The Fund seeks to maximize capital appreciation.
Pier Capital, LLC (Pier) formerly known as SEB Asset Management America, Inc., is an independent investment adviser which was originally founded in 1987. Pier specializes in small cap growth stocks. Pier searches for companies that exhibit a long-term sustainable business model and invests at a discount to the growth rate.
|Capital Gains Paid||December*|
|* If applicable|
For Class C shares, the initial minimum investment amount for regular accounts is $5,000, and for taxdeferred and certain tax efficient accounts (such as Roth IRAs) is $2,000. The minimum subsequent investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to depreciation of the investment. The fee is waived if your total investment amount in all Funds combined is $50,000 or more. There is no minimum initial investment for employee benefit plans, mutual fund platform platforms, supermarket programs, associations, and individual retirement accounts. The minimum subsequent investment in the Trust is $100 and there is no minimum subsequent investment for any Fund. The Trust reserves the right at any time to vary the initial and subsequent investment minimums.
|Net Asset Value (NAV):||NAV Change:||NAV Percentage Change:|
|Net Asset Value (NAV):||$8.53|
|NAV Percentage Change:||-2.63 %|
|YTD Return at NAV:|
|YTD Return at NAV:||-35.28 %|
month-end (as of 5/31/2022)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||-33.43 %||6.73 %||9.89 %||10.83 %||7.82 %|
Total Return (as of 3/31/2022)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||-16.91 %||14.16 %||15.47 %||12.23 %||9.23 %|
month-end (as of 5/31/2022)
|1 Yr||-33.43 %|
|3 Yr||6.73 %|
|5 Yr||9.89 %|
|10 Yrs||10.83 %|
|Since Inception||7.82 %|
Average Annual Total Return
(as of 3/31/2022)
|1 Yr||-16.91 %|
|3 Yr||14.16 %|
|5 Yr||15.47 %|
|10 Yrs||12.23 %|
|Since Inception||9.23 %|
|Per prospectus dated 3/1/2021|
|Expense Ratio:||2.78 %|
|Per prospectus dated 3/1/2021|
Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
|12/29/2021||$2.00||Short-Term Capital Gain|
|12/29/2021||$1.85||Long-Term Capital Gain|
|12/30/2020||$1.40||Short-Term Capital Gain|
|12/30/2020||$2.13||Long-Term Capital Gain|
|12/27/2019||$0.25||Long-Term Capital Gain|
|12/27/2018||$1.67||Short-Term Capital Gain|
|12/27/2018||$2.13||Long-Term Capital Gain|
|12/27/2017||$1.07||Short-Term Capital Gain|
|12/27/2017||$1.89||Long-Term Capital Gain|
|12/29/2015||$0.51||Short-Term Capital Gain|
|12/29/2015||$0.93||Long-Term Capital Gain|
|12/29/2014||$0.23||Short-Term Capital Gain|
|12/29/2014||$1.34||Long-Term Capital Gain|
|12/27/2013||$2.61||Short-Term Capital Gain|
|12/27/2013||$1.11||Long-Term Capital Gain|
|12/27/2012||$0.98||Long-Term Capital Gain|
|8/14/2008||$0.03||Short-Term Capital Gain|
|12/27/2007||$0.81||Short-Term Capital Gain|
|12/27/2007||$0.63||Long-Term Capital Gain|
Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.
|Security||% of Net Assets|
|Formfactor, Inc.||1.83 %|
|Inter Parfums, Inc||1.69 %|
|Hexcel Corp||1.64 %|
|WNS Holdings Ltd-ADR||1.55 %|
|MSA Safety Inc||1.55 %|
|Insulet Corp||1.47 %|
|Axcelis Technologies Inc||1.46 %|
|Papa John's Intl. Inc||1.42 %|
|RadNet Inc.||1.34 %|
|Information Technology (31.61%)|
|Health Care (24.19%)|
|Consumer Discretionary (15.12%)|
|Consumer Staples (4.47%)|
|Telecommunication Services (3.33%)|
Investors should consider the investment objectives, risk factors, charges, and expenses of the Dunham Funds carefully before investing. This and other important information is contained in the Dunham Funds’ summary prospectus and/or prospectus, which may be obtained by contacting your financial advisor, or by calling toll free (800) 442‐4358. Please read prospectus materials carefully before investing or sending money. Investing involves risk, including possible loss of principal.
Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.
Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.
Small Capitalization Risk - The Fund's investments in small cap companies carry more risks than investments in larger companies. Small cap companies often have narrower markets, fewer products, or services to offer and more limited managerial and financial resources than do larger, more established companies.
Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.
Software Industry Risk - Various factors may significantly affect the software industry, such as technological developments, fixed-rate pricing and the ability to attract and retain skilled employees. The success of companies in the industry is subject to the continued demand for internet services. For example, as product cycles shorten and manufacturing capacity increases, these companies increasingly could become subject to aggressive pricing, which hampers profitability. Changing domestic and international demand, research and development costs, availability and price of components and product obsolescence can affect the profitability of software companies. Software company stocks may experience substantial fluctuations in market price. The market for software products is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of software and services companies depends substantially on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting a company’s products or in the market for products based on a particular technology could have a material adverse effect on the company’s operating results. Furthermore, there can be no assurance that the software companies will be able to respond in a timely manner to compete in the rapidly developing marketplace. Many software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not develop technologies independently that substantially are equivalent or superior to such companies’ technology
Management Risk - Each Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness and potential appreciation of a security, whether selected under a “value”, “growth” or other investment style, may prove to be inaccurate and may not produce the desired results. The Adviser and Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.
Portfolio Turnover Risk - The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.
Liquidity Risk - Liquidity Risk: The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. For example, relatively few market makers characterize the secondary markets for high-yield debt securities, and the trading volume for high-yield debt securities is generally lower than that for higher-rated securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value. Less liquid secondary markets also may affect the Fund’s ability to sell securities at their fair value. The Fund may invest in illiquid securities, which are more difficult to value and to sell at fair value. If the secondary markets for lightly-traded securities contract due to adverse economic conditions or for other reasons, certain liquid securities in the Fund’s portfolio may become illiquid, and the proportion of the Fund’s assets invested in illiquid securities may increase.
Securities Lending Risk - Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Board of Trustees. A risk of lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. The Fund might not be able to recover the securities or their value. In determining whether to lend securities, the Adviser or its agent, will consider all relevant facts and circumstances, including the creditworthiness of the borrower.