Home   »   Mutual Funds : SSGA Dynamic Small Cap Fund - Class N (SVSCX)

SSGA Dynamic Small Cap Fund - Class N

Closed on 07 August 2014

This fund is closed to new investors.

Fund Objective

The Fund seeks to maximize total return through investments in equity securities; at least 80% of the net assets will be invested in smaller capitalization equity securities.

Fund Information

As of 08/29/2015
Ticker SymbolSVSCX
Primary BenchmarkRussell 2000 Index
Gross Expense Ratio

The gross expense ratio is the fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

Net Expense Ratio

The fund's investment advisor is contractually obligated until December 31, 2015 to waive its management fee and/or to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses, acquired fund fees and distribution, shareholder servicing, and sub-transfer agency fees) exceed 0.85% of average daily net assets on an annual basis.

Includes Acquired Fund Fees and Expenses ("AFFE") of 0.02%. AFFE reflect the Fund's pro rata share of the fees and expenses incurred indirectly through its ownership in other investment companies, such as business development companies ("BDCs"). BDC expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by the Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.

Inception Date07/01/1992
Investment ManagerSSGA Funds Management, Inc.
Management TeamActive Quantitative Equities
DistributorState Street Global Markets, LLC
Distribution FrequencyAnnually

Fund Characteristics

As of 07/31/2015
Dividend Yield

Dividend Yield measures the weighted average of gross dividend yield of stocks in the fund.

Earnings Growth 5 Year

The Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

Number of Holdings429
Price/Book Ratio

Price/Book Ratio

Current market price of the stock divided by the most recent reported book value for the prior fiscal year.

Price/Earnings Ratio FY1

Price/Earnings Ratio FY1

Closing price divided by the sum of the forecasted fiscal year earnings per share.

Weighted Average Market Cap$2,162.79 M


As of 08/27/2015
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.


Fund Net Asset Value


Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding

As of 08/27/2015
Percent Change1.49%
Price Change$0.55
Shares Outstanding604,032
Total Net Assets$22.59 M

Fund Documents

Fund Performance

NAV Month End
As of 07/31/2015
NAV Quarter End
As of 06/30/2015
1 Month 1.71% 0.98%
QTD 1.71% -0.99%
YTD 5.04% 3.27%
1 Year 13.20% 5.18%
3 Year 20.18% 19.74%
5 Year 19.12% 20.41%
10 Year 5.14% 5.57%
8.94% 8.89%

Performance quoted represents past performance, which is no guarantee of future results.  Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.  Current performance may be higher or lower than that quoted.

Purchase Information

Minimum Investments
Initial $1,000.00
Additional $100.00
Initial IRA $250.00
Additional IRA $100.00
Additional AIP $100.00

Brokerage Availability
SSGA Funds are available through most major broker/dealer and supermarket platforms. If you are an investment advisor and have questions regarding platform availability, please call 800-997-7327. Otherwise, please call 877-521-4083.

To Purchase by wire
You may make initial or subsequent investments by wiring federal funds to State Street, as Transfer Agent by:

1. Telephoning the Customer Service Department at 1-800-647-7327 between 8:00 a.m. and 4:00 p.m., Eastern Time, and stating: (a) your account registration number, address and social security or tax identification number, (b) the name of the fund in which the investment is to be made and the account number, and (c) the exact amount being wired.

2. Instructing the wiring bank to wire federal funds to:
State Street Bank and Trust Co.
225 Franklin Street, Boston, MA 02110
ABA# 0110-0002-8
Attn: SSGA (SSGA Dynamic Small Cap Fund - Class N)
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

Correspondence Information
SSGA Funds
One Lincoln Street
Boston, MA 02111-2900

Performance Chart

As of1 MonthQTDYTD1 Year3 Year5 Year10 YearSince
Month End
Fund at NAV07/31/20151.71%1.71%5.04%13.20%20.18%19.12%5.14%8.94%
Russell 2000 Index07/31/2015-1.16%-1.16%3.54%12.03%17.90%15.27%7.61%9.96%
Quarter End
Fund at NAV06/30/20150.98%-0.99%3.27%5.18%19.74%20.41%5.57%8.89%
Russell 2000 Index06/30/20150.75%0.42%4.75%6.49%17.81%17.08%8.40%10.06%

Performance quoted represents past performance, which is no guarantee of future results.  Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.  Current performance may be higher or lower than that quoted.

Gross Expense Ratio: 1.99%

Net Expense Ratio: 1.10%

Performance Graphs

Month End as of 07/31/2015

Fund Inception Date: 07/01/1992

Index Inception Date: 01/01/2000

<performance fundPerfNavName="Fund at NAV" bmarkName="Russell 2000 Index"><funds><field>1 Month</field><fund>1.71</fund><index>-1.16</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.71</fund><index>-1.16</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>5.04</fund><index>3.54</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>13.20</fund><index>12.03</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>20.18</fund><index>17.90</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>19.12</fund><index>15.27</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>5.14</fund><index>7.61</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>8.94</fund><index>9.96</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 06/30/2015

Fund Inception Date: 07/01/1992

Index Inception Date: 01/01/2000

<performance fundPerfNavName="Fund at NAV" bmarkName="Russell 2000 Index"><funds><field>1 Month</field><fund>0.98</fund><index>0.75</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.99</fund><index>0.42</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>3.27</fund><index>4.75</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>5.18</fund><index>6.49</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>19.74</fund><index>17.81</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>20.41</fund><index>17.08</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>5.57</fund><index>8.40</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>8.89</fund><index>10.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of  07/31/2015
Name Weight
First American Financial Corporation 0.76 %
Jack in the Box Inc. 0.72 %
Chemed Corporation 0.66 %
Deluxe Corporation 0.63 %
Skechers U.S.A. Inc. Class A 0.63 %
IDACORP Inc. 0.61 %
MarketAxess Holdings Inc. 0.61 %
PrivateBancorp Inc. 0.61 %
CubeSmart 0.60 %
Casey's General Stores Inc. 0.59 %
Download All Holdings XLS

