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Tax Managed Equity Fund
The Armada Tax Managed Equity Fund invests in large, established companies that are global leaders in their industries or emerging leaders in industries with attractive growth prospects. The management team employs a variety of tools and techniques to limit portfolio turnover and capital gains distributions.
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xml version="1.0"?>MARKET WATCH
(01:20 to NY close)
| | S&P 500 | 923.75 | -10.78 | -1.15% | | DJIA | 8777.54 | -85.03 | -0.96% | | NASDAQ | 1456.75 | -28.03 | -1.89% | | 10-yr Note | 4.23 | +0.01 | 0.28% |
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Ticker Lookup |
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AFTER-TAX RETURNS
After-tax returns are shown using the highest federal income tax rate in effect at the time of each distribution,
but do not reflect state and local taxes. If you own shares in a tax-deferred investment, such as an IRA or
qualified retirement plan, this information is irrelevant because these accounts are not subject to current taxation.
| as of 11/30/2002 |
On Distributions |
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On Distributions and Sales of Shares |
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1YR |
5YR |
10YR/
Since Inception |
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1YR |
5YR |
10YR/
Since Inception |
| A Shares |
-26.58% |
N/A |
-4.84% |
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-16.29% |
N/A |
-3.76% |
| B Shares |
-26.63% |
N/A |
-4.94% |
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-16.35% |
N/A |
-3.86% |
| C Shares |
-23.60% |
N/A |
-17.52% |
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-14.49% |
N/A |
-13.50% |
| H Shares |
N/A |
N/A |
-28.36% |
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N/A |
N/A |
-17.39% |
| I Shares |
-22.21% |
N/A |
-3.30% |
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-13.55% |
N/A |
-2.55% |
| N/A |
N/A |
N/A |
N/A |
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N/A |
N/A |
N/A |
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Investment Strategy
Earnings growth drives stock prices over timeThe Armada Tax Managed Equity Fund’s managers believe that superior returns can be achieved by investing in companies, comparable to those in the Standard &Poor’s 500 (S&P) Index *, that have above average earnings predictability and stability. The managers work to minimize taxable gains by: keeping a low portfolio turnover, investing in companies that pay little or no dividend, selling depreciated securities to offset gains, and selling shares with a higher cost basis first. A proprietary quantitative model is used to evaluate all stocks before they are bought or sold.
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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.
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Economic Sector Weightings
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| Chemicals and Allied Products |
20.60% |
| Depository Institutions |
10.90% |
| Electronic and Other Electric Equipment |
9.90% |
| Insurance Carriers |
8.10% |
| Transportation Equipment |
7.40% |
| Food and Kindred Products |
6.70% |
| Industrial Machinery and Equipment |
6.40% |
| Petroleum and Coal Products |
5.80% |
| Business Services |
5.80% |
| Building Materials & Garden Supplies |
4.80% |
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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.
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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.
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Pre-tax returns for "Life of Fund" are calculated as of 6/30/84, the inception date of the Fund's predecessor common trust fund.
The Fund’s after-tax returns are calculated as of the mutual fund’s actual inception date 5/4/98. Comparisons between these two total return calculations will be inconsistent. The after-tax returns also take into effect a 5.00% maximum contingent deferred sales charge for B shares.
Returns for the period Jan 10, 2000 to May 4, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period May 4, 1998 to May 11, 1998 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to May 11, 1998 reflect the performance of the Fund’s Class I Shares.
For Class H shares, the annualized return since the actual inception date of Apr 12, 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 May 4, 1998 was -1.79% without sales charge and -2.22% with sales charge. For Class A shares, the annualized return since the actual inception date of May 11, 1998 was -0.81% without sales charge and -2.04% 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 10, 2000 to May 4, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period May 4, 1998 to May 11, 1998 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to May 11, 1998 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Jan 10, 2000 was -13.06% without sales charge and -13.06% 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 performance quoted represents past performance of the National City Bank’s internally managed common trust fund adjusted for fees and expenses for periods prior to 4/9/98. The common trust was not registered under the 1940 Act and therefore was not subject to certain investment restrictions which may have adversely affected performance.
The since inception pre-tax returns for the Tax Managed Equity Fund are calculated using the inception date of 6/30/84 of the Fund’s predecessor common trust fund. However, in accordance with an SEC mandate, the after-tax returns for this Fund are based on actual inception dates. Consequently, the returns are based on different inception dates, creating a variance in their since inception return figures. Because the Fund was not registered under the 1940 Act, it is not possible to reflect tax consequences when calculating after-tax returns for periods prior to the inception of A and B Shares.
The Index is not connected with the Armada Tax Managed Equity Fund. It is not possible to invest in this or any other index.
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.
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