(DWMC) DORSEY WRIGHT MICRO-CAP ETF
NAV as of 3/28/2023
1 Day NAV Change as of 3/28/2023
Overall Morningstar Ranking
Based on risk-adjusted return out of 574 funds in the Small Growth category
Micro-cap equities, the smallest companies in the marketplace, possess substantial upside potential but can remain subject to several investing inefficiencies – including lack of public research, trading illiquidity, and volatility – which can necessitate the need for an experienced portfolio manager when investing in this compelling area of the equity market. The AdvisorShares Dorsey Wright Micro-Cap ETF (Ticker: DWMC) is an actively managed ETF that seeks long-term capital appreciation by investing in exchange-listed, micro-cap equities with sufficient liquidity that generally have a market capitalization of less than $1 billion.
DWMC’s investment strategy follows Nasdaq Dorsey Wright’s core philosophy of relative strength investing – a proprietary systematically-driven methodology that buys securities that have appreciated in price more than other equities within its investment universe and holding those securities until they exhibit sell signals. No company fundamental data is involved in the analysis and the systematic nature of Dorsey Wright’s process removes emotion from the day-to-day decision making. Stock selection is strictly based on the highest ranked securities as measured by the relative strength investment process.
|Symbol||Exchange||Inception Date||CUSIP||Indicative NAV|
<strong>Why Invest in DWMC?</strong>
- Alpha-Seeking Micro-Cap Exposure – Research on micro-cap companies is often scarce, which can present an ideal opportunity for alpha generation. DWMC’s portfolio manager seeks to add alpha by implementing Dorsey Wright’s historically successful relative strength process that seeks to identify the strongest companies while eliminating the weakest performers.
- Historical Upside Potential – It is often easier for smaller companies to grow than larger companies. The micro-cap universe has historically delivered superior long-term performance over larger-cap companies.
- Manager Diversification – Through an established portfolio manager, spreading your investment risk among equities not correlated to the broader market can help diversify and mitigate your overall portfolio risk.
- Strategy Diversification – The systematic portfolio management process takes several factors into account to limit unnecessary risk and maximize exposure to the momentum factor. If a security becomes too large as a percentage of the portfolio it is trimmed to bring it back in line with the other security weights. The process seeks to spread out allocations within its stock model. The objective sell discipline represents an important component of the portfolio construction process.
- Active Management Advantage – Most micro-cap ETFs passively invest owning the majority of the stocks represented in their benchmark index, including those with less than attractive investing attributes. DWMC’s portfolio manager systematically screens micro-cap stocks for inclusion and removal from its highly selective, active portfolio.
<strong>Where Can DWMC Fit in a Traditional Portfolio?</strong>
DWMC may provide a high-growth complement or satellite equity holding to a broad-based equity allocation. This ETF can be used to diversify a U.S. stock allocation and to seek long-term growth in your portfolio.
- High Conviction Portfolio of Top-Ranked Micro-Caps – DWMC holds a portfolio of approximately 150 exchange-listed, micro-cap equities that demonstrate the most favorable relative strength characteristics according to Dorsey Wright’s proprietary stock rotation model. If a company’s ranking deteriorates, it is replaced in the portfolio with another company with a stronger ranking.
- Tomorrow’s Potential Leaders – Some of the largest companies in the world started out as micro-cap companies. DWMC seeks to capitalize on the smallest-sized companies as they are potentially entering their greatest periods of growth. Micro-cap companies may also benefit from merger and acquisition activity.
- Systematic Approach – DWMC’s investment process is entirely systematic and designed to remove human emotion from the decision process. This approach allows the portfolio manager to continually execute their proven proprietary investment process through all types of different market conditions. The process also allows the portfolio manager the ability to analyze a large number of securities that may become very different over time.
- Relative Strength Analysis – DWMC uses relative strength which compares price performance within a universe of stocks. Relative strength investing provides a repeatable process to identify and select the leaders while avoiding the laggards. It is important to be equally good at identifying both long-term winners and losers.
