Fund Evaluator:
North Star Micro Cap I (NSMVX)
Follow This Fund
Best Performing in Small Blend Over the Last Year
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Fund Details
North Star Micro Cap I Overview
North Star Micro Cap I (NSMVX) is an actively managed U.S. Equity Small Blend fund. North Star launched the fund in 2013.
The investment seeks capital appreciation and, secondarily, to derive income from short term liquid securities. The fund seeks to achieve its investment objective of capital appreciation by investing at least 80% of its net assets in micro-cap companies. It generally invests between 80-100% of its assets in equity securities of U.S. companies that the adviser believes are currently undervalued and have the potential for capital appreciation.
About North Star Micro Cap I (NSMVX)
There are 2 members of the management team with an average tenure of 13.26 years: Peter Gottlieb (2013), Eric Kuby (2013). 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 Morningstar US Small Value Mkt TR USD index with a weighting of 100%. North Star Micro Cap I has 105 securities in its portfolio. The top 10 holdings constitute 23.8% 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.
North Star Micro Cap I is part of the Equity global asset class and is within the U.S. Equity fund group. North Star Micro Cap I has 2.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.1%. There is 2.0% 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). North Star Micro Cap I has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $191 million in total assets, which is below the $683 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.
NSMVX 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 North Star Micro Cap I expense ratio is high compared to funds in the Small Blend category. North Star Micro Cap I has an expense ratio of 1.39%, which is 33% 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. North Star Micro Cap I has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of August 2026, North Star Micro Cap I returned 1.3%, which earned it a grade of A, as the Small Blend category had an average return of -0.1%. 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.
North Star Micro Cap I has a trailing yield of 0.43%, which is below the 0.43% 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.
North Star Micro Cap I Grades
Year to date, the fund has returned 17.0%, 1.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.4% over the past year (grade of F), 13.8% over the past three years (grade of D) and 2.8% per year over the past five years (grade of F) and 9.0% per year over the past 10 years (grade of D).
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NSMVX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NSMVX Return (NAV) | 1.3% | 5.1% | 12.4% | 13.8% | 2.8% | 9.0% |
| NSMVX Grade | A | A | F | D | F | D |
| +/- Category | 1.4% | 2.3% | -8.6% | -0.9% | -4.3% | -1.2% |
| Small Blend Avg | -0.1% | 2.8% | 21.0% | 14.8% | 7.2% | 10.2% |
| NSMVX Tax Cost Ratio | na | na | 1.0% | 0.7% | 0.6% | 0.6% |
NSMVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NSMVX Return (NAV) | 17.0% | -0.9% | 15.3% | 22.3% | -24.8% | 14.2% | 37.2% | 18.9% | -13.4% | 4.8% | 26.1% |
| NSMVX Grade | D | F | A | A | F | F | A | F | D | F | A |
| +/- Category | -1.1% | -8.9% | 3.9% | 5.7% | -8.4% | -9.2% | 22.8% | -6.5% | -1.6% | -9.1% | 5.8% |
| Small Blend Avg | 18.1% | 8.0% | 11.5% | 16.6% | -16.5% | 23.3% | 14.4% | 25.5% | -11.9% | 13.9% | 20.4% |
| Risk Measures | |
| Standard Deviation: | 17.8% |
| Total Risk Index: | 1.47 - High |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.91 |
| R-Squared: | 43% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $191 Mil |
| Fund Total Assets: | $ 192 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.3 years | |||
| Average Tenure: 13.3 years | |||
| Managers (Year): Gottlieb Peter (2013), Kuby Eric (2013) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 23.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.0% |
Portfolio Allocation |
|
| Domestic Stock: | 96.1% |
| Foreign Stock: | 2.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | North Star |
| Phone Number: | 855-580-0900 |
| Website: | www.nsinvest.com |
| Status: | Open |
| Inception Date: | May 31, 2013 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.39% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | North Star Micro Cap I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
