Small Cap Growth Fund

The Armada Small Cap Growth Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The Fund invests primarily in small companies that the managers believe are positioned to grow faster than the broader market.  		xml version="1.0"?>
MARKET WATCH(63:40 to NY open)
S&P 500848.17+11.071.32%
DJIA8018.11+103.151.30%
NASDAQ1349.02+17.791.34%
10-yr Note3.89+0.051.22%
Ticker Lookup >>
Get Quote: 




PRICE  (A Shares as of 2/21): $6.26


as of 12/31/2002     Average Annual Total Returns and Ratings
Small Cap Growth Fund Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year/
Since Inception
A Shares -5.32% -42.78% -42.78% -23.66% -8.32% -6.53%
B Shares -5.00% -42.87% -42.87% -23.68% -8.24% -6.13%
C Shares -0.84% -40.39% -40.39% -22.66% -7.85% -6.08%
H Shares -1.78% -41.01% -41.01% -22.91% -8.04% -6.25%
I Shares 0.30% -39.31% -39.31% -22.02% -7.04% -5.31%
Russell 2000 Growth Index 7.51% -30.26% -30.26% -21.11% -6.59% N/A
Small Cap Growth Fund Quarterly Fund Fact Sheet - A, B, H Shares,  C Shares,   I Shares 


Investment Objective

The Armada Small Cap Growth Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The Fund invests primarily in small companies that the managers believe are positioned to grow faster than the broader market.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 042086561
NASDAQ Symbol ASMGX
Inception Date 8/1/1997
Dividends Frequency Annually

as of 2/21/2003
Net Asset Value as of 2/21/2003 $6.26
Net Asset Value past 12 months
High: $10.00
Low: $5.98
Public Offering Price $6.62

as of 12/31/2002
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
 N/A
 N/A
Total Net Assets (millions) $159.58

Top Ten Holdings

as of 1/31/2003  (% of total net assets)
Holdings are Subject to Change.

VARCO INTL INC 1.40%
ENTERCOM COMMUNICATIONS 1.34%
EAST WEST BANCORP INC. 1.26%
RENAISSANCERE HOLDINGS 1.20%
CORPORATE EXECUTIVE BOARD 1.18%
MEDICIS PHARMACEUT CP -C 1.16%
PINNACLE SYSTEMS INC 1.15%
PATTERSON ENERG 1.15%
ACCREDO HEALTH INC 1.09%
HEARST-ARGYLE TELEVISION 1.07%

Investment Strategy

Earnings growth drives stock prices over time

The Armada Small Cap Growth Fund’s management team believes that superior returns can be achieved by purchasing in reasonably priced stocks with above average, sustainable earnings growth rates. Our portfolio team carefully screens for earnings growth greater than the Fund’s stock universe; placement in the top three deciles of the Fund’s growth model; solid management; competitive advantages; and catalyst for future growth.

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges over a multi-year period. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Economic Sector Weightings


Electronic and Other Electric Equipment 12.20%  
Business Services 11.80%  
Chemicals and Allied Products 8.40%  
STIFs/Money Markets 8.10%  
Instruments and Related Products 6.00%  
Oil and Gas Extraction 5.30%  
Health Services 4.80%  
Depository Institutions 3.70%  
Engineering & Management Services 3.40%  
Apparel and Accessory Stores 3.40%  


Index Comparison

Compare this fund’s performance, over various time periods, to the index of your choice. Just select the time period and index from the drop-down menus.

Management Team

At Armada, specialization is the key to our investment management philosophy. Our portfolio managers and research analysts work in independent teams. Each team focuses on a single sector or investment style. Their dedication and clear focus are reflected in the unwavering style purity of our funds.

Growth Equity Investment Management Team
Daniel Bandi, CFA  Managing Director of Equity Investment
Crit Thomas, CFA  Director of Growth Equity Investment
William Batcheller  Senior Portfolio Manager
Alex Vallecillo, CFA  Senior Portfolio Manager
Bryan Tinsley, CFA  Senior Equity Analyst
Mirsat Nikovic  Senior Equity Analyst
Joe Gilbert  Equity Analyst
Chris Staneluis  Portfolio Manager


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

Returns for the period Apr 1, 2002 to Jan 20, 2000 reflect the performance of the Fund’s Class C Shares, returns for the period Jan 20, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Aug 1, 1997 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Aug 1, 1997 reflect the performance of the Fund’s Class I Shares.
For Class H shares, the annualized return since the actual inception date of Apr 1, 2002 was N/A without sales charge and N/A with sales charge. For Class B shares, the annualized return since the actual inception date of Jan 6, 1998 was -8.44% without sales charge and -8.44% with sales charge.
The Class A shares have a maximum sales charge of 5.50%. The Class B shares have a maximum contingent deferred sales charge of 5.00%. The Class H shares have a 1.00% front end sales charge, in addition to a 1.00% maximum contingent deferred sales charge on shares held less than 18 months.
For Class C shares, returns for the period Jan 20, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Aug 1, 1997 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Aug 1, 1997 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Jan 20, 2000 was -25.07% without sales charge and -25.07% with sales charge.
The Class C shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.
The Index is not connected with the Armada Small Cap Growth Fund. It is not possible to invest in this or any other index. In addition to the normal risks associated with equity investing, smaller companies typically exhibit higher volatility.
Economic sector weightings may or may not total 100%.

Mutual funds involve risks including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Past performance is not indicative of future performance, and the principal value and investment return will fluctuate, so that you may have a gain or loss when you sell your shares. National City Investment Management Company (IMC) serves as investment adviser to Armada Funds, for which it receives an investment advisory fee. Armada Funds are distributed by SEI Investments Distribution Co. (SIDC), Oaks, PA 19456. SIDC is not affiliated with IMC and is not a bank. This must be accompanied or preceded by a current Armada prospectus. Read it carefully before you invest or send money.

Total returns shown reflect reinvestment of dividends and capital gains.
During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.

During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.


Armada Funds Products