/24/2025) |
|
Institutional Shares
|
82.21
|
|
MSCI Emerging Markets Index Net (USD)
|
29.93
|
Visit https://hoodrivercapital.com/emerging-markets-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$58,916,338
|
|
Number of Holdings
|
73
|
|
Net Advisory Fee Paid
|
$0
|
|
Portfolio Turnover Rate
|
138%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Samsung Electronics Co. Ltd.
|
9.9
|
%
|
|
SK hynix, Inc.
|
8.3
|
%
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
7.4
|
%
|
|
ASE Technology Holding Co. Ltd.
|
3.3
|
%
|
|
Samsung Electro-Mechanics Co. Ltd.
|
2.7
|
%
|
|
Delta Electronics, Inc.
|
2.6
|
%
|
|
Zhongji Innolight Co. Ltd.
|
2.4
|
%
|
|
Innio NV
|
2.3
|
%
|
|
MediaTek, Inc.
|
2.3
|
%
|
|
Kioxia Holdings, Corp.
|
2.2
|
%
|
Geographic Breakdown (% of Net Assets)
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS From November 24, 2025 to June 30, 2026? (based on a hypothetical $10,000 investment)*
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment**
|
|
Investor Shares
|
$126
|
1.50%
|
HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?
During the Fund’s initial fiscal period, emerging market equities benefited from improving corporate earnings and increasing differentiation across countries, industries, and individual companies. Although geopolitical developments and evolving monetary policy contributed to periods of market volatility, market performance reflected a growing emphasis on company-specific fundamentals. Against this backdrop, the Fund remained focused on identifying investment opportunities across the emerging markets universe through disciplined fundamental research. The Emerging Markets Fund Investor Share Class (HREIX) returned +81.87% since the Fund’s inception on November 24, 2025 through June 30, 2026, versus +29.93% for the MSCI Emerging Markets Index.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology and industrials sectors, while materials and communication services modestly detracted from performance.
The Fund employs a disciplined, bottom-up investment process emphasizing fundamental research and independent security selection. Portfolio holdings are selected based on our assessment of each company’s competitive position, financial characteristics, valuation, and long-term business prospects, while maintaining diversified exposure across countries and industries within the emerging markets universe.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(11/24/2025) |
|
Investor Shares
|
81.87
|
|
MSCI Emerging Markets Index Net (USD)
|
29.93
|
Visit https://hoodrivercapital.com/emerging-markets-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$58,916,338
|
|
Number of Holdings
|
73
|
|
Net Advisory Fee Paid
|
$0
|
|
Portfolio Turnover Rate
|
138%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Samsung Electronics Co. Ltd.
|
9.9
|
%
|
|
SK hynix, Inc.
|
8.3
|
%
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
7.4
|
%
|
|
ASE Technology Holding Co. Ltd.
|
3.3
|
%
|
|
Samsung Electro-Mechanics Co. Ltd.
|
2.7
|
%
|
|
Delta Electronics, Inc.
|
2.6
|
%
|
|
Zhongji Innolight Co. Ltd.
|
2.4
|
%
|
|
Innio NV
|
2.3
|
%
|
|
MediaTek, Inc.
|
2.3
|
%
|
|
Kioxia Holdings, Corp.
|
2.2
|
%
|
Geographic Breakdown (% of Net Assets)
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS From November 24, 2025 to June 30, 2026? (based on a hypothetical $10,000 investment)*
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment**
|
|
Retirement Shares
|
$97
|
1.15%
|
HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?
During the Fund’s initial fiscal period, emerging market equities benefited from improving corporate earnings and increasing differentiation across countries, industries, and individual companies. Although geopolitical developments and evolving monetary policy contributed to periods of market volatility, market performance reflected a growing emphasis on company-specific fundamentals. Against this backdrop, the Fund remained focused on identifying investment opportunities across the emerging markets universe through disciplined fundamental research. The Emerging Markets Fund Retirement Share Class (HRERX) returned +82.33% since the Fund’s inception on November 24, 2025 through June 30, 2026, versus +29.93% for the MSCI Emerging Markets Index.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology and industrials sectors, while materials and communication services modestly detracted from performance.
