Emerald Finance and Banking Innovation Fund - A
HSSAX
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- Emerald Finance and Banking Innovation Fund - A (HSSAX) is an open-end mutual fund that seeks long-term growth through capital appreciation, with income as a secondary objective. Under normal conditions, the fund invests at least 80% of its net assets in common and preferred stocks of companies principally engaged in the banking or financial services industries, including community banks, insurance companies, and other related financial institutions; it also invests in collective investment vehicles focused on these sectors. The portfolio emphasizes small-cap growth stocks, with top holdings including Bancorp Inc., Coastal Financial Corp., Northeast Bank, Metropolitan Bank Holding Corp., and Axos Financial Inc., representing approximately 24% of assets; sector allocations are heavily weighted toward financial services (86%), followed by technology and real estate. Primarily targeting U.S. investors, the fund maintains a domicile in the United States, with assets under management of around $50 million and share classes including A (front-end load of 4.75%, minimum initial investment $2,000), C, Institutional, and Investor. Launched on February 18, 1997, and managed by Kenneth Mertz since inception alongside Steven Russell since 2012, the fund was previously known as the Emerald Banking & Finance Fund prior to its name change on September 30, 2021. It operates as a series of Financial Investors Trust, with administrative services provided through ALPS Fund Services, Inc., in Denver, Colorado, and mailing addresses in Kansas City, Missouri. The fund underwent a prior reorganization on March 16, 2012, incorporating performance history from the Forward Banking and Finance Fund. No major acquisitions, funding rounds, partnerships, or strategic shifts have been reported for the fund in the last 1-2 years; recent updates are limited to ongoing portfolio management, performance disclosures, and prospectus supplements dated August 31, 2024. The fund continues to focus on its core financial services equity strategy amid a Morningstar Financial category classification and small value/growth investment style.