Fund Evaluator:
Hodges Small Cap Growth Retail (HDPSX)
Follow This Fund
Best Performing in Small Blend Over the Last Year
| 67.2% | Royce Micro-Cap Invmt (RYOTX) |
| 54.3% | River Oak Discovery (RIVSX) |
| 48.4% | North Star Small Cap Value Investor (WSCVX) |
| 46.5% | Paradigm Value (PVFAX) |
| 46.0% | Nuveen Quant Small Cap Equity I (TSCHX) |
Fund Details
Hodges Small Cap Growth Retail Overview
Hodges Small Cap Growth Retail (HDPSX) is an actively managed U.S. Equity Small Blend fund. Hodges launched the fund in 2007.
The investment seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of small capitalization ("small cap") companies. The adviser defines small cap companies as those whose market capitalization, at the time of purchase, are consistent with the market capitalizations of companies in the Russell 2000® Index.
About Hodges Small Cap Growth Retail (HDPSX)
There are 3 members of the management team with an average tenure of 18.55 years: Eric Marshall (2007), Gary Bradshaw (2007), Craig Hodges (2007). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Hodges Small Cap Growth Retail has 48 securities in its portfolio. The top 10 holdings constitute 38.3% 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.
Hodges Small Cap Growth Retail is part of the Equity global asset class and is within the U.S. Equity fund group. Hodges Small Cap Growth Retail has 9.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.7%. There is 9.6% 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). Hodges Small Cap Growth Retail has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $159 million in total assets, which is below the $694 million average for the Small 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.
HDPSX 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 Hodges Small Cap Growth Retail expense ratio is high compared to funds in the Small Blend category. Hodges Small Cap Growth Retail has an expense ratio of 1.24%, which is 19% higher than its category average, making the fund expense ratio grade a D. 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. Hodges Small Cap Growth Retail has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, Hodges Small Cap Growth Retail returned 4.8%, which earned it a grade of D, as the Small Blend category had an average return of 5.9%. 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.
Hodges Small Cap Growth Retail has a trailing yield of 0.00%, which is below the 0.41% 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.
Hodges Small Cap Growth Retail Grades
Year to date, the fund has returned 35.2%, 13.5 percentage points better than the category, which translates into a grade of A. The fund has returned 50.6% over the past year (grade of A), 19.7% over the past three years (grade of A) and 10.3% per year over the past five years (grade of A) and 12.9% per year over the past 10 years (grade of A).
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 Hodges Small Cap Growth Retail, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
HDPSX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HDPSX Return (NAV) | 4.8% | 28.3% | 50.6% | 19.7% | 10.3% | 12.9% |
| HDPSX Grade | D | A | A | A | A | A |
| +/- Category | -1.1% | 8.5% | 16.7% | 3.4% | 2.4% | 1.7% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| HDPSX Tax Cost Ratio | na | na | 2.0% | 2.1% | 2.6% | 1.9% |
HDPSX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HDPSX Return (NAV) | 35.2% | 3.0% | 20.2% | 14.9% | -12.7% | 36.1% | 17.0% | 16.7% | -16.3% | 9.2% | 16.2% |
| HDPSX Grade | A | F | A | D | A | A | B | F | F | F | F |
| +/- Category | 13.5% | -4.9% | 8.6% | -1.6% | 3.8% | 12.8% | 2.6% | -8.8% | -4.4% | -4.9% | -4.0% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 20.8% |
| Total Risk Index: | 1.71 - High |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 1.25 |
| R-Squared: | 62% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $205 Mil |
| Fund Total Assets: | $ 160 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 18.6 years | |||
| Average Tenure: 18.6 years | |||
| Managers (Year): Marshall Eric (2007), Bradshaw Gary (2007), Hodges Craig (2007) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 38.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.6% |
Portfolio Allocation |
|
| Domestic Stock: | 89.7% |
| Foreign Stock: | 9.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Hodges |
| Phone Number: | 866-811-0224 |
| Website: | www.hodgesfund.com |
| Status: | Open |
| Inception Date: | December 18, 2007 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Hodges Small Cap Growth Retail |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
