Meritage Growth Equity Fund Investor Shares
MPGEX
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- Meritage Growth Equity Fund Investor Shares (MPGEX) is an actively managed open-end mutual fund that seeks long-term growth of capital by investing primarily in equity securities of U.S. growth companies. The Fund, part of Capitol Series Trust, normally invests at least 80% of its net assets plus borrowings for investment purposes in exchange-traded common stocks of domestic companies across all capitalization sizes; up to 35% of total assets may be allocated to common stocks or equivalents of foreign issuers. Meritage Portfolio Management, the Fund's investment adviser, employs a proprietary quantitative process evaluating companies based on earnings quality, market reaction, capital deployment, and valuation, with an overlay of macroeconomic and investment style analysis to construct a diversified portfolio typically comprising 35 to 75 holdings focused on sustainable growth and above-average cash flow returns on investment. The Fund's portfolio emphasizes sector diversification, with significant exposure to information technology (approximately 44%), health care (18%), consumer discretionary (11%), and communication services (8%), benchmarked against the Russell 1000 Growth Index, which it aims to outperform over rolling three-year periods with lower volatility. It targets institutional and individual investors seeking large-cap growth strategies through Investor Shares (MPGEX) and Institutional Shares (MPGIX), with net assets under management of approximately $30 million as of recent reports. Meritage Portfolio Management, founded in 1991 and headquartered in Overland Park, Kansas, serves as the adviser, managing $2 billion in total assets for families, foundations, endowments, corporations, and retirement plans with a client retention rate exceeding 97%. The firm provides discretionary and non-discretionary portfolio management, emphasizing personalized fiduciary services primarily for U.S. clients. In recent developments, Meritage Portfolio Management has maintained its focus on quantitative growth equity strategies amid market volatility, with the Fund's portfolio turnover at 46% as of mid-2025 and total holdings of 47 positions concentrated in North America. No major acquisitions, partnerships, funding rounds, or structural changes specific to the MPGEX Fund or its adviser were reported in the last 1-2 years; the firm continues to prioritize high-quality, direct client service without noted reorganizations or new product launches beyond ongoing strategy refinements. Operations remain centered in the United States, with no significant geographic expansions announced.