Fund Sector Allocation

As of 07/31/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>07/31/2015</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>29.76</rawValue><value>29.76%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>16.29</rawValue><value>16.29%</value><label>Health Care</label><order>2</order></attribute><attribute><rawValue>15.63</rawValue><value>15.63%</value><label>Consumer Discretionary</label><order>3</order></attribute><attribute><rawValue>14.09</rawValue><value>14.09%</value><label>Industrials</label><order>4</order></attribute><attribute><rawValue>11.91</rawValue><value>11.91%</value><label>Information Technology</label><order>5</order></attribute><attribute><rawValue>4.79</rawValue><value>4.79%</value><label>Utilities</label><order>6</order></attribute><attribute><rawValue>2.95</rawValue><value>2.95%</value><label>Materials</label><order>7</order></attribute><attribute><rawValue>2.79</rawValue><value>2.79%</value><label>Consumer Staples</label><order>8</order></attribute><attribute><rawValue>1.05</rawValue><value>1.05%</value><label>Energy</label><order>9</order></attribute><attribute><rawValue>0.73</rawValue><value>0.73%</value><label>Telecommunication Services</label><order>10</order></attribute></attributes></component>

Not FDIC Insured * No Bank Guarantee * May Lose Value

Prior to June 20, 2014, the SSGA Dynamic Small Cap Fund - Class N was known as SSGA Dynamic Small Cap Fund.

Unless otherwise noted all information contained herein is that of the SSGA Dynamic Small Cap Fund - Class N.

The Russell 2000 Index is unmanaged and can not be invested in directly. The Index is composed of the 2,000 smallest securities in the Russell 3000 Index, representing approximately 11% of the Russell 3000 total market capitalization.

The Russell 2000 Index is a trademark of the Frank Russell Company.  RussellTM  is a trademark of the Frank Russell Company.


Active Quantitative Equities

Senior Portfolio Manager Anna Mitelman Lester Vice President Show Bio
Anna is a Vice President of State Street Global Advisors and a Senior Portfolio Manager for the U.S. Active Quantitative Equity Team. She has substantial experience developing quantitative strategies and managing investment portfolios using quantitative disciplines. Anna is responsible for portfolio management and research for the US active small cap investment strategies. Prior to joining SSGA, Anna was an analyst and portfolio manager at Putnam Investments and its subsidiary PanAgora Asset Management. Anna holds a BA in Computer Science and Mathematics from Wellesley College and an MBA from the MIT Sloan School of Management. She is a member of the Boston Security Analysts Society and CFA Institute.
Chief Quantitative Strategist Marc R. Reinganum Senior Managing Director Show Bio

Marc R. Reinganum, Ph.D., is a Senior Managing Director of State Street Global Advisors and Chief Quantitative Strategist. In this role, Marc spearheads efforts to innovate and create relevant, thoughtful, and proactive equity solutions as well as to engage and passionately communicate with clients on strategic thinking in a post-Modern Portfolio Theory world. Marc assumed direct management of SSGA's U.S. Dynamic Small Cap Mutual Fund (SVSCX) toward the end of 2010, propelling this fund to a Wall Street Journal 'Category King' designation for its 2011 performance, and continues in this capacity.

Previously, Marc served as Global Head of Active Equities Developed Markets and oversaw global and regional strategies managed by teams located across four continents. Prior to joining SSGA at the end of 2009, Marc was co-Head of the Main Street Team and Senior Portfolio Manager and Director of Quantitative Research at OppenheimerFunds, where his group managed $30+ billion in small-cap, large-cap and multi-cap strategies.

Marc is recognized as a leader by peers in the industry, currently serving as Executive Vice President of the Institute for Quantitative Research in Finance (Q-Group), and a member of the Economic Club of New York and the Chicago Quantitative Alliance. He has served on the Investment Committee for the Endowment at SMU University and currently serves on the Investment Committee of Bryn Mawr College.

Marc was the Mary Jo Vaughn Rauscher Chair in Financial Investments at SMU, where he also served as President of the Faculty of the Cox School of Business, Chairman of the Finance Department and Director of the Financial Markets Institute. Marc's previous teaching experience includes the University of Iowa, the University of Southern California and the University of Chicago.

Marc is known as a founding father of stock market anomalies, and particularly the so-called 'Small Firm Effect'. For this pathbreaking research, the Financial Analysts Federation (forerunner to AIMR) honored him with a Graham and Dodd Scroll. Marc has served on the editorial boards and as an ad hoc reviewer for numerous academic and practitioner journals.

Marc earned his A.B. with High Honors from Oberlin College (Phi Beta Kappa), and an MBA (Beta Gamma Sigma) and Ph.D. from the University of Chicago. Marc's recent volunteer activities include the President's Advisory Council at Oberlin College and the Parent Councils of Swarthmore, Bryn Mawr, Hampshire and Emerson Colleges. He is currently a board member of the Founders Council at ArtsEmerson and a member of the Massachusetts Council on Economic Education Advisory Board.

Russell 2000 Index

Important Risk Information

Small company issues can be subject to increased volatility and considerable price fluctuations.

Investments in small-sized companies may involve greater risks than in those of larger, better known companies. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.

Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

Value stocks can perform differently from the market as a whole.  They can remain undervalued by the market for long periods of time.

Derivative investments may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.