Ballast Small/Mid Cap ETF

Ballast Small/Mid Cap ETF (MGMT) is an actively managed fund from Inverdale Capital Management. Its manager picks stocks of small and midsize US companies that it believes the market is underpricing. The portfolio is concentrated: as of June 30, 2026, it held 54 stocks, and the 10 largest made up about 30% of assets. It costs 1.10% a year, well above what many index funds charge.

• Over the year to Oct 27, 2026, MGMT returned +12.6%.
• Its 5-year annualized return was +6.9%.
• Its worst full calendar year was 2022 (-14.5%); its best was 2023 (+17.9%).
• The deepest fall in its price history was 25% (Jan 4, 2022 to Sep 26, 2022), recovered by Dec 26, 2023.

As of Jun 30, 2026, the fund held 54 securities; the ten largest made up 30.14% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $2.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.78%, +1.40%, +4.91%.

Ballast Small/Mid Cap ETF, from Inverdale Capital Management, does not track an index. Its adviser picks stocks of small and midsize U.S. companies, worth $100 million to $15 billion when first bought, that it believes are cheap because the market underrates their long-term earnings growth. It favors financially sound firms and weighs four things: management's record in good and bad markets, the balance sheet, cash flow, and return on capital (profit earned on money invested).

Normally, at least 80% of net assets goes into U.S. small and midsize stocks, from any sector; the board can change that rule after notifying shareholders. The prospectus sets no weighting formula or rebalancing schedule, so position sizes are the manager's call. As of June 30, 2026, the fund held 54 positions, and the ten largest made up about 30% of assets, led by Natural Resource Partners (4.1%), AZZ (3.3%) and Climb Global Solutions (3.1%).

It may also move all or nearly all of its assets into cash, money market funds or other short-term debt to protect principal, or when the manager finds too few suitable stocks. Instead of cash, it may buy other funds, such as ETFs or closed-end funds, which layers their fees on top of its 1.10% expense ratio. As of June 30, 2026, it held no cash or other funds.

• MGMT charges 1.1% a year.
• Of that, 0.95% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.05% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $112 in the first year and $1,393 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed fund of smaller companies with a high fee, so it fits better as a small addition beside a broad core fund than as the main holding.

MGMT could add smaller US companies, chosen for quality and value, to a portfolio built around a broad core fund. It launched in December 2020, so it has no record through the 2008 crisis or the 2020 COVID crash. In the 2022 bear market, it fell about 25% from its January 4, 2022 peak to a low on September 26, 2022. It didn't regain its old high until December 26, 2023, 15 months after the low. Its worst calendar year was 2022, when it lost 14.28%. A retiree who had to sell shares for spending during that stretch would have been selling at a loss. Income is small: the trailing yield was 0.3% as of October 27, 2026, paid once a year. Costs are high. In the SEC's standard $10,000 example, costs add up to $1,393 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.

No close alternatives found.