- Disciplined Sell Process – Securities are automatically sold from the portfolio when they fall below a predetermined rank threshold. The sell rank is determined when the security is purchased and is not adjusted for different market scenarios. The sell process is entirely based on the technical, systematic ranking system and does not allow for any portfolio manager discretion or overrides.
<strong>About the Portfolio Manager</strong>
John G. Lewis, CMT, Senior Portfolio Manager
John Lewis is a Senior Portfolio manager with Nasdaq Dorsey Wright. In this role, Mr. Lewis is responsible for the investment strategies used in various different indices and models.
Since joining the firm in 2002, Mr. Lewis has developed strategies for the firm’s Systematic Relative Strength series of separate accounts, the Technical Leaders Index methodology, global asset allocation strategies, and multiple series of UITs. His work is technically driven and focuses on relative strength and momentum as the main factors in the investment process.
One of the foremost experts on relative strength investing, Mr. Lewis has authored several original research papers on the subject. He is a Chartered Market Technician (CMT) and a member of the Market Technician’s Association and the American Association of Professional Technical Analysts. Mr. Lewis earned an M.B.A. in Finance from the University of Southern California and a B.A. from the University of San Diego.
|Assets Under Management||$4,213,018.39|
|30-Day Median bid-ask Spread||0.007830|
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
As of 2/28/2023
|NAV||Market Price Return||Russell Microcap Index|
|Since Inception (7/10/2018, Annualized)||7.41||7.31||2.54|
As of 12/31/2022
|NAV||Market Price Return||Russell Microcap Index|
|Since Inception (7/10/2018, Annualized)||6.68||6.70||1.17|
Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.
|Date||Account Symbol||Stock Ticker||Security ID||Security Description||Shares||Share Price||Market Value||Portfolio Weight||Asset Group|
|03/28/2023||DWMC||PBT||714236106||PERMIAN BASIN ROYALTY TRUST||3,157.00||24.21||76,430.97||1.81%||S|
|SPLP||85814R107||STEEL PARTNERS HOLDINGS LP||1,714.00||41.76||71,568.07||1.70%||S|
|ASC||Y0207T100||ARDMORE SHIPPING CORP||3,521.00||15.53||54,681.13||1.30%||FS|
|BELFB||077347300||BEL FUSE INC-CL B||1,442.00||34.57||49,849.94||1.18%||S|
|HROW||415858109||HARROW HEALTH INC||2,339.00||21.23||49,656.97||1.18%||S|
|CBAY||23257D103||CYMABAY THERAPEUTICS INC||5,547.00||8.82||48,924.54||1.16%||S|
|RELL||763165107||RICHARDSON ELEC LTD||2,289.00||20.98||48,023.22||1.14%||S|
|AMR||020764106||ALPHA METALLURGICAL RESOURCE||291||155.36||45,209.76||1.07%||S|
|MYRG||55405W104||MYR GROUP INC/DELAWARE||363||120.48||43,734.24||1.04%||S|
|DFIN||25787G100||DONNELLEY FINANCIAL SOLUTION||1,071.00||39.98||42,818.58||1.02%||S|
