Fund Evaluator:
Papp Small & Mid-Cap Growth (PAPPX)
Follow This Fund
Best Performing in Mid-Cap Growth Over the Last Year
| 44.9% | PRIMECAP Odyssey Aggressive Growth (POAGX) |
| 27.1% | Eventide Gilead N (ETGLX) |
| 23.3% | Sit Small Cap Growth (SSMGX) |
| 19.8% | Goldman Sachs Small/Mid Cap Growth Inv (GTMTX) |
| 19.2% | ProFunds Mid Cap Growth Inv (MGPIX) |
Fund Details
Papp Small & Mid-Cap Growth Overview
Papp Small & Mid-Cap Growth (PAPPX) is an actively managed U.S. Equity Mid-Cap Growth fund. Papp launched the fund in 2010.
The investment seeks long-term capital growth. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks of small capitalization ("small-cap") and mid-capitalization ("mid-cap") companies. There is no minimum percentage of assets that must be invested in either small or mid-cap issuers and the fund may be invested substantially in either small-cap or mid-cap issuers when the Adviser believes such focus is warranted.
About Papp Small & Mid-Cap Growth (PAPPX)
There are 3 members of the management team with an average tenure of 13.07 years: Rosellen Papp (2010), Brian Riordan (2012), Greg Smith (2018). 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 S&P MidCap 400 Growth TR USD index with a weighting of 100%. Papp Small & Mid-Cap Growth has 28 securities in its portfolio. The top 10 holdings constitute 59.5% 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.
Papp Small & Mid-Cap Growth is part of the Equity global asset class and is within the U.S. Equity fund group. Papp Small & Mid-Cap Growth has 0.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.1%. There is 0.1% 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). Papp Small & Mid-Cap Growth has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $41 million in total assets, which is below the $658 million average for the Mid-Cap 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.
PAPPX 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 Papp Small & Mid-Cap Growth expense ratio is high compared to funds in the Mid-Cap Growth category. Papp Small & Mid-Cap Growth has an expense ratio of 1.26%, which is 15% 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. Papp Small & Mid-Cap Growth has a portfolio turnover rate of 4%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Papp Small & Mid-Cap Growth returned -1.3%, which earned it a grade of A, as the Mid-Cap Growth category had an average return of -5.5%. 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.
Papp Small & Mid-Cap Growth has a trailing yield of 0.00%, which is below the 0.03% 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.
Papp Small & Mid-Cap Growth Grades
Year to date, the fund has returned 3.5%, 2.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.5% over the past year (grade of C), 4.2% over the past three years (grade of F) and 0.1% per year over the past five years (grade of D) and 8.3% 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 Papp Small & Mid-Cap Growth, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PAPPX 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 |
|
| PAPPX Return (NAV) | -1.3% | 1.0% | 2.5% | 4.2% | 0.1% | 8.3% |
| PAPPX Grade | A | D | C | F | D | F |
| +/- Category | 4.3% | -1.1% | -2.9% | -6.3% | -2.4% | -2.6% |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| PAPPX Tax Cost Ratio | na | na | 0.7% | 0.2% | 0.4% | 0.6% |
PAPPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAPPX Return (NAV) | 3.5% | 4.7% | 2.6% | 11.5% | -22.7% | 14.7% | 24.7% | 34.8% | -3.1% | 25.8% | 5.7% |
| PAPPX Grade | C | C | F | F | A | B | F | C | B | C | C |
| +/- Category | -2.1% | -1.3% | -14.7% | -9.3% | 5.4% | 2.4% | -15.7% | 0.9% | 1.6% | 0.6% | 0.4% |
| Mid-Cap Growth Avg | 5.7% | 6.1% | 17.3% | 20.8% | -28.1% | 12.3% | 40.4% | 33.9% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 14.8% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 0.78 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.88 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $41 Mil |
| Fund Total Assets: | $ 42 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.4 years | |||
| Average Tenure: 13.1 years | |||
| Managers (Year): Papp Rosellen (2010), Riordan Brian (2012), Smith Greg (2018) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 28 |
| % in Top 10 Holdings: | 59.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 95.1% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.8% |
Purchase Information
| Fund Family: | Papp |
| Phone Number: | 877-370-7277 |
| Website: | www.pappmutualfunds.com |
| Status: | Open |
| Inception Date: | March 8, 2010 |
| 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: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.26% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Papp Small & Mid-Cap Growth |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $1,000 |
