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Pegasus Mid Cap Fund ( FBRMX )
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Human Picture
Ryan C. Kelley, CFA
Portfolio Manager

Ryan C. Kelley, CFA joined FBR in 1997 as an associate in the Corporate Finance Department, where he worked for 5 years. In 2002, Ryan became an equity analyst and later a senior equity analyst in the research department of FBR.

Ryan joined The FBR Funds in November of 2005 and currently serves as Portfolio Manager of the Pegasus Mid Cap Fund and Co-Portfolio Manager of The FBR Pegasus Fund and assistant to Mr. Ellison on the management of the FBR Large and Small Cap Financial Funds. Ryan received his B.A. from Oberlin College in 1996 and completed his CFA designation in 2003.



type
 Fund data as of 4/30/2008
Inception: 02/28/07 Q1'08 1 Month 03/31/08-04/30/08 Average Annual Total Return
3 Months 12/31/07-03/31/08 6 Months 09/30/07-03/31/08 1 Year 03/31/07-03/31/08 Since Inception 02/28/07
Pegasus Mid Cap Fund-3.26%4.81%-3.26%-3.76%2.23%4.78%
Russell Midcap-9.98%6.75%-9.98%-13.15%-8.90%-7.49%
Total annual Fund operating expenses were 4.17%, net expenses were 1.95%. FBR Fund Advisers, Inc has agreed in writing to waive a portion of its advisory fee and assume certain expenses of the Fund to the extent annual operating expenses exceed 1.95% of the Fund’s average daily net assets. The Adviser has agreed to maintain these expense limitations through November 1, 2008.

TOTAL RETURNS REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. The current performance may be lower or higher than performance data quoted. Investment return and principal will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The performance data does not reflect the deduction of redemption fees and if reflected, the redemption fee would reduce the performance quoted.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the fund's prospectus. To obtain a prospectus, please visit the prospectus page or call 888.200.4710. Please read the prospectus carefully before investing.

Investing in mid-cap companies can involve risks such as less publicly available information, higher volatility, and less liquidity than in the case of larger companies. More information regarding the risks involved with investing in the Fund can be found in the Prospectus.

Investment Goals
The Fund invests for capital appreciation.

Fund Strategy
Fund investments focus primarily in common stocks of mid-cap securities, defined by the Adviser as companies with capitalizations above $2 billion and below $15 billion at the time of purchase.

Within the mid-cap universe, the portfolio manager employs a series of traditional and proprietary value-oriented screens to identify companies that exhibit the following characteristics:

  • solid business model with competitive advantages
  • low leverage and/or improving balance sheets
  • expanding profit margins
  • purchased at reasonable valuations

The net result is a diversified portfolio of mid-cap securities that emphasizes the best-run, conservatively financed companies selling below peers valuations.

Portfolio Diagnostics - 03/31/07
Ticker Symbol............................... FBRMX
Cusip....................................... 30246J869
Inception Date.............................. 02/28/07
Fund Assets................................. $3.6m
TTM Turnover (unaudited as of 03/31/08)..... 141%
Number of Holdings.......................... 62
Wgt. Avg. Mkt. Cap.......................... $6.1b
Wgt. Avg. 2008 P/E.......................... 17.6x
Wgt. Avg. Price-to-Book..................... 3.2x
Wgt. Avg. EPS Growth Rate................... 12.7%
Minimum Investment.......................... $2,000/$1,000 IRA
NAV.................................. $10.91
 
Top 10 Holdings - 03/31/08
Hudson City Bancorp, Inc./hcbk.............. 3.7
Global Payments, Inc./gpn................... 3.2
T. Rowe Price Group, Inc./trow.............. 3.1
Check Point Software Tech/chkp.............. 3.0
Jack Henry & Associates/jkhy................ 3.0
Copart, Inc./cprt........................... 2.8
Factset Research Systems/fds................ 2.6
Mattel, Inc./mat............................ 2.6
Graco, Inc./ggg............................. 2.5%
Energen Corp./egn........................... 2.4%
Total................................ 28.9
 
Sector Breakdown- 03/31/08 FBRMX Russell Midcap
InformationTechnology....................... 16.4% 13.6%
Financials.................................. 16.3% 16.9%
Industrials................................. 11.5% 13.0%
Consumer Discretionary...................... 11.5% 16.9%
Health Care................................. 10.4% 7.7%
Utilities................................... 7.9% 6.0%
Energy...................................... 7.8% 6.0%
Consumer Staples............................ 5.3% 7.5%
Materials................................... 5.0% 10.0%
Telecommunication Services.................. 0.8% 2.3%
Cash & Equivalents.......................... 7.1% N/A
Total................................ 100%
 
Asset Allocation - 03/31/08
Common Stocks............................... 92.9%
Cash Equivalents............................ 7.1%
Total................................. 100%
 

The indices are unmanaged and unlike the Pegasus Mid Cap Fund have no management fees or operating costs that reduce reported returns. The volatility and other risk characteristics for the fund will differ from the volatility and risk characteristics of the indices.

S&P 500 is a capitalization-weighted Index of 500 stocks. The Index is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks representing all major industries.

Philadelphia Bank Index (BKX) is a capitalization-weighted index consisting of 24 exchange-listed and national market system stocks, representing national money center banks and leading regional institutions.

Dow Jones Utility Index is a price weighted average of 15 utility companies listed on the New York Stock Exchange and are involved in the production of electrical energy.

Russell 2000 is comprised of the smallest 2000 companies of the Russell 3000 Index, representing approximately 11% of the Russell 3000’s total market-capitalization.

Lipper Fund Averages, Lipper Analytical Services, Inc., is a nationally recognized organization that reports on mutual fund total return performance and calculates fund rankings. Peer averages are based on universes of funds with the same investment objective. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges. These averages include the following: Lipper Financial Services Index and the Lipper Small Cap Value Index.

1- Price-to-Earnings Ratio – Market price per share divided by earnings per share.
2– Tangible Price-to-Book – Shareholder equity minus intangible assets and goodwill divided by shares outstanding.
3- Earnings per Share – Profit available to equity shareholders divided by average number of shares outstanding.

 
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The Daily NAV is as of the previous business day's closing. Funds NAV are updated at approximately 5:30 p.m. EST daily.

This website does not constitute an offer to sell or a solicitation of an offer to buy shares of the FBR Funds to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the Fund's prospectus. To obtain a free prospectus, please call 888.200.4710. Please read the prospectus carefully before investing.

The FBR Funds are distributed by FBR Investment Services, Inc. Member FINRA/SIPC.

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