Trillium ESG Small/Mid Cap Fund
Fund
TSMDX
Price as of:
$17.28
- $0.08
- 0.46%
Primary Theme
fund company
N/A
Name
As of 06/01/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
5.8%
1 yr return
14.8%
3 Yr Avg Return
9.1%
5 Yr Avg Return
3.3%
Net Assets
$32.3 M
Holdings in Top 10
26.0%
52 WEEK LOW AND HIGH
$17.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.11%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 20.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 06/01/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
TSMDX - Profile
Distributions
- YTD Total Return 5.8%
- 3 Yr Annualized Total Return 9.1%
- 5 Yr Annualized Total Return 3.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.15%
- Dividend Yield 5.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameTrillium ESG Small/Mid Cap Fund
-
Fund Family NamePerpetual Americas Funds Trust
-
Inception DateAug 31, 2015
-
Shares Outstanding2392351
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLaura McGonagle
Fund Description
Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small and mid‑sized companies that meet Trillium’s Environmental, Social, and Governance (“ESG”) criteria. The Fund’s subadviser, Trillium Asset Management, LLC (“Trillium”) defines small- and mid‑cap companies as those having market capitalizations that, at the time of purchase, are consistent with the market capitalizations of companies in the Russell 2500TM Index. As of September 30, 2025, the largest company in the Russell 2500TM Index had a market capitalization of $32.29 billion. The Fund utilizes a core investment style that incorporates elements of both growth and value investing. The Fund may invest up to 20% of its total assets in the securities of non‑U.S. issuers, including indirectly through instruments such as depositary receipts. Depositary receipts and other investments intended to achieve investment exposure to equity securities indirectly will be counted towards the Fund’s 80% investment policy. The Fund’s non‑U.S. holdings may include companies located in frontier or emerging markets. For purposes of its 80% investment policy, the equity securities that meet Trillium’s ESG criteria are those that satisfy Trillium’s proprietary fundamental and ESG criteria analysis and screening described below under “Portfolio Analysis and Construction” and “ESG Considerations and Active Ownership.” The Fund may also participate in initial public offerings (“IPOs”).
Portfolio Analysis and Construction. Trillium’s investment philosophy for the Fund is that integrating ESG criteria into the financial analysis process can help identify the best companies positioned to deliver long-term risk adjusted performance.
Trillium constructs the Fund’s portfolio by looking at the companies included in the Fund’s benchmark, supplemented by an analysis of companies outside of the Fund’s benchmark. Within this investment universe the portfolio managers then identify individual companies that satisfy Trillium’s proprietary fundamental and ESG criteria analysis and screening process described under “Portfolio Analysis and Construction” and “ESG Considerations and Active Ownership.” In conducting fundamental research, the portfolio managers combine fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities.
Trillium’s investment process for the Fund is a bottom‑up research process focused on identifying companies with high quality characteristics. These include, but are not limited to:
| • | Financial statement integrity as determined by a review of financial ratios and company disclosures; |
| • | History of profitability, and/or positive and growing cash flow from operations; |
| • | Conservative debt management as measured by a review of leverage ratios and balance sheet analyses including debt to earnings before interest, taxes, depreciation and amortization, and debt to capitalization metrics; |
| • | Return on investment capital trends; and |
| • | Sector-relevant leadership on ESG policies and performance. |
Portfolio managers also qualitatively consider macroenvironment and geopolitical conditions, including interest rates, inflation trends, employment levels, and regional disputes in relation to overall portfolio construction. In constructing the portfolio,
Trillium adheres to risk control parameters such as the maximum size of an individual holding, relative sector weights, and a target average market capitalization for the portfolio.
When selecting securities for the Fund, the portfolio managers’ financial analysis also includes a holistic review of ESG criteria and how they may impact a stock’s valuation or performance. These ESG criteria include key sustainability risks and opportunities spanning a range of topics including board diversity, climate change policies, supply chains and human rights policies. Trillium also excludes or restricts from investment individual companies on the basis of certain qualitative and quantitative screens. See “ESG Considerations and Active Ownership” below for more detail. The portfolio managers evaluate Environmental, Social, and Governance factors for each company. The portfolio managers do not prioritize one set of factors over the others, although “E”, “S” or “G” factors may be given more or less consideration depending on a company’s particular industry. For example, Trillium may weigh Social factors more heavily for a firm in the professional services industry and Environmental factors more heavily for a manufacturing company. Similarly, Trillium’s ESG criteria may be somewhat different across sectors, geographic regions or market capitalizations, and Trillium evaluates ESG criteria and risks for each company it considers for investment. Some of the ESG criteria Trillium assesses, which can vary based on industry as noted above, include, but are not limited to:
Environmental – Use of harmful pollutants and chemicals; Raw material management; Greenhouse gas emissions and use of renewable energy sources.
