Fund Evaluator:

Bridgeway Ultra-Small Company Market Overview

Bridgeway Ultra-Small Company Market (BRSIX) is an actively managed U.S. Equity Small Value fund. Bridgeway launched the fund in 1997.

The investment seeks to provide a long-term total return on capital, primarily through capital appreciation. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in ultra-small company stocks based on company size at the time of purchase. It aims to achieve its objective by approximating the total return of the CRSP Cap-Based Portfolio 10 Index (the "index") published by the Center for Research in Security Prices, LLC (“CRSP”), an affiliate of the University of Chicago over longer time periods. The Adviser invests in a representative sample of the companies included in the index.

About Bridgeway Ultra-Small Company Market (BRSIX)

There are 4 members of the management team with an average tenure of 16.82 years: Elena Khoziaeva (2005), Christine Wang (2010), John Montgomery (1997), Andrew Berkin (2024). 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 Micro Cap TR USD index with a weighting of 100%. Bridgeway Ultra-Small Company Market has 542 securities in its portfolio. The top 10 holdings constitute 6.6% 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.

Bridgeway Ultra-Small Company Market is part of the Equity global asset class and is within the U.S. Equity fund group. Bridgeway Ultra-Small Company Market has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0%. 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). Bridgeway Ultra-Small Company Market has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $148 million in total assets, which is below the $418 million average for the Small Value 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.

BRSIX 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 Bridgeway Ultra-Small Company Market expense ratio is above average compared to funds in the Small Value category. Bridgeway Ultra-Small Company Market has an expense ratio of 0.75%, which is 36% lower than its category average, making the fund expense ratio grade a A. 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. Bridgeway Ultra-Small Company Market has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, Bridgeway Ultra-Small Company Market returned 2.7%, which earned it a grade of F, as the Small Value category had an average return of 5.7%. 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.

Bridgeway Ultra-Small Company Market has a trailing yield of 0.83%, which is above the 0.77% 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.

Bridgeway Ultra-Small Company Market Grades

Year to date, the fund has returned 23.2%, 2.6 percentage points better than the category, which translates into a grade of B. The fund has returned 56.2% over the past year (grade of A), 22.4% over the past three years (grade of A) and 5.0% per year over the past five years (grade of F) and 11.4% per year over the past 10 years (grade of A).

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