Fund Evaluator:
Spyglass Growth Institutional (SPYGX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Spyglass Growth Institutional Overview
Spyglass Growth Institutional (SPYGX) is an actively managed U.S. Equity Mid-Cap Growth fund. Spyglass Capital Management launched the fund in 2017.
The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing in a non-diversified portfolio of common stocks of U.S. growth companies. It may also invest in other equity securities, including stocks offered in initial public offerings ("IPOs") and shares of real estate investment trusts ("REITs"). The fund is non-diversified.
About Spyglass Growth Institutional (SPYGX)
There are 1 members of the management team with an average tenure of 8.59 years: James Robillard (2017). 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 Bloomberg 500 TR USD index with a weighting of 100%. Spyglass Growth Institutional has 26 securities in its portfolio. The top 10 holdings constitute 51.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Spyglass Growth Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Spyglass Growth Institutional has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9%. There is 0.0% 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). Spyglass Growth Institutional has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $971 million in total assets, which is above 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.
SPYGX 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 Spyglass Growth Institutional expense ratio is high compared to funds in the Mid-Cap Growth category. Spyglass Growth Institutional has an expense ratio of 1.00%, which is 9% lower than its category average, making the fund expense ratio grade a C. 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. Spyglass Growth Institutional has a portfolio turnover rate of 85%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Spyglass Growth Institutional returned -3.4%, which earned it a grade of B, 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.
Spyglass Growth Institutional 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.
Spyglass Growth Institutional Grades
Year to date, the fund has returned -8.9%, 14.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -2.5% over the past year (grade of F), 18.7% over the past three years (grade of A) and 0.6% per year over the past five years (grade of D).
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SPYGX 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 |
|
| SPYGX Return (NAV) | -3.4% | 11.5% | -2.5% | 18.7% | 0.6% | na |
| SPYGX Grade | B | A | F | A | D | na |
| +/- Category | 2.1% | 9.4% | -8.0% | 8.1% | -1.9% | na |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| SPYGX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.9% | na |
SPYGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPYGX Return (NAV) | -8.9% | 15.7% | 38.1% | 54.0% | -47.2% | -6.4% | 61.8% | 36.0% | 10.4% | na | na |
| SPYGX Grade | F | A | A | A | F | F | A | B | A | na | na |
| +/- Category | -14.5% | 9.7% | 20.8% | 33.3% | -19.1% | -18.7% | 21.4% | 2.1% | 15.0% | na | na |
| 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: | 28.5% |
| Total Risk Index: | 2.33 - High |
| Category Risk Index: | 1.50 - High |
| Category Risk Grade: | F (99% Rank) |
| Beta: | 1.72 |
| R-Squared: | 62% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $971 Mil |
| Fund Total Assets: | $ 972 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 85% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.6 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Robillard James (2017) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 51.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Spyglass Capital Management |
| Phone Number: | 888-878-5680 |
| Website: |
| Status: | Open |
| Inception Date: | December 29, 2017 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Spyglass Growth Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