Social – Payment of fair wages; Human capital management strategy; Encouragement of diversity and inclusion; Support of LGBTQ rights.
Governance – Board diversity; Independent roles of CEO and Board chair; Reasonableness of executives’ wages; Dedication to corporate transparency.
Portfolio managers also analyze a company’s ESG related policies and practices, including reviews of third-party evidence when available. For example, the portfolio managers may consider whether a company maintains an environmental management system certified to certain international standards, and also consider data from a variety of public sources including eligible company filings, other publicly available materials, shareholder/investor events, and in certain cases, information resulting from direct communication with company management teams. The portfolio managers also have access to and consider information obtained from multiple third-party providers for both financial and ESG data, in addition to internally generated analysis, throughout its proprietary investment process. Trillium also reviews publicly available information provided from government agencies, news agencies and not‑for‑profit organizations. See “ESG Considerations and Active Ownership” below for more detail.
ESG Considerations and Active Ownership. Trillium seeks to identify companies that it believes are strategic leaders, based on business models that it believes are superior and with the ability to create consistent earnings growth. In addition, Trillium looks to identify companies with strong board and management qualities, as evidenced by transparent and conservative financial reporting, and effective management of ESG risks such as risks from new environmental regulations, product safety risk, and reputational risks from major controversies or accidents.
Trillium believes in active ownership and that engaging companies on ESG topics using shareholder advocacy can lead to improvements in corporate ESG performance practices, policies and impact. Trillium typically seeks to align Trillium’s values and financial objectives by combining impactful investment solutions with active ownership, aspiring to provide long-term value while advancing humankind towards a sustainable global economy, a just society, and a better world. For Trillium this means being active shareholders with the intention to advocate in support of protections and respect for human rights, the natural environment, economic, environmental, social, and climate justice, labor rights, and civil society institutions. In pursuing the Fund’s investment objective and considering individual investments, Trillium considers both impact to these aspirational goals as well as financial performance. Trillium’s proxy voting guidelines incorporate these ESG matters and perspectives and votes are executed consistent with Trillium’s fiduciary duties.
As part of its ESG analysis, there are certain industries and business activities that Trillium currently identifies as too environmentally risky or as presenting social outcomes that are too unattractive to warrant investment consideration. Trillium employs qualitative and quantitative screens to exclude or restrict these types of investments. The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company’s total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible. The Fund will also exclude from consideration companies that derive a material proportion of their total gross revenue from business activities that are incompatible with Trillium’s sustainability goals. These include business activities related to agricultural biotechnology, coal and certain types of mining, pornography, private prisons, tar sands (i.e., oil sands), arctic drilling, tobacco, casinos and gaming, and weapons/firearms. The Fund also restricts investment in companies that Trillium identifies as having major recent or ongoing controversies involving animal welfare, environmental, governance, human rights, and product safety.