The Fund employs a disciplined, bottom-up investment process emphasizing fundamental research and independent security selection. Portfolio holdings are selected based on our assessment of each company’s competitive position, financial characteristics, valuation, and long-term business prospects, while maintaining diversified exposure across countries and industries within the emerging markets universe.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(11/24/2025) |
|
Retirement Shares
|
82.33
|
|
MSCI Emerging Markets Index Net (USD)
|
29.93
|
Visit https://hoodrivercapital.com/emerging-markets-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$58,916,338
|
|
Number of Holdings
|
73
|
|
Net Advisory Fee Paid
|
$0
|
|
Portfolio Turnover Rate
|
138%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Samsung Electronics Co. Ltd.
|
9.9
|
%
|
|
SK hynix, Inc.
|
8.3
|
%
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
7.4
|
%
|
|
ASE Technology Holding Co. Ltd.
|
3.3
|
%
|
|
Samsung Electro-Mechanics Co. Ltd.
|
2.7
|
%
|
|
Delta Electronics, Inc.
|
2.6
|
%
|
|
Zhongji Innolight Co. Ltd.
|
2.4
|
%
|
|
Innio NV
|
2.3
|
%
|
|
MediaTek, Inc.
|
2.3
|
%
|
|
Kioxia Holdings, Corp.
|
2.2
|
%
|
Geographic Breakdown (% of Net Assets)
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$176
|
1.25%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the past twelve months, international equity markets generally outperformed U.S. markets as market leadership broadened beyond a narrow group of U.S. mega-cap companies. Against this backdrop, the Fund remained focused on seeking to identify attractively valued international small- and mid-cap companies through disciplined, bottom-up fundamental research while navigating periods of heightened volatility driven by geopolitical developments and changing macroeconomic conditions. The International Opportunity Fund Institutional Share Class (HRIOX) returned +80.95% for the 12 months ending June 30, 2026, versus +19.83% for the MSCI AC World Index ex US Small Cap.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology, industrials and materials sectors, while consumer staples, consumer discretionary and communication services detracted from performance.
Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to seek to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(09/28/2021) |
|
Institutional Shares
|
80.95
|
20.60
|
|
MSCI AC World Index ex USA Net (USD)
|
27.66
|
9.85
|
|
MSCI AC World Index ex US Small Cap Net TR
|
19.83
|
6.53
|
Visit https://hoodrivercapital.com/international-opportunity-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$623,010,415
|
|
Number of Holdings
|
95
|
|
Net Advisory Fee Paid
|
$2,750,726
|
|
Portfolio Turnover Rate
|
108%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
Kioxia Holdings Corp.
|
3.5
|
%
|
|
AIXTRON SE
|
3.4
|
%
|
|
Taiwan Union Technology Corp.
|
2.9
|
%
|
|
MEC Co. Ltd.
|
2.4
|
%
|
|
BE Semiconductor Industries NV
|
2.3
|
%
|
|
Electro Optic Systems Holdings Ltd.
|
2.1
|
%
|
|
ASE Technology Holding Co. Ltd.
|
2.0
|
%
|
|
Hyosung Heavy Industries Corp.
|
1.9
|
%
|
|
Kandenko Co. Ltd.
|
1.8
|
%
|
Geographic Breakdown (% of Net Assets)
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$197
|
1.40%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the past twelve months, international equity markets generally outperformed U.S. markets as market leadership broadened beyond a narrow group of U.S. mega-cap companies. Against this backdrop, the Fund remained focused on seeking to identify attractively valued international small- and mid-cap companies through disciplined, bottom-up fundamental research while navigating periods of heightened volatility driven by geopolitical developments and changing macroeconomic conditions. The International Opportunity Fund Investor Share Class (HRIIX) returned +80.65% for the 12 months ending June 30, 2026, versus +19.83% for the MSCI AC World Index ex US Small Cap.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology, industrials and materials sectors, while consumer staples, consumer discretionary and communication services detracted from performance.
Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to seek to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(08/11/2023) |
|
Investor Shares
|
80.65
|
39.94
|
|
MSCI AC World Index ex USA Net (USD)
|
27.66
|
19.44
|
|
MSCI AC World Index ex US Small Cap Net TR
|
19.83
|
16.26
|
Visit https://hoodrivercapital.com/international-opportunity-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$623,010,415
|
|
Number of Holdings
|
95
|
|
Net Advisory Fee Paid
|
$2,750,726
|
|
Portfolio Turnover Rate
|
108%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
Kioxia Holdings Corp.
|
3.5
|
%
|
|
AIXTRON SE
|
3.4
|
%
|
|
Taiwan Union Technology Corp.
|
2.9
|
%
|
|
MEC Co. Ltd.
|
2.4
|
%
|
|
BE Semiconductor Industries NV
|
2.3
|
%
|
|
Electro Optic Systems Holdings Ltd.
|
2.1
|
%
|
|
ASE Technology Holding Co. Ltd.
|
2.0
|
%
|
|
Hyosung Heavy Industries Corp.
|
1.9
|
%
|
|
Kandenko Co. Ltd.
|
1.8
|
%
|
Geographic Breakdown (% of Net Assets)
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Retirement Shares
|
$162
|
1.15%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the past twelve months, international equity markets generally outperformed U.S. markets as market leadership broadened beyond a narrow group of U.S. mega-cap companies. Against this backdrop, the Fund remained focused on seeking to identify attractively valued international small- and mid-cap companies through disciplined, bottom-up fundamental research while navigating periods of heightened volatility driven by geopolitical developments and changing macroeconomic conditions. The International Opportunity Fund Retirement Share Class (HRITX) returned +81.15% for the 12 months ending June 30, 2026, versus +19.83% for the MSCI AC World Index ex US Small Cap.
WHAT FACTORS INFLUENCED PERFORMANCE
Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the information technology, industrials and materials sectors, while consumer staples, consumer discretionary and communication services detracted from performance.
Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to seek to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(12/22/2021) |
|
Retirement Shares
|
81.15
|
21.85
|
|
MSCI AC World Index ex USA Net (USD)
|
27.66
|
10.52
|
|
MSCI AC World Index ex US Small Cap Net TR
|
19.83
|
7.51
|
Visit https://hoodrivercapital.com/international-opportunity-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$623,010,415
|
|
Number of Holdings
|
95
|
|
Net Advisory Fee Paid
|
$2,750,726
|
|
Portfolio Turnover Rate
|
108%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
Kioxia Holdings Corp.
|
3.5
|
%
|
|
AIXTRON SE
|
3.4
|
%
|
|
Taiwan Union Technology Corp.
|
2.9
|
%
|
|
MEC Co. Ltd.
|
2.4
|
%
|
|
BE Semiconductor Industries NV
|
2.3
|
%
|
|
Electro Optic Systems Holdings Ltd.
|
2.1
|
%
|
|
ASE Technology Holding Co. Ltd.
|
2.0
|
%
|
|
Hyosung Heavy Industries Corp.
|
1.9
|
%
|
|
Kandenko Co. Ltd.
|
1.8
|
%
|
Geographic Breakdown (% of Net Assets)
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$128
|
0.95%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small/mid-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River New Opportunities Fund Institutional Share Class (HRNOX) returned +70.48% for the twelve months ending June 30, 2026 compared to +32.94% for the Russell 2500® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and materials sectors, while consumer staples, consumer discretionary and real estate modestly detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(08/05/2024) |
|
Institutional Shares
|
70.48
|
56.94
|
|
Russell 3000 Total Return Index
|
22.82
|
23.11
|
|
Russell 2500 Growth Total Return Index
|
32.94
|
23.44
|
Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$1,267,114,959
|
|
Number of Holdings
|
120
|
|
Net Advisory Fee Paid
|
$3,768,545
|
|
Portfolio Turnover Rate
|
69%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.3
|
%
|
|
Butterfly Network, Inc.
