Investment Philosophy

At Spyglass, we are Value Investors in Growth Companies. We do not conform to a traditional investment style. We invest with a well-defined valuation framework in businesses operating in secular growth industries.

Fund Overview

As of June 30, 2026

Fund Inception

December 29, 2017

Primary Benchmark(1)

Bloomberg Midcap Growth Index

Active Management

96% active share

ESG Integration(2)

PRI Signatory

Concentrated Portfolio

25 holdings

Median Market Cap

$17.7 billion

(1) Please see “additional information” for important disclosures.

(2) Investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Ticker SPYGX
23 iim@inertiaim.com 18/10/2024 04:53 AM iim@inertiaim.com 18/10/2024 04:53 AM CUSIP 56170L703
24 iim@inertiaim.com 18/10/2024 04:53 AM xj 17/07/2026 02:08 PM Net Assets $1,005.0 million
25 iim@inertiaim.com 18/10/2024 04:53 AM iim@inertiaim.com 18/10/2024 04:53 AM Minimum Investment $100,000
26 iim@inertiaim.com 18/10/2024 04:53 AM xj 22/04/2026 09:32 PM Expense Ratio (Gross) 1.10%
27 iim@inertiaim.com 18/10/2024 04:53 AM iim@inertiaim.com 18/10/2024 04:53 AM Expense Ratio (Net) 1.00%
28 iim@inertiaim.com 18/10/2024 04:53 AM xj 17/07/2026 02:09 PM Turnover 87.5%

(1) Contractual fee waiver through April 30, 2027
(2) Trailing 12 months

Portfolio Characteristics

As of June 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Portfolio Characteristics Spyglass Growth Fund Bloomberg Midcap Growth Index
46 xj 17/07/2026 02:16 PM xj 17/07/2026 02:42 PM Weighted Avg Market Cap ($bn) 37.3 32.0
47 xj 17/07/2026 02:16 PM xj 17/07/2026 02:42 PM Median Market Cap ($bn) 17.7 14.3
48 xj 17/07/2026 02:16 PM xj 17/07/2026 02:16 PM Number of Holdings 25.0 560.0

Performance

Net results as of June 30, 2026

Period Spyglass Growth Fund Bloomberg Midcap Growth Index
Q2 2026 24.74 14.05
1 Yr 6.51 16.40
3 Yr 22.60 14.87
5 Yr 0.63 6.72
10 Yr 15.09 12.57
Since Inception 12.74 12.37

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. Performance verified by US Bank Global Fund Services. Performance data source: Bloomberg. 3 Yr, 5 Yr, 10 Yr, and Since Inception performance is annualized. Inception date: October 1, 2015.

On December 29, 2017, Spyglass Partners Fund LP, a limited partnership managed by the Advisor (the “Predecessor Partnership”), converted into the Institutional Shares class of the Fund by contributing all of its assets to the Fund in exchange for Institutional Shares of the Fund. The Predecessor Partnership was formed on October 1, 2015 to serve as a pooled investment vehicle for accredited investors, and since inception the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. From the date of inception through the time of the conversion, the Predecessor Partnership was managed by the Advisor and the same portfolio manager as the Fund. The conversion date was December 29, 2017 (inception) and the Fund commenced operations on January 2, 2018. The Fund’s performance prior to 2018 is that of the Predecessor Partnership and the returns reflect the deduction of the 1% management fee and expenses, paid by the Predecessor Partnership, without provision for state or local taxes. The performance includes gains or losses plus income and the reinvestment of all dividends and interest. Other than the Predecessor Partnership, the Advisor did not manage any accounts materially equivalent to the Fund during the period of the Predecessor Partnership’s performance shown above. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have adversely affected its performance. For periods beginning January 1, 2018, the Fund’s net performance is calculated on a daily basis and also includes a deduction of 1% management fee and is subject to a 1% expense cap, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. The Spyglass Growth Fund is distributed by ALPS Distributor, Inc.

Top 10 Holdings

As of June 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Security Weight
131 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Affirm Holdings, Inc. 6.72%
132 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Credo Technology Group Holding Ltd 5.85%
133 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Samsara Inc. 5.36%
134 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM AppLovin Corporation 5.28%
135 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM AAON, Inc. 5.27%
136 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Fair Isaac Corporation 4.79%
137 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Shift4 Payments, Inc. 4.78%
138 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Snowflake Inc. 4.50%
139 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Illumina, Inc. 4.32%
140 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM CoStar Group, Inc. 4.09%

Portfolio Weights

As of June 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Industry Spyglass Growth Fund Bloomberg Midcap Growth Index
146 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Communication Services 0.00 4.14
147 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Consumer Discretionary 11.08 9.30
148 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Consumer Staples 0.00 2.03
149 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Energy 0.00 2.72
150 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Financials 15.24 7.02
151 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Health Care 10.81 12.08
152 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Industrials 16.04 27.01
153 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Information Technology 41.70 23.96
154 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Materials 0.00 3.11
155 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Real Estate 4.09 5.75
156 xj 17/07/2026 02:07 PM xj 17/07/2026 02:07 PM Utilities 0.00 2.88

Portfolio Market Cap Exposure

As of June 30, 2026

Contact Us

SPYGLASS CAPITAL MANAGEMENT, LLC
100 Drakes Landing Road, Suite 190
Greenbrae, CA 94904
(415) 318-2366
info@spyglassfunds.com

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