Fund Evaluator:

Waycross Focused Core Equity Fund Overview

Waycross Focused Core Equity Fund (WAYFX) is an actively managed U.S. Equity Large Blend fund. Waycross launched the fund in 2020.

The investment seeks capital appreciation over a full market cycle, which the advisor defines as a sustained upswing in equity markets followed by a pull back, and recovery. The fund is a non-diversified portfolio and pursues its investment objective by investing, under normal circumstances, 80% of its net assets in equity securities traded in the U.S. It holds a portfolio of common stocks of mid-capitalization and large-capitalization companies with attractive valuations based on the Adviser's proprietary analysis. The fund may also invest in securities of foreign companies that are publicly traded in the U.S. It is non-diversified.

About Waycross Focused Core Equity Fund (WAYFX)

There are 3 members of the management team with an average tenure of 3.92 years: Benjamin Thomas (2020), Evan Ferreby (2026), John Ferreby (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Waycross Focused Core Equity Fund has 31 securities in its portfolio. The top 10 holdings constitute 55.7% 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.

Waycross Focused Core Equity Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Waycross Focused Core Equity Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6%. 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). Waycross Focused Core Equity Fund has 0.5% of the portfolio in cash.

Assets Under Management

The fund has $184 million in total assets, which is below the $6 billion average for the Large 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.

WAYFX 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 Waycross Focused Core Equity Fund expense ratio is above average compared to funds in the Large Blend category. Waycross Focused Core Equity Fund has an expense ratio of 0.69%, which is 15% 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. Waycross Focused Core Equity Fund has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Waycross Focused Core Equity Fund returned 1.8%, which earned it a grade of A, as the Large Blend category had an average return of 0.4%. 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.

Waycross Focused Core Equity Fund has a trailing yield of 0.13%, which is below the 0.56% category average. The fund normally distributes its income 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.

Waycross Focused Core Equity Fund Grades

Year to date, the fund has returned 3.8%, 5.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.8% over the past year (grade of F), 17.3% over the past three years (grade of D) and 11.8% per year over the past five years (grade of C).

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