Adirondack Small Cap  ADKSX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Small Value Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Small
   Value
  
  
As of 2009-06-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 11.20
  
YTD Return % (2009-11-20)
48.94%
  
Total Assets ($ mil)
11
View Data Definitions
  Performance    
Growth of $10,000 Fund: Adirondack Small Cap
(from 2005-04-05 to 2009-10-31) Category: Small Value
Index: S&P 500 TR
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2005-04-05 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 48.94 92.65 -0.69 --- --- 3.84
+/- Category 29.75 81.43 7.03 --- --- ---
+/- S&P 500 TR 25.42 43.85 5.21 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 50.40 17.27 1.46 --- --- 5.43
Month-End (as of 2009-10-31) 40.96 34.61 -1.81 --- --- 3.84
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 34.04 -2.43 --- --- ---
On Distribution & Sale of Shares --- 22.87 -1.62 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 317 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
Information 33.93
Software 7.25
Hardware 15.22
Media 2.78
Telecommunications 8.69
Service 41.81
Healthcare 9.63
Consumer Services 2.61
Business Services 2.93
Financial Services 26.64
Manufacturing 24.26
Consumer Goods 12.00
Industrial Materials 5.40
Energy 0.60
Utilities 6.27
Asset Allocation
% of Net Assets
Cash 11.4
Stocks 81.7
Bonds 0.0
Other 6.9
Foreign Stocks 4.2
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings 66 Turnover % 72
Total Number of Bond Holdings 0 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 24.04 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Sector P/E YTD
Return %		 % of Net
Assets
3Com Corporation --- 226.75 4.26
Delphi Finl Grp Pfd --- --- --- 2.87
SeaChange International, Inc. 13.09 -21.36 2.65
SumTotal Systems, Inc. --- --- 2.23
Assured Guaranty, Ltd. 14.81 117.19 2.17
XL Capital, Ltd. --- 394.59 2.06
Calpine Corporation --- 52.47 2.01
BGC Partners, Inc. A --- 71.01 1.95
Fresh Del Monte Produce, Inc. 9.04 1.16 1.95
Knight Capital Group, Inc. 8.33 -3.90 1.89
Data through 2009-06-30
YTD Return through 2009-11-20
  Other Information
Fund Inception: 2005-04-05
Portfolio Manager  (Start Date)
Matthew P Reiner  (2005-04-06)
Reiner is the portfolio manager of ARMI, Prior to join it in February 2005; he was a vice president and portfolio manager at Paradigm Capital Management with authority over the selection of investments for assets under management. Reiner began his investment career as a sell-side research associate with CL King & Associates in 1994 and worked as an equity analyst for it from 1996 through 1997. Reiner holds the Chartered Financial Analyst designation.
Gregory Roeder  (2006-07-15)
Roeder was a portfolio manager of ARMI. Prior to founding ARMI in 2004, he was an assistant portfolio manager at Eddy & Wakefield from 2000 to 2003. Roeder served as an equity research analyst for CL King & Associates from 1997 through 2000 and served as vice president of Credit Risk Management Group for ten years. Roeder holds the Chartered Financial Analyst designation.
Sales Charge %
(taken from prospectus dated 2009-08-01)
Front: None
Deferred: None
Expense Ratio % 1.70
based on net assets
(taken from annual report dated 2009-03-31)
Correspondence Information

26 Vly Road
Albany,  NY  12205
USA
Telephone:
888-686-2729
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.