|PLPC||740444104||PREFORMED LINE PRODUCTS CO||336||124.59||41,862.24||0.99%||S|
|CECO||125141101||CECO ENVIRONMENTAL CORP||2,906.00||14.31||41,584.86||0.99%||S|
|NRP||63900P608||NATURAL RESOURCE PARTNERS LP||794||51.7||41,049.80||0.97%||S|
|UFPT||902673102||UFP TECHNOLOGIES INC||305||129.31||39,439.55||0.94%||S|
|GDEN||381013101||GOLDEN ENTERTAINMENT INC||945||41.52||39,236.40||0.93%||S|
|TNK||Y8565N300||TEEKAY TANKERS LTD-CLASS A||877||43.72||38,342.44||0.91%||FS|
|MOD||607828100||MODINE MANUFACTURING CO||1,718.00||21.92||37,658.56||0.89%||S|
|DO||25271C201||DIAMOND OFFSHORE DRILLING IN||3,231.00||11.65||37,641.15||0.89%||S|
|STRL||859241101||STERLING INFRASTRUCTURE INC||931||38.3||35,657.30||0.85%||S|
|HLX||42330P107||HELIX ENERGY SOLUTIONS GROUP||4,540.00||7.74||35,139.60||0.83%||S|
|TGH||G8766E109||TEXTAINER GROUP HOLDINGS LTD||1,060.00||32.04||33,962.40||0.81%||FS|
|DGII||253798102||DIGI INTERNATIONAL INC||1,035.00||32.75||33,896.25||0.80%||S|
|LPG||Y2106R110||DORIAN LPG LTD||1,546.00||20.74||32,064.04||0.76%||FS|
|XPOF||98422X101||XPONENTIAL FITNESS INC-A||1,080.00||28.97||31,287.60||0.74%||S|
|CRAI||12618T105||CRA INTERNATIONAL INC||285||109.35||31,164.75||0.74%||S|
|TNP||G9108L173||TSAKOS ENERGY NAVIGATION LTD||1,552.00||20.07||31,148.64||0.74%||FS|
|GNE||372284208||GENIE ENERGY LTD-B||2,335.00||13.2||30,822.00||0.73%||S|
|ASUR||04649U102||ASURE SOFTWARE INC||2,143.00||14.25||30,537.75||0.72%||S|
|CCB||19046P209||COASTAL FINANCIAL CORP/WA||840||35.85||30,114.00||0.71%||S|
|CVLG||22284P105||COVENANT LOGISTICS GROUP INC||866||34.61||29,972.26||0.71%||S|
|LMB||53263P105||LIMBACH HOLDINGS INC||1,799.00||16.62||29,899.38||0.71%||S|
|THR||88362T103||THERMON GROUP HOLDINGS INC||1,199.00||24.61||29,507.39||0.70%||S|
|ALDX||01438T106||ALDEYRA THERAPEUTICS INC||3,223.00||9.15||29,490.45||0.70%||S|
|HAYN||420877201||HAYNES INTERNATIONAL INC||605||48.28||29,209.40||0.69%||S|
|ESQ||29667J101||ESQUIRE FINANCIAL HOLDINGS I||782||37.27||29,145.14||0.69%||S|
|ELVN||29337E102||ENLIVEN THERAPEUTICS INC||1,237.00||23.49||29,057.13||0.69%||S|
|GLP||37946R109||GLOBAL PARTNERS LP||929||31.17||28,956.93||0.69%||S|
|JILL||46620W201||J. JILL INC||1,153.00||24.88||28,686.64||0.68%||S|
|EZPW||302301106||EZCORP INC-CL A||3,360.00||8.52||28,627.20||0.68%||S|
|ZEUS||68162K106||OLYMPIC STEEL INC||557||50.63||28,200.91||0.67%||S|
|SBR||785688102||SABINE ROYALTY TRUST||390||70.8||27,612.00||0.66%||S|
|FC||353469109||FRANKLIN COVEY CO||607||44.05||26,738.35||0.63%||S|
|TITN||88830R101||TITAN MACHINERY INC||891||29.95||26,685.45||0.63%||S|
|HCCI||42726M106||HERITAGE-CRYSTAL CLEAN INC||767||34.67||26,591.89||0.63%||S|
|NATH||632347100||NATHAN'S FAMOUS INC||359||73.49||26,382.91||0.63%||S|
|CIR||17273K109||CIRCOR INTERNATIONAL INC||837||31.27||26,172.99||0.62%||S|
