Fund Evaluator:
Trillium ESG Small/Mid Cap Institutional (TSMDX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Trillium ESG Small/Mid Cap Institutional Overview
Trillium ESG Small/Mid Cap Institutional (TSMDX) is an actively managed U.S. Equity Mid-Cap Blend fund. Trillium Mutual Funds launched the fund in 2015.
The investment seeks long-term capital appreciation. Under normal conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small and mid‑sized companies that meet Trillium’s Environmental, Social, and Governance (“ESG”) criteria.
About Trillium ESG Small/Mid Cap Institutional (TSMDX)
There are 3 members of the management team with an average tenure of 6.24 years: Mitali Prasad (2019), Laura McGonagle (2015), Sahas Apte (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. Trillium ESG Small/Mid Cap Institutional has 94 securities in its portfolio. The top 10 holdings constitute 24.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Trillium ESG Small/Mid Cap Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Trillium ESG Small/Mid Cap Institutional has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.5%. There is 3.7% 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). Trillium ESG Small/Mid Cap Institutional has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $32 million in total assets, which is below the $1 billion average for the Mid-Cap 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.
TSMDX 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 Trillium ESG Small/Mid Cap Institutional expense ratio is high compared to funds in the Mid-Cap Blend category. Trillium ESG Small/Mid Cap Institutional has an expense ratio of 0.97%, which is 1% 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. Trillium ESG Small/Mid Cap Institutional has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Trillium ESG Small/Mid Cap Institutional returned -1.9%, which earned it a grade of C, as the Mid-Cap Blend category had an average return of -1.8%. 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.
Trillium ESG Small/Mid Cap Institutional has a trailing yield of 0.00%, which is below the 0.48% 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.
Trillium ESG Small/Mid Cap Institutional Grades
Year to date, the fund has returned 8.9%, 4.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.0% over the past year (grade of D), 7.5% over the past three years (grade of F) and 3.6% per year over the past five years (grade of F) and 8.3% per year over the past 10 years (grade of F).
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TSMDX 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 |
|
| TSMDX Return (NAV) | -1.9% | 4.8% | 15.0% | 7.5% | 3.6% | 8.3% |
| TSMDX Grade | C | B | D | F | F | F |
| +/- Category | -0.1% | 1.0% | -2.8% | -5.1% | -4.0% | -2.0% |
| Mid-Cap Blend Avg | -1.8% | 3.9% | 17.8% | 12.7% | 7.6% | 10.3% |
| TSMDX Tax Cost Ratio | na | na | 0.0% | 0.7% | 0.8% | 0.7% |
TSMDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSMDX Return (NAV) | 8.9% | 7.9% | 7.7% | 9.4% | -17.7% | 23.2% | 15.9% | 25.1% | -13.1% | 19.0% | 14.5% |
| TSMDX Grade | F | C | F | F | D | D | B | F | F | B | C |
| +/- Category | -4.2% | -0.1% | -5.9% | -7.0% | -2.6% | -1.1% | 2.6% | -3.4% | -2.8% | 2.9% | -0.1% |
| Mid-Cap Blend Avg | 13.0% | 7.9% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 16.0% |
| Total Risk Index: | 1.30 - Above Average |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 1.04 |
| R-Squared: | 72% |
| 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: | $32 Mil |
| Fund Total Assets: | $ 33 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.9 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): McGonagle Laura (2015), Prasad Mitali (2019), Apte Sahas (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 94 |
| % in Top 10 Holdings: | 24.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 95.5% |
| Foreign Stock: | 3.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Trillium Mutual Funds |
| Phone Number: | 866-209-1962 |
| Website: |
| Status: | Open |
| Inception Date: | August 31, 2015 |
| Min. Initial Purchase: | $100,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.97% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Trillium ESG Small/Mid Cap Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
