Eventide Gilead Fund Best Performing Midcap Growth Mutual Fund for 2014
BOSTON, MA – (Marketwire – Jan 20, 2015) – The Eventide Gilead Fund (NASDAQ: ETILX), a mutual fund practicing values-based investing, was the best performing midcap growth mutual fund for 2014 according to independent investment research provider Morningstar. With a one-year total return of 18.08%, the Eventide Gilead Fund had the highest one-year performance in the Midcap Growth category by Morningstar out of 746 funds, for the period ending December 31, 2014.
The Wall Street Journal also recognized the Eventide Gilead Fund for 2014 performance, naming it a “Category King” in the Midcap Growth category – an award honoring the top 10 mutual funds in each equity category in one-year total performance. The Gilead Fund was ranked #1 out of 421 midcap growth funds by the WSJ Category King for the one-year period ending December 31, 2014.
The Eventide Gilead Fund also finished the year with an impressive sweep of long-term rankings in Morningstar’s Midcap Growth category: the No-load Class shares ranking in the top 1% of its peer group for each of the one-, three-, and five-year time periods, for total performance. Overall, the Gilead Fund is rated five-stars out of five by Morningstar, using a methodology that considers both performance and risk factors.
The Eventide Gilead Fund is managed by Eventide Asset Management, LLC, a Boston-based Registered Investment Advisor with a values-based approach to investing. Eventide CEO Robin John commented: “We view the Eventide Gilead Fund outperformance in 2014 and since inception as validation of our investment philosophies of the value of expertise over general knowledge, that truly wise investing means partnering with companies that excel at creating value for others, and a belief that risk management should rely on a wide range of rigorous data.”
Eventide Funds CIO and Lead Portfolio Manager of the Eventide Gilead Fund Finny Kuruvilla, MD PhD commented on two of the Fund’s best performers in 2014: “Legitimate, market-disrupting innovation will consistently be rewarded. Our investments in companies like Agios (AGIO) and bluebird bio (BLUE) were rewarded as these companies combined excellence in biomedical research with disciplined execution in clinical trials. We continue to believe that innovation in biotechnology is a secular trend that has much farther to go.”
Eventide also manages the Eventide Healthcare & Life Sciences Fund (NASDAQ: ETNHX), a Health sector fund. With a median market cap of just $1.22B and 71.33% percent of the net assets invested in the Biotech & Pharma Industry (as of December 31, 2014), the Eventide Healthcare & Life Sciences Fund focuses on investing in high innovation, small, early-development stage biotechnology companies with the potential to appreciate in value as positive data is released regarding clinical trials and FDA feedback, and market acceptance of products. The Healthcare & Life Sciences Fund finished its 2014 year in the top one-third of its Morningstar peer group, the Health Category, ranked by total return, out of 126 funds.
When asked what 2015 holds for investors, Dr. Kuruvilla said, “The combination of weak investor sentiment (a contrarian positive signal), reasonable valuations, and favorable leading indicators make us constructive on the market for 2015. While the collapse in the price of oil and the decline in yield on the 10-year Treasury may be alarming, these signals are partially offset by their own effects: cheaper oil means additional money in the consumer’s pocket and lower interest rates results in more affordable mortgages which can sustain a recovery in housing.”
As of December 31, 2014, the Eventide Gilead Fund had $986.62 million in net assets, and the Eventide Healthcare & Life Sciences Fund had $149.28 million in net assets.
The following tables show the performance of the Eventide Funds since inception:
|As of 12/31/2014||1 year return||3 year annualized return||5 year annualized return||Since inception (07/08/2008) annualized return|
|Eventide Gilead Fund||17.86%||28.65%||20.39%||17.77%|
|Russell Mid-Cap Growth Total Return Index||11.90%||20.71%||16.94%||11.05%|
|S&P 500 Total Return Index||13.69%||20.41%||15.45%||10.08%|
|As of 12/31/2014||1 year return||Since inception (12/27/2012) annualized return|
|Eventide Healthcare & Life Sciences Fund||29.11%||44.55%|
|Healthcare Blended Index||17.44%||33.36%|
|S&P 500 Total Return Index||13.69%||22.90%|
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Please review the funds’ prospectus for more information regarding the funds’ fees and expenses. Eventide Gilead Fund performance shown is for No-load Class shares and the Eventide Healthcare & Life Sciences Fund performance shown is for No-load Class shares (please see a prospectus for information about other share classes). For performance information current to the most recent month-end, please call toll-free 877-771-EVEN (3836).
Eventide Gilead Fund expenses: Total Expenses 1.45%. Eventide Healthcare & Life Sciences Fund expenses: Gross Expenses 1.70%; Net Expenses 1.64%. The advisor has contractually agreed to waive fees and/or reimburse expenses of the Eventide Healthcare & Life Sciences Fund through 31 October 2015.
Morningstar, Inc. All rights reserved. Morningstar is an independent provider of financial information. Morningstar percentile rankings are based on total return without sales charge relative to all share classes of mutual funds with similar objectives and determined by Morningstar. Past performance or ranking is not indicative of future results. Morningstar rating given is an Overall Rating, against 583 US Mid-Cap Growth Funds for the 5yr period, as of 12/31/2014, and 643 Funds for the 3yr period, based on risk-adjusted total return. Ratings are determined monthly and subject to change. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. The top 10% of the funds in a rating universe receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance or ranking is not indicative of future results. Eventide Gilead Fund Morningstar 5yr percentile rank was out of 583 funds; 3yr rank was out of 643 funds; 1yr rank was out of 746 funds.
Wall Street Journal rankings are not intended to constitute investment advice. Rather, you should use the rankings for informational purposes only.
Agios (AGIO) was 2.54% of the Eventide Gilead Fund and 2.58% of Eventide Healthcare & Life Sciences Fund net assets, as of December 31, 2014, and subject to change. bluebird bio, Inc (BLUE) was 2.96% of Eventide Gilead Fund and 4.37% of Eventide Healthcare & Life Sciences Fund net assets, as of December 31, 2014, and subject to change.
The S&P 500 is an index created by Standard & Poor’s Corp considered to represent the performance of the stock market generally. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. It includes mid-cap companies with higher price-to-book ratios and forecasted growth. The Healthcare Blended Index is composed of equal parts of the S&P 400 Healthcare Index and the S&P 600 Healthcare Index. These indexes are not investment products available for purchase.
Mutual Funds involve risk including the possible loss of principal. The Eventide Funds can invest in smaller-sized companies which may experience higher failure rates than larger companies and they normally have a lower trading volume than larger companies. The Funds’ ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. The Funds can have risk associated with the biotechnology and pharmaceutical industry in which these companies may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. The Funds can have risk related to option investing. There are special risks associated with investments in foreign companies including exposure to currency fluctuations, less efficient trading markets, political instability and differing auditing and legal standards. The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
An investor should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about Eventide Funds can be found in the Funds’ prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus please call the Fund, toll free at 877-771- EVEN (3836) or visit www.eventidefunds.com. Eventide Funds are distributed by Northern Lights Distributors, LLC, member FINRA, which is not affiliated with Eventide Asset Management, LLC.
Jason Myhre, 877-771-EVEN (3836)