Fund Evaluator:
Hood River New Opportunities Investor (HRNIX)
Follow This Fund
Best Performing in Small Growth Over the Last Year
| 78.1% | Oberweis Micro-Cap (OBMCX) |
| 72.6% | Emerald Growth Investor (FFGRX) |
| 70.7% | FullerThaler Behavioral Sm-Cp Gr Inv (FTXNX) |
| 70.1% | Hood River New Opportunities Investor (HRNIX) |
| 61.1% | Carillon Chartwell Small Cap I (UMBHX) |
Fund Details
Hood River New Opportunities Investor Overview
Hood River New Opportunities Investor (HRNIX) is an actively managed U.S. Equity Small Growth fund. Hood River Capital Management launched the fund in 2024.
The investment seeks long-term capital appreciation. The fund, under normal market conditions, invests primarily in a diversified portfolio of equity securities of small and medium capitalization companies. The manager maintains a portfolio of approximately 80-120 stocks, which is constructed with the overall goal of mitigating risk. It may purchase securities of companies engaged in initial public offerings (“IPOs”).
About Hood River New Opportunities Investor (HRNIX)
There are 2 members of the management team with an average tenure of 1.90 years: David Swank (2024), Brian Smoluch (2024). Management tenure is more important for actively managed funds than passive index funds.
Hood River New Opportunities Investor has 116 securities in its portfolio. The top 10 holdings constitute 28.7% 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.
Hood River New Opportunities Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Hood River New Opportunities Investor has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.6%. There is 0.6% allocated to foreign stock, and 0.6% 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). Hood River New Opportunities Investor has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $454 million average for the Small Growth 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.
HRNIX 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 Hood River New Opportunities Investor expense ratio is high compared to funds in the Small Growth category. Hood River New Opportunities Investor has an expense ratio of 1.20%, which is 2% 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. Hood River New Opportunities Investor has a portfolio turnover rate of 105%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.
Recently, in the month of June 2026, Hood River New Opportunities Investor returned 0.6%, which earned it a grade of F, as the Small Growth category had an average return of 6.5%. 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.
Hood River New Opportunities Investor has a trailing yield of 0.00%, which is below the 0.07% 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.
Hood River New Opportunities Investor Grades
Year to date, the fund has returned 31.6%, 9.5 percentage points better than the category, which translates into a grade of A. The fund has returned 70.1% over the past year (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 Hood River New Opportunities Investor, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
HRNIX 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 |
|
| HRNIX Return (NAV) | 0.6% | 28.8% | 70.1% | na | na | na |
| HRNIX Grade | F | B | A | na | na | na |
| +/- Category | -5.9% | 4.2% | 36.4% | na | na | na |
| Small Growth Avg | 6.5% | 24.7% | 33.7% | 16.4% | 4.6% | 12.5% |
| HRNIX Tax Cost Ratio | na | na | 0.0% | na | na | na |
HRNIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HRNIX Return (NAV) | 31.6% | 35.4% | na | na | na | na | na | na | na | na | na |
| HRNIX Grade | A | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 9.5% | 27.4% | na | na | na | na | na | na | na | na | na |
| Small Growth Avg | 22.1% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1265 Mil |
| Fund Total Assets: | $ 40 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 105% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Swank David (2024), Smoluch Brian (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 116 |
| % in Top 10 Holdings: | 28.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 95.6% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.6% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | Hood River Capital Management |
| Phone Number: | 800-497-2960 |
| Website: |
| Status: | Open |
| Inception Date: | August 5, 2024 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Hood River New Opportunities Inst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
