Congress Small Cap Growth Fund
CSMVX
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- Congress Small Cap Growth Fund (CSMVX) is an open-end mutual fund that seeks long-term capital growth by investing at least 80% of its net assets in common stocks of small-capitalization companies, defined as those with market capitalizations not exceeding the highest market capitalization in the Russell 2000 Growth Index during the preceding 12 months; the fund may invest across all sectors but emphasizes high-quality growth companies with consistent earnings and free cash flow growth. It offers a retail share class with a net expense ratio of 1.25%, no-load structure, minimum initial investment of $2,000, and portfolio turnover of 45%; as of mid-2025, total assets under management stand at approximately $1.6 billion, with top holdings including Stride Inc., InterDigital Inc., CommVault Systems Inc., Ligand Pharmaceuticals Inc., and Ollie's Bargain Outlet Holdings Inc., representing about 30.5% of the portfolio. The fund, managed by Congress Asset Management Company, LLP, a Boston-based privately owned investment adviser founded in 1985 and headquartered at 2 Seaport Lane, Boston, Massachusetts, primarily targets U.S. small-cap growth equities with limited exposure to foreign stocks (up to 5%), serving institutions, financial intermediaries, and individual investors through various share classes including retail and institutional. In recent developments, Daniel Lagan joined as co-portfolio manager on February 28, 2025, alongside Gregg O'Keefe who has managed the fund since September 2017, reflecting continuity in the bottom-up growth investment process amid strong performance with three-year annualized returns of approximately 14.4%; the fund maintains its Morningstar Bronze Medalist Rating, supported by an average management team and solid process despite above-average fees. Congress Asset Management oversees $23.9 billion in assets (including non-discretionary), offering complementary strategies such as large-cap growth, mid-cap growth, dividend growth, and fixed income products, with operations focused in the United States.