Fund Evaluator:
Lisanti Small Cap Growth (ASCGX)
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Best Performing in Small Growth Over the Last Year
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Fund Details
Lisanti Small Cap Growth Overview
Lisanti Small Cap Growth (ASCGX) is an actively managed U.S. Equity Small Growth fund. Lisanti SmallCap launched the fund in 2004.
The investment seeks maximum capital appreciation. The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of smaller, lesser-known companies whose stocks are traded in the U.S. markets. It normally invests in companies that the Adviser believes are in an early stage or transitional point in their development and have above average prospects for growth.
About Lisanti Small Cap Growth (ASCGX)
There are 1 members of the management team with an average tenure of 22.35 years: Mary Lisanti (2004). 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 2000 Growth TR USD index with a weighting of 100%. Lisanti Small Cap Growth has 89 securities in its portfolio. The top 10 holdings constitute 24.1% 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.
Lisanti Small Cap Growth is part of the Equity global asset class and is within the U.S. Equity fund group. Lisanti Small Cap Growth has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.5%. There is 0.9% 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). Lisanti Small Cap Growth has 4.6% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $454 million average for the Small 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.
ASCGX 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 Lisanti Small Cap Growth expense ratio is high compared to funds in the Small Growth category. Lisanti Small Cap Growth has an expense ratio of 3.06%, which is 160% higher than its category average, making the fund expense ratio grade a F. 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. Lisanti Small Cap Growth has a portfolio turnover rate of 358%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.
Recently, in the month of June 2026, Lisanti Small Cap Growth returned 8.9%, which earned it a grade of A, as the Small Growth category had an average return of 6.5%. 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.
Lisanti Small Cap Growth has a trailing yield of 0.00%, which is below the 0.07% 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.
Lisanti Small Cap Growth Grades
Year to date, the fund has returned 32.8%, 10.7 percentage points better than the category, which translates into a grade of A. The fund has returned 50.4% over the past year (grade of A), 21.7% over the past three years (grade of B) and 4.1% per year over the past five years (grade of C) and 14.2% per year over the past 10 years (grade of B).
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ASCGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ASCGX Return (NAV) | 8.9% | 36.9% | 50.4% | 21.7% | 4.1% | 14.2% |
| ASCGX Grade | A | A | A | B | C | B |
| +/- Category | 2.5% | 12.3% | 16.7% | 5.4% | -0.6% | 1.7% |
| Small Growth Avg | 6.5% | 24.7% | 33.7% | 16.4% | 4.6% | 12.5% |
| ASCGX Tax Cost Ratio | na | na | 0.0% | 0.2% | 2.1% | 2.4% |
ASCGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ASCGX Return (NAV) | 32.8% | 9.8% | 27.7% | 4.4% | -37.4% | 10.7% | 52.9% | 25.6% | -1.9% | 27.8% | 7.3% |
| ASCGX Grade | A | B | A | F | F | C | B | D | B | B | D |
| +/- Category | 10.7% | 1.8% | 12.2% | -12.4% | -9.4% | 0.2% | 11.0% | -4.3% | 2.2% | 3.7% | -2.9% |
| Small Growth Avg | 22.1% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 22.1% |
| Total Risk Index: | 1.82 - High |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 1.47 |
| R-Squared: | 75% |
| 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: | $18 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 358% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 22.4 years | |||
| Average Tenure: 22.4 years | |||
| Managers (Year): Lisanti Mary (2004) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 89 |
| % in Top 10 Holdings: | 24.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 94.5% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.6% |
Purchase Information
| Fund Family: | Lisanti SmallCap |
| Phone Number: | 800-441-7031 |
| Website: | www.ahlisanti.com |
| Status: | Open |
| Inception Date: | February 27, 2004 |
| Min. Initial Purchase: | $ 100 |
| Min. Initial IRA Purchase: | $ 100 |
| 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 (%): | 3.06% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Lisanti Small Cap Growth |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