TSMDX - Performance
Return Ranking - Trailing
| Period | TSMDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -22.2% | 42.3% | 83.69% |
| 1 Yr | 14.8% | -15.2% | 81.7% | 77.95% |
| 3 Yr | 9.1%* | 4.2% | 36.0% | 88.52% |
| 5 Yr | 3.3%* | -5.2% | 17.7% | 93.21% |
| 10 Yr | 8.5%* | 5.2% | 17.0% | 80.67% |
* Annualized
Return Ranking - Calendar
| Period | TSMDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 7.9% | -30.5% | 23.6% | 14.80% |
| 2024 | 1.7% | -9.8% | 27.4% | 86.71% |
| 2023 | 6.7% | -12.9% | 28.8% | 83.28% |
| 2022 | -20.1% | -52.6% | 3.0% | 57.98% |
| 2021 | 20.4% | -43.8% | 32.4% | 23.84% |
Total Return Ranking - Trailing
| Period | TSMDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -22.2% | 42.3% | 83.69% |
| 1 Yr | 14.8% | -15.2% | 81.7% | 77.95% |
| 3 Yr | 9.1%* | 4.2% | 36.0% | 88.52% |
| 5 Yr | 3.3%* | -5.2% | 17.7% | 93.21% |
| 10 Yr | 8.5%* | 5.2% | 17.0% | 80.67% |
* Annualized
Total Return Ranking - Calendar
| Period | TSMDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 7.9% | -5.5% | 30.3% | 46.53% |
| 2024 | 7.7% | -7.0% | 34.8% | 94.86% |
| 2023 | 9.4% | 1.8% | 31.3% | 93.31% |
| 2022 | -17.8% | -45.7% | 4.4% | 79.14% |
| 2021 | 23.2% | -30.2% | 52.8% | 62.23% |
NAV & Total Return History
TSMDX - Holdings
Concentration Analysis
| TSMDX | Category Low | Category High | TSMDX % Rank | |
|---|---|---|---|---|
| Net Assets | 32.3 M | 728 K | 214 B | 93.66% |
| Number of Holdings | 73 | 1 | 2748 | 58.61% |
| Net Assets in Top 10 | 7.75 M | 1.42 M | 17.9 B | 92.75% |
| Weighting of Top 10 | 25.97% | 4.7% | 100.0% | 36.36% |
Top 10 Holdings
- Northern Institutional Funds TREAS PRT PRMR 3.74%
- East West Bancorp Inc COM USD0.001 3.08%
- The New York Times Company CLASS'A'COM USD0.10 2.95%
- MYR Grp Inc COM USD0.01 2.53%
- Lincoln Electric Holdings Inc. COM NPV 2.52%
- Sitime Corporation COM 2.36%
- Burlington Stores Inc. COM USD0.0001 2.35%
- Trimble Inc COM NPV 2.24%
- J. B. Hunt Transport Services, Inc. COM USD0.01 2.17%
- Webster Financial Corp. COM USD0.01 2.04%
Asset Allocation
| Weighting | Return Low | Return High | TSMDX % Rank | |
|---|---|---|---|---|
| Stocks | 96.07% | 5.44% | 100.09% | 84.59% |
| Cash | 3.93% | 0.00% | 20.13% | 19.64% |
| Preferred Stocks | 0.00% | 0.00% | 5.95% | 44.41% |
| Other | 0.00% | -0.37% | 16.45% | 56.19% |
| Convertible Bonds | 0.00% | 0.00% | 1.78% | 44.11% |
| Bonds | 0.00% | 0.00% | 72.34% | 48.04% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TSMDX % Rank | |
|---|---|---|---|---|
| Industrials | 21.10% | 0.00% | 45.89% | 12.12% |
| Financial Services | 16.23% | 0.00% | 31.51% | 21.52% |
| Technology | 15.29% | 0.00% | 40.65% | 49.39% |
| Consumer Cyclical | 13.41% | 2.49% | 46.48% | 43.03% |
| Healthcare | 10.30% | 0.00% | 24.06% | 48.48% |
| Real Estate | 8.46% | 0.00% | 25.82% | 50.30% |
| Consumer Defense | 6.01% | 0.00% | 32.18% | 21.21% |
| Basic Materials | 4.32% | 0.00% | 16.35% | 74.85% |
| Utilities | 3.38% | 0.00% | 18.97% | 53.94% |
| Communication Services | 1.49% | 0.00% | 30.98% | 72.73% |
| Energy | 0.00% | 0.00% | 34.66% | 90.30% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TSMDX % Rank | |
|---|---|---|---|---|
| US | 96.07% | 5.44% | 100.09% | 80.97% |
| Non US | 0.00% | 0.00% | 16.83% | 51.36% |
TSMDX - Expenses
Operational Fees
| TSMDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.11% | 0.02% | 6.24% | 38.72% |
| Management Fee | 0.75% | 0.00% | 1.50% | 75.45% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 3.13% |
| Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
| TSMDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| TSMDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 42.86% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| TSMDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 20.00% | 0.00% | 304.00% | 20.41% |
TSMDX - Distributions
Dividend Yield Analysis
| TSMDX | Category Low | Category High | TSMDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.51% | 0.00% | 29.78% | 83.08% |
Dividend Distribution Analysis
| TSMDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
| TSMDX | Category Low | Category High | TSMDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.15% | -2.06% | 3.38% | 79.70% |
Capital Gain Distribution Analysis
| TSMDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 11, 2024 | $0.023 | OrdinaryDividend |