|
2.8
|
%
|
|
Bloom Energy Corp.
|
2.6
|
%
|
|
Semtech Corp.
|
2.5
|
%
|
|
Dave, Inc.
|
2.5
|
%
|
|
MasTec, Inc.
|
2.5
|
%
|
|
XPO, Inc.
|
2.0
|
%
|
|
FirstCash Holdings, Inc.
|
1.8
|
%
|
|
Teradyne, Inc.
|
1.7
|
%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$162
|
1.20%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small/mid-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River New Opportunities Fund Investor Share Class (HRNIX) returned +70.05% for the twelve months ending June 30, 2026 compared to +32.94% for the Russell 2500® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and materials sectors, while consumer staples, consumer discretionary and real estate modestly detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(08/05/2024) |
|
Investor Shares
|
70.05
|
56.56
|
|
Russell 3000 Total Return Index
|
22.82
|
23.11
|
|
Russell 2500 Growth Total Return Index
|
32.94
|
23.44
|
Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$1,267,114,959
|
|
Number of Holdings
|
120
|
|
Net Advisory Fee Paid
|
$3,768,545
|
|
Portfolio Turnover Rate
|
69%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.3
|
%
|
|
Butterfly Network, Inc.
|
2.8
|
%
|
|
Bloom Energy Corp.
|
2.6
|
%
|
|
Semtech Corp.
|
2.5
|
%
|
|
Dave, Inc.
|
2.5
|
%
|
|
MasTec, Inc.
|
2.5
|
%
|
|
XPO, Inc.
|
2.0
|
%
|
|
FirstCash Holdings, Inc.
|
1.8
|
%
|
|
Teradyne, Inc.
|
1.7
|
%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Retirement Shares
|
$115
|
0.85%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small/mid-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River New Opportunities Fund Retirement Share Class (HRNRX) returned +70.69% for the twelve months ending June 30, 2026 compared to +32.94% for the Russell 2500® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and materials sectors, while consumer staples, consumer discretionary and real estate modestly detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(08/05/2024) |
|
Retirement Shares
|
70.69
|
57.05
|
|
Russell 3000 Total Return Index
|
22.82
|
23.11
|
|
Russell 2500 Growth Total Return Index
|
32.94
|
23.44
|
Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$1,267,114,959
|
|
Number of Holdings
|
120
|
|
Net Advisory Fee Paid
|
$3,768,545
|
|
Portfolio Turnover Rate
|
69%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
4.7
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.3
|
%
|
|
Butterfly Network, Inc.
|
2.8
|
%
|
|
Bloom Energy Corp.
|
2.6
|
%
|
|
Semtech Corp.
|
2.5
|
%
|
|
Dave, Inc.
|
2.5
|
%
|
|
MasTec, Inc.
|
2.5
|
%
|
|
XPO, Inc.
|
2.0
|
%
|
|
FirstCash Holdings, Inc.
|
1.8
|
%
|
|
Teradyne, Inc.
|
1.7
|
%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$144
|
1.06%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River Small Cap Growth Fund Institutional Share Class (HRSMX) returned +71.52% for the twelve months ended June 30, 2026, compared to +38.74% for the Russell 2000® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, industrials and financials sectors, while healthcare, consumer discretionary and consumer staples detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Shares
|
71.52
|
15.69
|
20.80
|
|
Russell 3000 Total Return Index
|
22.82
|
12.31
|
15.06
|
|
Russell 2000 Growth Total Return Index
|
38.74
|
5.57
|
11.97
|
Visit https://hoodrivercapital.com/us-small-cap-growth-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$6,649,932,603
|
|
Number of Holdings
|
111
|
|
Net Advisory Fee Paid
|
$46,185,281
|
|
Portfolio Turnover Rate
|
70%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
6.1
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.9
|
%
|
|
MasTec, Inc.
|
3.9
|
%
|
|
Bloom Energy Corp.
|
3.0
|
%
|
|
Dave, Inc.
