Thompson MidCap Fund - THPMX

Investment Strategy

The MidCap Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfo¬lio of equity securities of medium-sized companies that at the time of purchase fall within the 12-month average of the capitalization ranges of stocks in the Russell Midcap Index, the Fund’s benchmark. Although market capitalizations are constantly changing, as of December 31, 2024, the Russell Midcap Index included companies with market capitalizations between $205 million and $152 billion. The Fund’s equity investments included within this 80% may include common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs). We also generally seek to identify investment opportunities in equity securities of companies that we believe have above-average potential for earnings and dividend growth. To achieve a better risk-adjusted return on its equity investments, the MidCap Fund invests in a diversified portfolio of companies, including companies from a blend of industries and style classes. We believe that holding a diverse group of stocks will provide competitive returns under different market environments relative to more narrow investment styles. Our flexible approach to equity invest¬ing enables us to adapt to changing market trends and conditions and to invest wher¬ever we believe opportunity exists.

Fund Facts

Fund Inception: March 31, 2008
Dividend Frequency: Annual
Fund Ticker Symbol: THPMX
Sales Charges: None
Distribution (12b-1) Fees: None
Redemption Fees: None
Minimum Opening Investment: $250
Minimum Subsquent Investment: $50

Portfolio Statistics as of
March 31, 2025

Fund Assets: $49 million
Net Asset Value: $12.97
Number of Equities: 81
Weighted Average Market Cap. (billions): $28.8
Median Market Capitalization (billions): $10.4
Month-end annualized returns as of
March 31, 2025
  One Year Three Year Five Year Ten Year Since
Inception
3/31/08
THPMX2.11%2.54%19.28%6.76% N/A
Average annual returns as of
March 31, 2025
  One Year Three Year Five Year Ten Year
THPMX2.11%2.54%19.28%6.76%

Daily returns as of
April 25, 2025
  Price Change YTD
THPMX12.480.02-7.00%

MidCap Fund Expense Ratios as of
March 31, 2025
Gross of fee waivers or reimbursements 1.38%
Net Expense Ratio - Effective 3/31/25 1.15%*

 

*The Advisor has contractually agreed to waive certain expenses through March 31, 2026. Investment performance reflects fee waivers in effect. In the absence of such waivers, the returns would be reduced. Net expense ratios are current as of the most recent prospectus and are applicable to investors.

Performance data quoted represents past performance: past performance does not guarantee future results. The investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800.999.0887 or visiting www.thompsonim.com.

 

Largest Equity Holdings as of
March 31, 2025
Company % of Net Assets
Warner Bros. Discovery 3.43%
Concentrix 2.92%
O-I Glass 2.49%
Charles Schwab 2.39%
Neurocrine Biosciences 2.18%
LKQ 2.15%
Calix 2.13%
Performance Food Group 2.06%
Flagstar Financial 2.06%
Viatris 2.02%

 

Sector Weightings as of
March 31, 2025
Sector % of Total Investments
Financials 19.03%
Industrials 13.94%
Information Technology 13.73%
Health Care 13.24%
Consumer Discretionary 9.76%
Communication Services 7.00%
Consumer Staples 6.78%
Real Estate 6.41%
Utilities 3.82%
Materials 3.31%
Energy 2.98%

Portfolio Management Team

James T. Evans, CFA
Jason L. Stephens, CFA
James T. Evans and Jason L. Stephens serve as Co-Portfolio Managers for the MidCap Fund. Mr. Evans and Mr. Stephens have been actively involved with the MidCap Fund since its inception.

If you have any questions, please contact Shareholder Services at 800.999.0887.

Portfolio holdings and assets/sector allocations are subject to change and are not recommendations to buy or sell any security.

Please refer to the Prospectus for more complete information including investment objectives, risks, charges and expenses of the investment company. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

Mutual fund investing involves risk. Principal loss is possible. Midcap companies tend to have limited liquidity and greater volatility than large-capitalization companies. Investments in real estate securities may involve greater risk and volatility including greater exposure to economic downturns and changes in real estate values, rents, property taxes, tax, and other laws. A real estate investment trust’s (REITs) share price may decline because of adverse developments affecting the real estate industry. Investments in American Depository Receipts (ADRs) are subject to some of the same risk associated with directly investing in securities of foreign issuers, including the risk of changes in currency exchange rates, expropriation or nationalization of assets, and the impact of political, diplomatic, or social events.

Diversification does not assure a profit nor protect against loss in a declining market.

The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index based on total market capitalization. You cannot invest directly in an index.  FTSE Russell is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. “FTSE®” and “Russell®” are trademarks of the London Stock Exchange Group.

While the Fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for additional details.

The Thompson IM Funds are distributed by Quasar Distributors, LLC.