| Dec 11, 2024 | $0.930 | CapitalGainLongTerm |
| Dec 11, 2024 | $0.952 | OrdinaryDividend |
| Dec 13, 2023 | $0.014 | OrdinaryDividend |
| Dec 13, 2023 | $0.354 | CapitalGainLongTerm |
| Dec 16, 2022 | $0.391 | OrdinaryDividend |
| Dec 17, 2021 | $0.391 | OrdinaryDividend |
| Dec 18, 2020 | $0.018 | OrdinaryDividend |
| Dec 20, 2019 | $0.055 | OrdinaryDividend |
| Dec 20, 2019 | $0.015 | CapitalGainShortTerm |
| Dec 20, 2019 | $0.436 | CapitalGainLongTerm |
| Dec 21, 2018 | $0.112 | CapitalGainShortTerm |
| Dec 21, 2018 | $0.403 | CapitalGainLongTerm |
| Dec 21, 2018 | $0.016 | OrdinaryDividend |
| Dec 15, 2017 | $0.042 | CapitalGainShortTerm |
| Dec 15, 2017 | $0.175 | CapitalGainLongTerm |
| Dec 15, 2016 | $0.011 | OrdinaryDividend |
| Dec 15, 2016 | $0.123 | CapitalGainShortTerm |
| Dec 15, 2016 | $0.035 | CapitalGainLongTerm |
TSMDX - Fund Manager Analysis
Managers
Laura McGonagle
Start Date
Tenure
Tenure Rank
Aug 31, 2015
6.75
6.8%
Laura L. McGonagle, CFA- Laura is a senior vice president, portfolio manager and research analyst, and leads our Small/Mid Cap Core strategy. She joined Trillium Asset Management in 2001. Prior to joining Trillium she was an equity research analyst at Adams, Harkness and Hill, a Boston-based investment bank that focuses on emerging growth companies. Laura’s last position at Adams was as a sell-side equity analyst in the “Healthy Living” group. This group covered specialty consumer stocks which addressed the consumers’ growing awareness of the impact of nutrition, environment and lifestyle choices on their well-being. Laura earned a B.A. in quantitative economics from Tufts University in 1992. Laura is a member of the CFA Society Boston and is a Chartered Financial Analyst charterholder.
Elizabeth Levy
Start Date
Tenure
Tenure Rank
Oct 31, 2017
4.58
4.6%
Elizabeth R. Levy, CFA- Elizabeth is a senior vice president, portfolio manager and research analyst, and leads our All Cap Core and Fossil Fuel Free Core strategies. Before joining Trillium in 2012, she worked as a portfolio manager for Winslow Management Company, a division of Brown Advisory, where she had been since 2004. She managed two environmentally-focused investment strategies, the Winslow Green Large Cap strategy from 2009-2011 and the Winslow Green Growth strategy during 2011. She also provided equity research across Brown Advisory's strategies, with a focus on water companies and green transportation companies. Before joining Winslow she was a research associate for Tellus Institute, an environmental research organization. She served on the Steering Committee of the Social Investment Research Analysts Network (SIRAN), and is a previous Treasurer and Vice President of the Board of Directors of Harvest Cooperative Markets in Boston. Elizabeth holds a B.S. in Chemistry from the College of William and Mary, and a Master of Environmental Management from the Yale School of Forestry and Environmental Studies. She is a member of the Executive Committee of the Boston Chapter of the Appalachian Mountain Club. Elizabeth is also a member of the CFA Society Boston and is a Chartered Financial Analyst charterholder.
Mitali Prasad
Start Date
Tenure
Tenure Rank
May 15, 2019
3.05
3.1%
Mitali is a Portfolio Manager on the Small/Mid Cap Core strategy and Research Analyst covering Industrials and Materials Sectors. She joined Trillium in 2016 and previously served as a portfolio manager and equity research analyst at Washington Capital Management, where she covered multiple industry sectors and managed MID and SMID GARP portfolios. She held similar portfolio manager and equity analyst roles at OFI Institutional (Oppenheimer Funds) and Babson Capital Management, where she started her career in 1994. Mitali holds a Bachelor of Electronics and Telecommunications Engineering from the Delhi Institute of Technology in New Delhi, India and a Master of International Affairs from Columbia University in New York. She earned an M.B.A. from the Indian Institute of Management in Bangalore, India in 1991. She is a Chartered Financial Analyst (CFA) charterholder and a member of the CFA Institute and the CFA Society Boston, serving on its SRI committee from 2008 – 2010 and as Chair of its Value Investing committee from 2009-2013.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 32.69 | 7.46 | 5.78 |