Fund Evaluator:
Summitry Equity Fund (GGEFX)
Follow This Fund
Best Performing in Large Blend Over the Last Year
| 49.8% | PRIMECAP Odyssey Growth (POGRX) |
| 48.6% | Vanguard PRIMECAP Core Inv (VPCCX) |
| 45.8% | Vanguard PRIMECAP Adm (VPMAX) |
| 45.7% | Vanguard PRIMECAP Inv (VPMCX) |
| 42.3% | Midas Special Opportunities (MISEX) |
Fund Details
Summitry Equity Fund Overview
Summitry Equity Fund (GGEFX) is an actively managed U.S. Equity Large Blend fund. Golub launched the fund in 2009.
The investment seeks to provide long-term capital appreciation; current income is the secondary consideration. The fund invests primarily in common stocks that in the opinion of the fund's adviser appear to be temporarily undervalued by the market. The Adviser considers a security to be temporarily undervalued if the security's intrinsic value is significantly greater than the range in which the security is trading in the securities markets. It may invest up to 20% of its net assets in cash and other cash equivalents.
About Summitry Equity Fund (GGEFX)
There are 2 members of the management team with an average tenure of 13.46 years: Kurt Hoefer (2009), Michael Kon (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) index with a weighting of 100%. Summitry Equity Fund has 29 securities in its portfolio. The top 10 holdings constitute 51.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Summitry Equity Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Summitry Equity Fund has 16.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.0%. There is 16.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Summitry Equity Fund has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $74 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GGEFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Summitry Equity Fund expense ratio is high compared to funds in the Large Blend category. Summitry Equity Fund has an expense ratio of 1.26%, which is 55% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Summitry Equity Fund has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, Summitry Equity Fund returned 3.0%, which earned it a grade of A, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Summitry Equity Fund has a trailing yield of 0.00%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Summitry Equity Fund Grades
Year to date, the fund has returned 2.5%, 6.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 6.9% over the past year (grade of F), 14.9% over the past three years (grade of D) and 9.1% per year over the past five years (grade of F) and 11.8% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Summitry Equity Fund, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
GGEFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GGEFX Return (NAV) | 3.0% | 1.2% | 6.9% | 14.9% | 9.1% | 11.8% |
| GGEFX Grade | A | F | F | D | F | F |
| +/- Category | 2.6% | -2.9% | -10.6% | -2.4% | -2.0% | -1.8% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| GGEFX Tax Cost Ratio | na | na | 3.5% | 2.4% | 2.4% | 1.9% |
GGEFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GGEFX Return (NAV) | 2.5% | 11.4% | 25.4% | 30.9% | -20.4% | 25.3% | 15.4% | 26.6% | -7.5% | 12.5% | 11.4% |
| GGEFX Grade | F | F | B | A | F | D | D | F | D | F | B |
| +/- Category | -6.8% | -4.4% | 3.4% | 7.2% | -3.1% | -1.3% | -2.2% | -3.2% | -1.6% | -8.8% | 1.2% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 14.9% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 1.04 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $74 Mil |
| Fund Total Assets: | $ 74 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.3 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Hoefer Kurt (2009), Kon Michael (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 51.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.7% |
Portfolio Allocation |
|
| Domestic Stock: | 80.0% |
| Foreign Stock: | 16.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Golub |
| Phone Number: | 866-954-6682 |
| Website: |
| Status: | Open |
| Inception Date: | April 1, 2009 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.26% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Summitry Equity Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
