Fund Evaluator:

Government Street Opportunities Overview

Government Street Opportunities (GVMCX) is an actively managed U.S. Equity Mid-Cap Blend fund. Leavell launched the fund in 2003.

The investment seeks capital appreciation. The fund’s portfolio manager emphasizes investment in the common stocks of mid-cap companies and is typically broadly diversified among companies in a variety of industries and economic sectors. It is governed by an investment philosophy that seeks to reduce the variability of its returns (risk) and to increase its longer-term compounded returns through a diversified investment strategy. The manager will emphasize investments in common stocks of mid-cap companies and shares of ETFs that invest primarily in common stocks of mid-cap companies, but is not limited to any particular market capitalization.

About Government Street Opportunities (GVMCX)

There are 1 members of the management team with an average tenure of 22.63 years: Thomas Leavell (2003). 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 S&P MidCap 400 TR index with a weighting of 100%. Government Street Opportunities has 87 securities in its portfolio. The top 10 holdings constitute 39.0% 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.

Government Street Opportunities is part of the Equity global asset class and is within the U.S. Equity fund group. Government Street Opportunities has 8.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 83.6%. There is 8.0% 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). Government Street Opportunities has 4.4% of the portfolio in cash.

Assets Under Management

The fund has $93 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.

GVMCX 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 Government Street Opportunities expense ratio is high compared to funds in the Mid-Cap Blend category. Government Street Opportunities has an expense ratio of 1.05%, which is 7% higher 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. Government Street Opportunities has a portfolio turnover rate of 20%, 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 June 2026, Government Street Opportunities returned 2.5%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of 4.1%. 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.

Government Street Opportunities has a trailing yield of 0.34%, which is below the 0.47% category average. The fund normally distributes its income semi-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.

Government Street Opportunities Grades

Year to date, the fund has returned 15.3%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 23.2% over the past year (grade of C), 17.2% over the past three years (grade of B) and 11.3% per year over the past five years (grade of A) and 13.8% per year over the past 10 years (grade of A).

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