|
3.0
|
%
|
|
Semtech Corp.
|
2.6
|
%
|
|
FirstCash Holdings, Inc.
|
1.9
|
%
|
|
XPO, Inc.
|
1.9
|
%
|
|
Krystal Biotech, Inc.
|
1.8
|
%
|
|
Applied Optoelectronics, Inc.
|
1.8
|
%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$178
|
1.31%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River Small Cap Growth Fund Investor Share Class (HRSRX) returned +71.09% for the twelve months ended June 30, 2026, compared to +38.74% for the Russell 2000® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, industrials and financials sectors, while healthcare, consumer discretionary and consumer staples detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Investor Shares
|
71.09
|
15.44
|
20.55
|
|
Russell 3000 Total Return Index
|
22.82
|
12.31
|
15.06
|
|
Russell 2000 Growth Total Return Index
|
38.74
|
5.57
|
11.97
|
Visit https://hoodrivercapital.com/us-small-cap-growth-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$6,649,932,603
|
|
Number of Holdings
|
111
|
|
Net Advisory Fee Paid
|
$46,185,281
|
|
Portfolio Turnover Rate
|
70%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
6.1
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.9
|
%
|
|
MasTec, Inc.
|
3.9
|
%
|
|
Bloom Energy Corp.
|
3.0
|
%
|
|
Dave, Inc.
|
3.0
|
%
|
|
Semtech Corp.
|
2.6
|
%
|
|
FirstCash Holdings, Inc.
|
1.9
|
%
|
|
XPO, Inc.
|
1.9
|
%
|
|
Krystal Biotech, Inc.
|
1.8
|
%
|
|
Applied Optoelectronics, Inc.
|
1.8
|
%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Retirement Shares
|
$130
|
0.96%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During the fiscal year ended June 30, 2026, U.S. small-cap growth equities advanced despite periods of heightened volatility driven by geopolitical developments, changing interest rate expectations, and shifts in investor sentiment. Although market conditions evolved throughout the year, corporate fundamentals generally remained resilient, and company execution continued to be an important differentiator of investment performance. The Hood River Small Cap Growth Fund Retirement Share Class (HRSIX) returned +71.69% for the twelve months ended June 30, 2026, compared to +38.74% for the Russell 2000® Growth Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the information technology, industrials and financials sectors, while healthcare, consumer discretionary and consumer staples detracted from relative performance.
Throughout the fiscal year, portfolio decisions continued to be guided by fundamental company research and valuation discipline, with an emphasis on seeking to identify businesses demonstrating durable earnings growth and sustainable competitive advantages. The investment team remained focused on long-term business fundamentals, evaluating individual companies on their merits rather than repositioning the portfolio in response to short-term market developments.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(03/03/2017) |
|
Retirement Shares
|
71.69
|
15.79
|
19.69
|
|
Russell 3000 Total Return Index
|
22.82
|
12.31
|
14.41
|
|
Russell 2000 Growth Total Return Index
|
38.74
|
5.57
|
10.82
|
Visit https://hoodrivercapital.com/us-small-cap-growth-fund/ for more recent performance information.
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$6,649,932,603
|
|
Number of Holdings
|
111
|
|
Net Advisory Fee Paid
|
$46,185,281
|
|
Portfolio Turnover Rate
|
70%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of Net Assets) *
|
Top 10 Issuers
|
(% of Net Assets)
|
|
|
Applied Digital Corp.
|
6.1
|
%
|
|
DigitalOcean Holdings, Inc.
|
4.9
|
%
|
|
MasTec, Inc.
|
3.9
|
%
|
|
Bloom Energy Corp.
|
3.0
|
%
|
|
Dave, Inc.
|
3.0
|
%
|
|
Semtech Corp.
|
2.6
|
%
|
|
FirstCash Holdings, Inc.
|
1.9
|
%
|
|
XPO, Inc.
|
1.9
|
%
|
|
Krystal Biotech, Inc.
|
1.8
|
%
|
|
Applied Optoelectronics, Inc.
|
1.8
|
%
|
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