Fund Evaluator:

Private Capital Management Value I Overview

Private Capital Management Value I (VFPIX) is an actively managed U.S. Equity Small Blend fund. Private Capital Management launched the fund in 2010.

The investment seeks to achieve long-term capital appreciation. The fund, under normal circumstances, primarily invests in common stocks of companies listed on stock exchanges in North America. There are no set limits on the market capitalizations of the companies in which it may invest. The Adviser applies a fundamental value, research driven investment approach.

About Private Capital Management Value I (VFPIX)

There are 2 members of the management team with an average tenure of 10.64 years: Erick Sonne (2021), Gregg Powers (2010). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 2000 TR USD index with a weighting of 100% and Russell 1000 Equal Weight TR USD index with a weighting of 100%. Private Capital Management Value I has 32 securities in its portfolio. The top 10 holdings constitute 54.6% 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.

Private Capital Management Value I is part of the Equity global asset class and is within the U.S. Equity fund group. Private Capital Management Value I has 12.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.1%. There is 12.2% 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). Private Capital Management Value I has 6.8% of the portfolio in cash.

Assets Under Management

The fund has $74 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.

VFPIX 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 Private Capital Management Value I expense ratio is high compared to funds in the Small Blend category. Private Capital Management Value I has an expense ratio of 1.22%, which is 17% 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. Private Capital Management Value I has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.

Recently, in the month of August 2026, Private Capital Management Value I returned 0.8%, which earned it a grade of B, 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.

Private Capital Management Value I has a trailing yield of 0.00%, 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.

Private Capital Management Value I Grades

Year to date, the fund has returned 11.6%, 6.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.1% over the past year (grade of F), 14.9% over the past three years (grade of C) and 10.1% per year over the past five years (grade of A) and 12.2% per year over the past 10 years (grade of A).

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