|FET||34984V209||FORUM ENERGY TECHNOLOGIES IN||1,042.00||25.09||26,143.78||0.62%||S|
|KRP||49435R102||KIMBELL ROYALTY PARTNERS LP||1,767.00||14.47||25,568.49||0.61%||S|
|ALTG||02128L106||ALTA EQUIPMENT GROUP INC||1,667.00||15.25||25,421.75||0.60%||S|
|CPLP||Y11082206||CAPITAL PRODUCT PARTNERS LP||1,927.00||13.1||25,243.70||0.60%||FS|
|PMTS||12634H200||CPI CARD GROUP INC||577||43.49||25,093.73||0.60%||S|
|ATXS||04635X102||ASTRIA THERAPEUTICS INC||2,042.00||12.23||24,973.66||0.59%||S|
|VPG||92835K103||VISHAY PRECISION GROUP||621||39.78||24,703.38||0.59%||S|
|SXC||86722A103||SUNCOKE ENERGY INC||2,793.00||8.79||24,550.47||0.58%||S|
|OSBC||680277100||OLD SECOND BANCORP INC||1,714.00||14.3||24,510.20||0.58%||S|
|BBSI||068463108||BARRETT BUSINESS SVCS INC||280||87.32||24,449.60||0.58%||S|
|LYTS||50216C108||LSI INDUSTRIES INC||1,799.00||13.57||24,412.43||0.58%||S|
|BWMN||103002101||BOWMAN CONSULTING GROUP LTD||837||28.75||24,063.75||0.57%||S|
|KE||49428J109||KIMBALL ELECTRONICS INC||1,065.00||22.59||24,058.35||0.57%||S|
|BH||08986R309||BIGLARI HOLDINGS INC-B||147||163.6||24,049.20||0.57%||S|
|GLRE||G4095J109||GREENLIGHT CAPITAL RE LTD-A||2,522.00||9.44||23,807.68||0.57%||FS|
|NRIM||666762109||NORTHRIM BANCORP INC||498||47.57||23,689.86||0.56%||S|
|CHUY||171604101||CHUY'S HOLDINGS INC||665||34.62||23,022.30||0.55%||S|
|AVNW||05366Y201||AVIAT NETWORKS INC||675||34.07||22,997.25||0.55%||S|
|POWL||739128106||POWELL INDUSTRIES INC||557||41.22||22,959.54||0.55%||S|
|INSE||45782N108||INSPIRED ENTERTAINMENT INC||1,799.00||12.71||22,865.29||0.54%||S|
|HAFC||410495204||HANMI FINANCIAL CORPORATION||1,198.00||18.97||22,726.06||0.54%||S|
|BY||124411109||BYLINE BANCORP INC||1,037.00||21.73||22,534.01||0.53%||S|
|YORW||987184108||YORK WATER CO||505||44.36||22,401.80||0.53%||S|
|FSBW||30263Y104||FS BANCORP INC||737||30.36||22,375.32||0.53%||S|
|AMBC||023139884||AMBAC FINANCIAL GROUP INC||1,498.00||14.87||22,275.26||0.53%||S|
|ETD||297602104||ETHAN ALLEN INTERIORS INC||830||26.78||22,227.40||0.53%||S|
|AMOT||019330109||ALLIED MOTION TECHNOLOGIES||594||37.32||22,168.08||0.53%||S|
|SGU||85512C105||STAR GROUP LP||1,711.00||12.92||22,106.12||0.52%||S|
|FBIZ||319390100||FIRST BUSINESS FINANCIAL SER||713||30.97||22,081.61||0.52%||S|
|MOV||624580106||MOVADO GROUP INC||758||29.1||22,057.80||0.52%||S|
|GPP||393221106||GREEN PLAINS PARTNERS LP||1,736.00||12.6||21,873.60||0.52%||S|
|MACK||590328209||MERRIMACK PHARMACEUTICALS IN||1,799.00||12.1||21,767.90||0.52%||S|
|PANL||G6891L105||PANGAEA LOGISTICS SOLUTIONS||3,780.00||5.7||21,546.00||0.51%||FS|
|BRT||055645303||BRT APARTMENTS CORP||1,120.00||18.86||21,123.20||0.50%||S|
|SENEA||817070501||SENECA FOODS CORP - CL A||405||52.12||21,108.60||0.50%||S|
|GTX||366505105||GARRETT MOTION INC||2,868.00||7.35||21,079.80||0.50%||S|
|HCKT||404609109||HACKETT GROUP INC/THE||1,172.00||17.89||20,967.08||0.50%||S|
