Fund Facts

Download a Current Fact Sheet >

Philosophy & Strategy
We emphasize quality companies that we believe offer excellent growth potential at reasonable valuations, focusing on established firms with strong balance sheets and consistent earnings, cash flow and sales, as opposed to start ups or unproven businesses. It is our investment philosophy that holding these higher quality small and mid-cap companies offers the potential to participate in the returns of small and mid-cap stocks, but with less risk.

Seeks long-term capital growth. Invests at least 80% of the Fund's assets in common stocks of small and mid-capitalization growth companies that the fund management team believes have above average earnings growth potential.

Expense ratio: Gross 1.72%; Net 1.26%
YTD is not annualized.
Performance quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data to the most recent month-end may be obtained by calling 877.370.7277.

Portfolio Characteristics as of 3/31/2024

Sector Diversification % assets   Top 10 Holdings % assets
Industrials   25.1   AMETEK, Inc 6.8
Information Technology 24.8   O'Reilly Automotive, Inc. 6.7
Healthcare 14.1   Expeditors Int'l of Washington Inc.   6.0
Consumer Discretionary 11.7   IDEX Corporation   6.0
Financials 8.2   CoStar Group, Inc. 5.6
Consumer Staples 8.1   Mettler-Toledo Intl, Inc  5.6
Materials 5.1   Ansys, Inc. 5.3
Energy 1.2   FactSet Research Systems, Inc. 5.2
        Ecolab, Inc. 5.1
      RBC Bearings, Inc. 5.0

This list excludes cash investments. The Fund is actively managed and current holdings may be different. The holdings listed above should not be considered recommendations to buy or sell any security listed.

Current and future portfolio holdings are subject to risk.

The Fund's investment adviser (the "Adviser") has agreed contractually, until at least April 1, 2025, to reduce its management fee and to pay the Fund's operating expenses to the extent necessary to limit the Annual Fund Operating Expenses (excluding acquired fund fees and expenses) to an amount not exceeding 1.25% of the Fund's average daily net assets. Management Fee reductions and operating expenses paid by the Adviser are subject to repayment by the Fund for a period of 3 years after such fees and expenses were incurred, provided that such repayments do not cause the Annual Fund Operating Expenses (excluding acquired fund fees and expenses) to exceed the foregoing expense limitation.


As of 3/31/2024
Minimum Investments

IRA $1,000

Additional $1,000

Portfolio Statistics

Holdings 28

Avg Weighted Market Cap $28.6

Total Assets $44.9M

Expense Ratio

Gross 1.72%

Sales Charge
L. Roy Papp &
Associates, LLP
Phoenix, Arizona
About Us
Investment Team
The Adviser
Papp Small & Mid-Cap Fund
Invest with Us
How to Invest

FINRA BrokerCheck
Check the background of Ultimus Fund Distributors, LLC on FINRA's BrokerCheck.

L. Roy Papp & Associates, LLP | 2201 E. Camelback Road, Suite 227B, Phoenix, AZ 85016 | P 602.956.0980 | F 602.956.1985
Privacy Policy | Contact Us


Mutual fund investing involves risk, including the potential loss of principal.

Small and mid‐sized companies may offer the potential for higher returns, but are also subject to greater short‐term price fluctuations than larger, more established companies. The Fund invests in a limited number of securities and, as a result, the Fund's performance may be more volatile than the performance of other funds, holding more securities. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available by calling Shareholder Services at 877.370.7277 or from the Literature section of this website. The prospectus should be read carefully before investing.

Distributed by Ultimus Fund Distributors, LLC

The banner image is from a painting by Ed Mell that hangs in the firm's office.