Fund Evaluator:
Hodges Small Intrinsic Value Inst (HSVIX)
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Fund Details
Hodges Small Intrinsic Value Inst Overview
Hodges Small Intrinsic Value Inst (HSVIX) is an actively managed U.S. Equity Small Value fund. Hodges launched the fund in 2024.
The investment seeks long-term capital appreciation. The fund manager employs a value strategy and invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in common and preferred stocks of small capitalization (“small cap”) companies. The fund manager defines small cap companies as those whose market capitalization, at the time of purchase, are consistent with the market capitalizations of companies in the S&P SmallCap 600® Value Index.
About Hodges Small Intrinsic Value Inst (HSVIX)
There are 3 members of the management team with an average tenure of 12.60 years: Eric Marshall (2013), Chris Terry (2013), Derek Maupin (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and S&P SmallCap 600 TR USD index with a weighting of 100%. Hodges Small Intrinsic Value Inst has 46 securities in its portfolio. The top 10 holdings constitute 35.6% 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 Intrinsic Value Inst is part of the Equity global asset class and is within the U.S. Equity fund group. Hodges Small Intrinsic Value Inst has 9.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.2%. There is 9.2% 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 Intrinsic Value Inst has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $417 million average for the Small Value 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.
HSVIX 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 Intrinsic Value Inst expense ratio is high compared to funds in the Small Value category. Hodges Small Intrinsic Value Inst has an expense ratio of 0.98%, which is 16% lower than its category average, making the fund expense ratio grade a B. 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 Intrinsic Value Inst has a portfolio turnover rate of 69%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.
Recently, in the month of July 2026, Hodges Small Intrinsic Value Inst returned -3.8%, which earned it a grade of F, as the Small Value 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.
Hodges Small Intrinsic Value Inst has a trailing yield of 0.26%, which is below the 0.77% 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 Intrinsic Value Inst Grades
Year to date, the fund has returned 18.5%, 1.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 26.3% over the past year (grade of D), 7.3% over the past three years (grade of F) and 7.0% per year over the past five years (grade of F) and 9.3% per year over the past 10 years (grade of D).
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HSVIX 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 |
|
| HSVIX Return (NAV) | -3.8% | 2.3% | 26.3% | 7.3% | 7.0% | 9.3% |
| HSVIX Grade | F | F | D | F | F | D |
| +/- Category | -3.5% | -4.0% | -4.4% | -6.1% | -2.1% | -0.6% |
| Small Value Avg | -0.4% | 6.4% | 30.6% | 13.4% | 9.1% | 9.9% |
| HSVIX Tax Cost Ratio | na | na | 0.4% | na | na | na |
HSVIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HSVIX Return (NAV) | 18.5% | -0.5% | 1.6% | 18.3% | -9.8% | 44.1% | 6.6% | 29.4% | -22.7% | 8.8% | 19.8% |
| HSVIX Grade | D | F | F | B | C | A | B | A | F | D | F |
| +/- Category | -1.6% | -7.1% | -8.1% | 2.5% | 0.5% | 13.8% | 2.6% | 6.4% | -8.0% | -1.5% | -5.0% |
| Small Value Avg | 20.1% | 6.6% | 9.7% | 15.8% | -10.3% | 30.3% | 4.1% | 23.0% | -14.7% | 10.2% | 24.7% |
| Risk Measures | |
| Standard Deviation: | 20.2% |
| Total Risk Index: | 1.65 - High |
| Category Risk Index: | 1.12 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 1.13 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $55 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 69% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 12.6 years | |||
| Managers (Year): Marshall Eric (2013), Terry Chris (2013), Maupin Derek (2013) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 35.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.2% |
Portfolio Allocation |
|
| Domestic Stock: | 90.2% |
| Foreign Stock: | 9.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Hodges |
| Phone Number: | 866-811-0224 |
| Website: | www.hodgesfund.com |
| Status: | Open |
| Inception Date: | July 30, 2024 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | Hodges Small Intrinsic Value Retail |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