|CVCY||155685100||CENTRAL VALLEY COMM BANCORP||989||21.01||20,778.89||0.49%||S|
|TRST||898349204||TRUSTCO BANK CORP NY||641||32.39||20,761.99||0.49%||S|
|NWPX||667746101||NORTHWEST PIPE CO||660||31.28||20,644.80||0.49%||S|
|CCBG||139674105||CAPITAL CITY BANK GROUP INC||684||30.09||20,581.56||0.49%||S|
|MCFT||57637H103||MASTERCRAFT BOAT HOLDINGS IN||675||30.48||20,574.00||0.49%||S|
|OIS||678026105||OIL STATES INTERNATIONAL INC||2,555.00||8.03||20,516.65||0.49%||S|
|CARE||146103106||CARTER BANKSHARES INC||1,444.00||14.17||20,461.48||0.49%||S|
|SAMG||828359109||SILVERCREST ASSET MANAGEME-A||1,146.00||17.74||20,330.04||0.48%||S|
|BLBD||095306106||BLUE BIRD CORP||989||20.34||20,116.26||0.48%||S|
|OPY||683797104||OPPENHEIMER HOLDINGS-CL A||520||38.62||20,082.40||0.48%||S|
|MEC||578605107||MAYVILLE ENGINEERING CO INC||1,441.00||13.68||19,712.88||0.47%||S|
|RYAM||75508B104||RAYONIER ADVANCED MATERIALS||3,233.00||6.05||19,559.65||0.46%||S|
|MBWM||587376104||MERCANTILE BANK CORP||636||30.38||19,321.68||0.46%||S|
|FRBA||31931U102||FIRST BANK/HAMILTON NJ||1,820.00||10.61||19,310.20||0.46%||S|
|CLW||18538R103||CLEARWATER PAPER CORP||578||33.27||19,230.06||0.46%||S|
|OVLY||671807105||OAK VALLEY BANCORP||810||23.56||19,083.60||0.45%||S|
|DHIL||25264R207||DIAMOND HILL INVESTMENT GRP||119||159.66||18,999.54||0.45%||S|
|NECB||664121100||NORTHEAST COMMUNITY BANCORP||1,464.00||12.86||18,827.04||0.45%||S|
|HTBI||437872104||HOMETRUST BANCSHARES INC||741||25.39||18,813.99||0.45%||S|
|CTO||22948Q101||CTO REALTY GROWTH INC||1,131.00||16.56||18,729.36||0.44%||S|
|CSTR||14070T102||CAPSTAR FINANCIAL HOLDINGS I||1,260.00||14.83||18,685.80||0.44%||S|
|ITRN||M6158M104||ITURAN LOCATION AND CONTROL||863||21.43||18,494.09||0.44%||FS|
|DXPE||233377407||DXP ENTERPRISES INC||660||27.61||18,222.60||0.43%||S|
|AMPY||03212B103||AMPLIFY ENERGY CORP||2,700.00||6.65||17,955.00||0.43%||S|
|PGC||704699107||PEAPACK GLADSTONE FINL CORP||600||29.91||17,946.00||0.43%||S|
|REFI||167239102||CHICAGO ATLANTIC REAL ESTATE||1,315.00||13.62||17,910.30||0.43%||S|
|CPSI||205306103||COMPUTER PROGRAMS & SYSTEMS||606||29.54||17,901.24||0.42%||S|
|AMAL||022671101||AMALGAMATED FINANCIAL CORP||986||18.13||17,876.18||0.42%||S|
|DGICA||257701201||DONEGAL GROUP INC-CL A||1,173.00||15.18||17,806.14||0.42%||S|
|VYGR||92915B106||VOYAGER THERAPEUTICS INC||2,521.00||7.04||17,747.84||0.42%||S|
|ITIC||461804106||INVESTORS TITLE CO||120||147.89||17,746.80||0.42%||S|
|MSBI||597742105||MIDLAND STATES BANCORP INC||808||21.89||17,687.12||0.42%||S|
|PKBK||700885106||PARKE BANCORP INC||963||18.35||17,671.05||0.42%||S|
|CAAS||16936R105||CHINA AUTOMOTIVE SYSTEMS INC||3,149.00||5.57||17,539.93||0.42%||S|
|LINC||533535100||LINCOLN EDUCATIONAL SERVICES||3,062.00||5.71||17,484.02||0.42%||S|
|CCAP||225655109||CRESCENT CAPITAL BDC INC||1,266.00||13.77||17,432.82||0.41%||S|
