Small Cap Innovation Fund

+€1.73 / +1.77%
Fund assets
Year-to-date return
Fund inception date
Data as of 7/22/2024
Fund overview
Investing on the right side of change
The Small Cap Innovation Fund seeks capital appreciation by investing in U.S. small-capitalisation companies with catalysts for underappreciated, long-term growth.

Seeks to deliver long-term capital appreciation through a focus on companies that embrace innovation and foster disruption using technology to maximise efficiencies, gain pricing advantages and take market share from competitors

Key differentiators

  • Looks for companies on the “right side of change” using a non-formulaic approach to idea generation
  • Takes a surround-the-company approach to research in order to identify companies with potential for capital growth, improving sales, effective management and a competitive advantage
  • Assesses each holding for attractive risk and return to avoid excessive valuations
  • Constructs portfolios to balance risk across core holdings, developing situations, and valuation opportunities

General facts







SFDR classification


Minimum investment


Share class launch date


Annual management fee


Total expense ratio (TER)


Benchmark name

Russell 2000® Growth Index




Past performance is not indicative of future results.

Calendar year

Calendar year

(as of 12/31/2023)
Average annual returns

Average annual returns

(as of 6/30/2024)
Russell 2000® Growth Index
Expenses (as of 8/31/2023)
Annual management fee
0.85 %
Total expense ratio (TER)
0.95 %

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.

Past performance is not indicative of future results. Performance calculations are net of all applicable fees and are calculated on a NAV-to-NAV basis (with income re-invested). Performance shown is for class and currency indicated and returns may increase/decrease as a result of currency fluctuations. 



(as of 6/30/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics

Performance and volatility metrics

(as of 6/30/2024)
3 Year
Alpha -9.54
Beta 0.98
Sharpe Ratio -0.73
Standard Deviation 23.16
R2 0.90
Information Ratio -1.19
Upside Market Capture Ratio 72.13
Downside Market Capture Ratio 106.23
Tracking Error 7.44
Correlation 0.95
Treynor Ratio -0.17
Morningstar ratings and rankings

Morningstar ratings and rankings

Data is unavailable at this time, please check back later.

Prices and distributions

Historical prices

YTD high €103.05 7/16/2024
YTD low €88.90 1/7/2024
52-week high €103.05 7/16/2024
52-week low €77.44 10/29/2023
2023 high €96.26 7/18/2023
2023 low €77.44 10/29/2023
Best quarterly return 38.36% 6/30/2020
Worst quarterly return -26.69% 6/30/2022
Best annual return 10.71% 12/31/2023
Worst annual return 0.00% 12/31/2020


Portfolio statistics

Portfolio statistics

(as of 6/30/2024)
Fund Benchmark
Number of Holdings 83 1054


(as of 6/30/2024) Overview chart

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.


Top 10 holdings

(as of 6/30/2024)
Casella Waste Systems, Inc. Class A
Tetra Tech, Inc.
HealthEquity Inc
Applied Industrial Technologies, Inc.
Novanta Inc
CyberArk Software Ltd.
AAON, Inc.
Onto Innovation, Inc.
SPS Commerce, Inc.
Morningstar, Inc.
Top 10 represents 23.62% of total net assets

Based on ending weights as of month-end. Source: FactSet. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security.

Sector allocation

Sector allocation

(as of 6/30/2024)
30.65% 19.88%
Information technology
23.74% 24.02%
Health care
20.54% 21.58%
Consumer discretionary
7.63% 10.37%
6.40% 5.92%
Consumer staples
3.99% 4.79%
2.80% 4.02%
2.18% 4.63%
Communication services
1.25% 2.02%
Real estate
0.80% 1.44%
0.00% 1.33%

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

ESG data summary

MSCI Overall ESG Score 1
Sustainalytics ESG Risk Score 2
SFDR Rating

Product involvement 3

Portfolio Benchmark
Controversial Weapons exposure 0.00% 0.45%
Oil Sands exposure 0.00% 0.00%
Small Arms exposure 0.00% 0.35%
Thermal Coal exposure 0.00% 0.02%
Tobacco exposure 0.00% 0.11%
UN Global Compact non-compliant exposure 0.00% 0.00%

¹ Data is sourced from MSCI ESG Research where companies are rated on a scale of 0 – 10 (0 - worst, 10 - best). Weighted average scores exclude effects of unrated securities.

² ESG Risk Ratings measure exposure to and management of ESG risks. Lower risk scores reflect less ESG risk. Sustainalytics ESG Risk Scores measure ESG risks on a scale of 0 – 100 (0 - no ESG Risk, >40 - Severe ESG Risk).

³ Carbon emissions includes operational and first-tier supply chain greenhouse gas emissions. Data sourced from S&P Trucost Limited.

⁴ Source: Allspring Global Investments. This report contains information developed by Sustainalytics. Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at Copyright © 2023 Sustainalytics. All rights reserved.


Regulatory Document Date Language
Allspring Core Exclusions 6/13/2023 English Download
Lux Fund Sustainability-Related Disclosures 4/16/2024 English Download
PRIIPs KIDs 11/15/2023 English Download
PRIIPs KIDs 11/15/2023 Spanish Download
PRIIPs KIDs 11/15/2023 Italian Download
PRIIPs KIDs 11/15/2023 Norwegian Download
PRIIPs KIDs 11/15/2023 Portuguese Download
PRIIPs KIDs 11/15/2023 Swedish Download
PRIIPs KIDs 11/15/2023 French Download
PRIIPs KIDs 11/15/2023 German Download
PRIIPs KIDs 11/15/2023 French Download
PRIIPs KIDs 11/15/2023 Finnish Download
PRIIPs KIDs 11/15/2023 Dutch Download
Our team
Meet the investment team

The team’s philosophy is to provide clients the power of long-term compounding through investing in businesses on the right side of change.  

Key risks

Currency risk: Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments.

Equity securities risk: These securities fluctuate in value and price in response to factors impacting the issuer of the security as well as general market, economic and political conditions.

Global investment risk: Securities of certain jurisdictions may experience more rapid and extreme changes in value and may be affected by uncertainties such as international political developments, currency fluctuations and other developments in the laws and regulations of countries in which an investment may be made.

Geographic concentration risk: Investments concentrated in specific geographic regions and markets may be subject to greater volatility due to economic downturns and other factors affecting the specific geographic regions.

Smaller-company securities risk: Securities of companies with smaller market capitalisations tend to be more volatile and less liquid than securities of larger companies.

ESG risk: Applying an ESG screen for security selection may result in lost opportunity in a security or industry resulting in possible underperformance relative to peers. ESG screens are dependent on third-party data and errors in the data may result in the incorrect inclusion or exclusion of a security.

Leverage risk: The use of certain types of financial derivative instruments may create leverage which may increase share price volatility.

Sector emphasis risk: Investing a substantial portion of assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.

Contact Us

We look forward to helping you with your investment needs


Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy.

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.

Any benchmark referenced is for comparative purposes only, unless specifically referenced otherwise in this material and/or in the prospectus, under the Sub-Funds’ Investment Objective and Policy.

†Promotes environmental and social characteristics but does not have a sustainable investment objective

†While the Sub-Funds listed above have access to both internal and external ESG research and integrate financially material sustainability risks into their investment decision-making processes, ESG-related factors are considered but not determinative, permitting the relevant Sub-Investment Managers to invest in issuers that do not embrace ESG; as such, sustainability risks may have a more material impact on the value of the Sub-Fund’s investments in the medium to long term. The investments underlying these Sub-Funds do not take into account the EU criteria for environmentally sustainable economic activities.

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.