Dana Large Cap Equity Fund
DLCEX
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- Dana Large Cap Equity Fund (DLCEX) is a mutual fund that seeks long-term growth of capital through investment primarily in a diversified portfolio of approximately 50 to 55 U.S. large-cap stocks selected via quantitative modeling and fundamental research; it emphasizes large capitalization stocks trading at a discount with above-average future earnings growth potential, while implementing risk controls such as sector-neutral weighting, equally weighted positions within sectors, individual security limits of 4% or 110% of benchmark weight, and a target cash position of 0-1% to mitigate volatility relative to the S&P 500 Index. The fund offers Investor Class shares (DLCEX, inception March 1, 2010, net expense ratio 1.00%) and Institutional Class shares (DLCIX, inception October 28, 2013, net expense ratio 0.75%), distributed by Ultimus Fund Distributors, LLC, with total fund assets under management of approximately $64.9 million as of March 31, 2025. Managed by a team at Dana Investment Advisors, Inc. including Director of Equities Duane Roberts, CFA (25 years at firm), and Senior Vice Presidents David Stamm, CFA, and Greg Dahlman, CFA, the strategy blends characteristics for performance across up, down, growth, and value markets, with top holdings as of March 31, 2025, including Apple Inc. (6.86%), Microsoft Corp. (5.68%), and NVIDIA Corp. (5.39%). Dana Large Cap Equity Fund operates within the large-blend equity segment, targeting individual and institutional investors seeking core U.S. equity exposure with lower volatility than the benchmark; it maintains a sector-neutral allocation and active share of 56.88% as of March 31, 2025. Dana Investment Advisors, the adviser founded in 1980 and headquartered in Brookfield, Wisconsin, is an employee-owned firm managing $8.7 billion in total assets, employing its large-cap equity process originally developed for institutional products since 1999. In recent developments, Dana Investment Advisors completed the acquisition of the Small Cap, Midcap, and SMID Cap Value Equity Team from Smith, Graham & Co. Investment Advisors, L.P., effective March 1, 2024, adding approximately $800 million in institutional assets and enhancing the firm's equity capabilities, while contractually agreeing to waive management fees and/or reimburse expenses for the fund through February 28, 2026 to cap net expense ratios. As of Q1 2025, the fund reported annualized returns for DLCEX of -5.59% quarter-to-date and year-to-date, 4.45% over one year, and 12.29% since inception, with portfolio statistics including a beta of 0.99, tracking error of 2.78%, and down capture ratio of 102.08%.