|DYN||26818M108||DYNE THERAPEUTICS INC||1,559.00||11.13||17,351.67||0.41%||S|
|UNTY||913290102||UNITY BANCORP INC||742||22.96||17,036.32||0.40%||S|
|RUTH||783332109||RUTH'S HOSPITALITY GROUP INC||1,044.00||16.27||16,985.88||0.40%||S|
|REX||761624105||REX AMERICAN RESOURCES CORP||580||29.16||16,912.80||0.40%||S|
|IBCP||453838609||INDEPENDENT BANK CORP - MICH||956||17.59||16,816.04||0.40%||S|
|JMSB||47805L101||JOHN MARSHALL BANCORP INC||767||21.85||16,758.95||0.40%||S|
|EQBK||29460X109||EQUITY BANCSHARES INC - CL A||686||24.4||16,738.40||0.40%||S|
|DXLG||25065K104||DESTINATION XL GROUP INC||3,213.00||5.19||16,675.47||0.40%||S|
|SHBI||825107105||SHORE BANCSHARES INC||1,145.00||14.45||16,545.25||0.39%||S|
|FSBC||33830T103||FIVE STAR BANCORP||769||21.3||16,379.70||0.39%||S|
|CIVB||178867107||CIVISTA BANCSHARES INC||930||17.31||16,098.30||0.38%||S|
|CCNE||126128107||CNB FINANCIAL CORP/PA||810||19.72||15,973.20||0.38%||S|
|RGP||76122Q105||RESOURCES CONNECTION INC||930||17.14||15,940.20||0.38%||S|
|HIFS||433323102||HINGHAM INSTITUTION FOR SVGS||67||236.4||15,838.80||0.38%||S|
|BFST||12326C105||BUSINESS FIRST BANCSHARES||878||17.27||15,163.06||0.36%||S|
|GRIN||Y28895103||GRINDROD SHIPPING HOLDINGS L||1,333.00||11.18||14,902.94||0.35%||FS|
|BCBP||055298103||BCB BANCORP INC||1,098.00||13.36||14,669.28||0.35%||S|
|SMBC||843380106||SOUTHERN MISSOURI BANCORP||391||37.3||14,584.30||0.35%||S|
|MCBS||59165J105||METROCITY BANKSHARES INC||846||16.92||14,314.32||0.34%||S|
|SPFI||83946P107||SOUTH PLAINS FINANCIAL INC||660||21.67||14,302.20||0.34%||S|
|452CVR012||IMARA INC CVR||5,500.00||S|
|X9USDISLQ||INVESCO GOVT AGENCY INSTL 1901||65,201.66||1||65,201.66||1.55%||MM|
As of 2/28/2023
DWMC Sector Allocation
Fees & Expenses
|Fee Waiver and/or Expense Reimbursement*||-0.70%|
|Total Annual Operating Expenses||1.25%|
*The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full prospectus.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution (per share)|
- Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.The Fund is subject to a number of risks that may affect the value of its shares, including the possible loss of principal. Stock prices of micro-cap companies are significantly more volatile, and more vulnerable to adverse business and economic developments, than those of larger companies. Micro-cap stocks may also be thinly traded, making it difficult for the Fund to buy and sell them. There is no guarantee that the Fund will achieve its investment objective.
Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.
- The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.
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- DWMC received four stars for the 3-year rating among 574 funds and for the overall rating among 574 funds in Morningstar’s Small Growth category as of February 28, 2023.