EntrepreneurShares IMPAX Factsheet Q1 2018

EntrepreneurShares IMPAX Factsheet Q1 2018

As of 03.31.2018

ENTREPRENEUR U.S. SMALL CAP MUTUAL FUND INVESTMENT STRATEGY> The fund invests in a portfolio of domestic entrepreneurial companies with market caps above $300MM. We select investments based on our 15 proprietary qualitative and quantitative filters. Our investment style places high value on visionary leaders who are stewards of their companies and possess high economic and personal stakes. APPROACH> The firm utilizes a bottom-up fundamental approach to identify investments in companies that possess 15 entrepreneurial attributes. Our extensive academic research and 10+ years of professional performance assert that companies possessing these characteristics have the potential to outperform “non-entrepreneurial” companies over time.

IMPAX

Fund Information Strategy AUM

ENTREPRENEURIAL LEADERS CAN CREATE FUNDAMENTAL VALUE

$135.86M

80

Number of Holdings

• Visionary entrepreneurial leaders have economic and non-economic incentives to create value • These leaders see far horizons and are resilient in tough times • Their organizations keep costs lean, debt levels manageable, and expansion projects within reach ENTREPRENEURIAL COMPANIES CAN OUTPERFORM THE COMPETITION • Our research asserts the entrepreneurially run companies achieve higher long-run growth rates • Those companies emphasize motivated and transparent leadership and prioritize shareholders • They focus on sustainable organic growth and operational efficiency ENTREPRENEURIAL BEHAVIOR CAN TRANSLATES INTO SHAREHOLDER VALUE

IMPAX

Ticker Symbol

12/17/2013

Inception Date

0.90%

Gross Expense Ratio

0.85%

Net Expense Ratio*

$3.19B

Avg. Mkt. Cap. ($-WTD)

Top 10 Holdings Nutanix Inc

2.16%

Twilio Inc

1.82%

• This drives earnings growth, stock price appreciation, and above average employment growth

Casa Systems Inc

1.81%

Entrepreneurial leaders are the ones that create entrepreneurial companies and institute entrepreneurial behavior. Thus, leadership matters in a company. More information can be found in the Leadership Matters article by Joel Shulman.

Paycom Software Inc

1.72%

YTD

1 YEAR

3 YEAR

INCEPTION

Vicor Corp

1.70%

3.08% 23.13% 10.68% 12.34%

IMPAX

Ringcentral Inc

1.64%

-0.08% 11.79% 8.39% 10.54%

Russell 2000

Ameresco Inc

1.62%

2.30% 18.63% 8.77% 13.14%

Growth of $1,000 Russell 2000 Growth

Epam Systems Inc

1.58%

New Relic Inc

1.58%

$1,700.00

Hubspot Inc

1.58%

Russell 2000 Growth

IMPAX

$1,600.00

Entrepreneurs by Sector Information Technology

$1,500.00

31.19%

$1,400.00

Health Care

26.32%

$1,300.00

Financials

10.46%

$1,200.00

Consumer Discretionary

8.71%

$1,100.00

Industrials

6.74%

$1,000.00

Consumer Staples

4.29%

$900.00

Energy

3.67%

$800.00

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Real Estate

2.16%

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance >Page 1 Page 2

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