Focused Large Cap Growth Fund

Class - A


Fund Objective

The Fund seeks to maximize capital appreciation.

Sub-Advisor Background

The Ithaka Group, LLC is an independent, employee-owned, investment management company focused on concentrated growth equity portfolios. Ithaka is located in Bethesda, MD.

Tickers & Cusips

Ticker DAFGX
Cusip 265458570
Share Class A-Shares
Fund Code 314

Fund Information

Dividend Frequency Annual*
Capital Gains Paid December*
Fund Inception 12/9/2011
FISCAL Year-End October
* If applicable

Minimum Investments

For Class A shares, the initial minimum investment amount for regular accounts is $5,000, and for tax-deferred accounts is $2,000. The minimum subsequent investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to depreciation of the investment. The fee will be waived if you have multiple accounts and your total investment amount is $50,000 or more.

The minimum can also be waived by the Adviser for shareholders investing through a wrap program or similar arrangement.


Price & YTD Total Return (11/15/2021)

Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$44.05 $0.05 0.11 %
Net Asset Value (NAV): $44.05
NAV Change: $0.05
NAV Percentage Change: 0.11 %
YTD Return at NAV:
20.52 %
YTD Return at NAV: 20.52 %

Performance Inception Date (As of 12/9/2011)

Most recent
month-end (as of 10/31/2021)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance 33.13 % 30.56 % 25.86 % 17.80 %
Fund Performance
with Maximum Sales Charge
25.48 % 28.01 % 24.38 % 17.10 %
Average Annual
Total Return (as of 9/30/2021)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Fund Performance 21.33 % 22.78 % 23.80 % 17.35 %
Fund Performance
with Maximum Sales Charge
14.35 % 20.38 % 22.34 % 16.64 %
Most recent
month-end (as of 10/31/2021)
1 Yr 33.13 %
3 Yr 30.56 %
5 Yr 25.86 %
10 Yrs
Since Inception 17.80 %
Most recent
month-end (as of 10/31/2021)
Fund Performance
with Maximum Sales Charge
1 Yr 25.48 %
3 Yr 28.01 %
5 Yr 24.38 %
10 Yrs
Since Inception 17.10 %
Average Annual Total Return
(as of 9/30/2021)
1 Yr 21.33 %
3 Yr 22.78 %
5 Yr 23.80 %
10 Yrs
Since Inception 17.35 %
Average Annual Total Return
(as of 9/30/2021)
Fund Performance
with Maximum Sales Charge
1 Yr 14.35 %
3 Yr 20.38 %
5 Yr 22.34 %
10 Yrs
Since Inception 16.64 %
Per prospectus dated 3/1/2021
Expense Ratio: 1.55 %
Maximum Front-End Load: 5.75 %
Per prospectus dated 3/1/2021
Expense Ratio:
1.55 %
Maximum Front-End Load:
5.75 %

Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.


Date $/Share Type
12/30/2020 $0.84 Long-Term Capital Gain
12/27/2019 $0.83 Long-Term Capital Gain
12/27/2018 $1.70 Long-Term Capital Gain
12/27/2017 $0.18 Long-Term Capital Gain
12/29/2015 $0.09 Long-Term Capital Gain

Year-End Distribution

Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.


Top 10 Holdings (As of 10/29/2021)

Security % of Net Assets
Nvidia Corporation 6.95 %
ServiceNow, Inc. 6.65 %
Amazon.Com Incorporated 6.61 %
Microsoft Corporation 5.91 %
Facebook Inc. 4.66 %
Paypal Holdings 4.63 %
Mastercard Inc Cl. A 4.53 %
Visa Inc. 4.38 % Inc 4.23 %
Veeva Systems Inc 3.94 %

Fund Sector Allocation (As of 10/29/2021)

Information Technology (64.89%)
Health Care (17.6%)
Consumer Discretionary (15.67%)
Cash (1.84%)

Investors should consider the investment objectives, risk factors, charges, and expenses of the Dunham Funds carefully before investing. This and other important information is contained in the Dunham Funds’ summary prospectus and/or prospectus, which may be obtained by contacting your financial advisor, or by calling toll free (800) 442‐4358. Please read prospectus materials carefully before investing or sending money. Investing involves risk, including possible loss of principal.

Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.

Large Cap Stock Risk - Because the investment focus of the Fund is on large cap stocks, the value of the Fund may be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of large cap issuers may change as large cap investing style goes in and out of favor depending on a variety of political, regulatory, market, or economic developments.

Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.

Software Industry Risk - Various factors may significantly affect the software industry, such as technological developments, fixed-rate pricing and the ability to attract and retain skilled employees. The success of companies in the industry is subject to the continued demand for internet services. For example, as product cycles shorten and manufacturing capacity increases, these companies increasingly could become subject to aggressive pricing, which hampers profitability. Changing domestic and international demand, research and development costs, availability and price of components and product obsolescence can affect the profitability of software companies. Software company stocks may experience substantial fluctuations in market price. The market for software products is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of software and services companies depends substantially on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting a company’s products or in the market for products based on a particular technology could have a material adverse effect on the company’s operating results. Furthermore, there can be no assurance that the software companies will be able to respond in a timely manner to compete in the rapidly developing marketplace. Many software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not develop technologies independently that substantially are equivalent or superior to such companies’ technology

Non-Diversification Risk - A Fund that is a non-diversified investment company means that more of the Fund’s assets may be invested in the securities of a single issuer than a diversified investment company. This may make the value of the Fund’s shares more susceptible to certain risk than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Management Risk - Each Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness and potential appreciation of a security, whether selected under a “value”, “growth” or other investment style, may prove to be inaccurate and may not produce the desired results. The Adviser and Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.

Foreign Investing Risk - Investing in foreign companies or ETFs which invest in foreign companies, may involve more risks than investing in U.S. companies. These risks can increase the potential for losses in the Fund and may include, among others, currency devaluations, currency risks (fluctuations in currency exchange rates), country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Additionally, investments in securities denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the Fund and denominated in those currencies.

Securities Lending Risk - Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Board of Trustees. A risk of lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. The Fund might not be able to recover the securities or their value. In determining whether to lend securities, the Adviser or its agent, will consider all relevant facts and circumstances, including the creditworthiness of the borrower.