ADJEX — Azzad Ethical Fund
Data updated: 2026-09-11
ADJEX — Azzad Ethical Fund. 0.99% expense ratio · since 2000 · United States Mid Cap Growth Equity. Holdings, fees, performance and SEC filings.
ADJEX Fund Overview
ADJEX — Azzad Ethical Fund is a US mutual fund managed by Azzad Funds, categorised as United States Mid Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Azzad Funds
- Category: United States Mid Cap Growth Equity
- Assets under management: $148.79M
- 1-year return: 12.1%
- Ticker: ADJEX
- SEC CIK: 0001031008
- SEC series ID: S000004763
- Share class ID: C000012956
ADJEX Investment Objective and Strategy
Azzad Ethical Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Azzad Funds.
Investment objective
Azzad Ethical Funds investment objective is to provide shareholders with long-term total returns using means that are consistent with the Advisers ethical principles.
Principal investment strategy
Under normal market conditions, the Fund will invest in securities of mid-capitalization companies included in the Russell Midcap Growth Index (the Index) at the time of purchase. The companies in the Index will be screened for companies that comply with the Funds ethical investment restrictions, and those companies that fail to meet these criteria will be removed. The remaining companies will then be subject to the sub-advisers quantitative model to select the securities for the Funds portfolio. Under normal market conditions, the Fund will invest at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Funds ethical investment criteria. The Fund seeks total return, which includes income from dividends and capital appreciation of portfolio securities held by the Fund.
The Index includes domestic, mid-cap companies whose earnings are expected to grow at an above-average rate relative to the market. It is a subset of the Russell Midcap Index, which measures the performance of the mid-capitalization sector of the U.S. equity market. As of September 30, 2018, the average market cap of the Russell Midcap Growth Index was approximately $16.09 billion. The size of the companies in an index changes with market conditions and the composition of the index. The Funds sub-adviser, Ziegler Capital Management, LLC (ZCM) will seek to achieve the Funds objective by incorporating its proprietary, quantitative model of historical valuation, growth, profitability and other factors to identify stocks that may have the potential to provide a higher total return than that of the Index.
Generally, ZCM will attempt to overweight stocks with positive characteristics identified by its quantitative model (higher cash flow return on investment CFROI profitability measures, higher/more stable profitability, higher/more profitable sales growth, positive price momentum, relative low price/earnings measures) and underweight (or avoid altogether) stocks with negative characteristics (lower CFROI profitability measures, declining/volatile profitability, lower/more volatile sales growth, declining price momentum, relative high price/earnings measures). Using various optimization techniques, ZCM will construct a portfolio that is designed to closely track the risk profile of the Index (e.g. beta, size, volatility). Although the Fund will not hold all the stocks in the Index, ZCM expects that there will be a close correlation between the performance of the Fund and that of the Index in both rising and falling markets.
The Fund may also invest in real estate-related securities including real estate investment trusts (REITS) when such securities are included in the Index. ZCM will decide which securities to purchase for the Fund. ZCM will sell a security if it falls out of compliance with the Funds ethical investment restrictions. The Funds Adviser evaluates whether a security continues to meet the Funds ethical investment restrictions on a quarterly basis, and, if the Adviser believes a security no longer meets the Funds ethical investment restrictions, ZCM will be instructed to sell such security. ZCM may also sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. ZCM will also sell securities that are removed from the Index.
If ZCMs strategies do not work as intended, the Fund may not achieve its objective. ZCM evaluates companies by combining a proprietary quantitative model that scores stocks with a fundamental evaluation that confirms the attractiveness of the top-scoring stocks. This multi-factor model uses cash flow analysis to identify stocks that are trading at or below their fair market value. ZCM believes that inflation adjusted returns and cash flow analysis provide the most accurate measure of a companys value. To take advantage of market inefficiencies, the Fund may be actively traded. During these periods, the Fund may have a higher turnover rate. Ethical Investment Restrictions The Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol, tobacco, pornography, pork, gambling, hydraulic fracturing, private prisons, or weapons industries as determined by the Adviser.
The Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements, preferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains from futures contracts, trading debt or trades that involve exchanging the same kind of monetary instruments (such as the same type of currency). The Fund is non-diversified and may invest a larger percentage of its assets in fewer companies than diversified funds, exposing it to more volatility and/or market risk than diversified funds.
ADJEX Holdings
Top 10 holdings of Azzad Ethical Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| KLA-Tencor Corp | 6.99% |
| Quanta Services Inc | 6.56% |
| Coherent Corp. | 5.69% |
| Cadence Design Syste | 4.29% |
| Monolithic Power Sys | 3.80% |
| Howmet Aerospace, Inc. | 3.34% |
| IDEXX Laboratories I | 3.31% |
| Cloudflare, Inc. | 3.12% |
| Fastenal Co | 2.90% |
| Vertiv Holdings | 2.82% |
ADJEX Portfolio Allocation
Asset-class allocation of Azzad Ethical Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.6% |
ADJEX Performance
Total returns for ADJEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 12.88% |
| 1 year | 12.07% |
| 3 years (annualised) | 6.30% |
| 5 years (annualised) | 2.27% |
ADJEX Risk Information
Risk metrics for ADJEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.08%
ADJEX Costs and Fees
ADJEX costs about $99 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.99%
- Gross expense ratio: 1.12%
- Portfolio turnover: 35%
- Brokerage commissions: 0.15 bps of average net assets (SEC N-CEN)
ADJEX Cashflows
Over the 12 months to 2026-06, Azzad Ethical Fund had net outflows of $10.79M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$434.78K |
| 2026-05 | −$32.60K |
| 2026-04 | −$215.40K |
| 2026-03 | −$1.94M |
| 2026-02 | −$1.80M |
| 2026-01 | −$1.06M |
ADJEX Debt Constituents
No individual debt constituents are reported in Azzad Ethical Fund's latest SEC N-PORT filing.
ADJEX Prospectus and SEC Filings
Official Azzad Ethical Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-10-28
- Prospectus (485BPOS) — filed 2024-10-30
- Prospectus (485BPOS) — filed 2023-10-30
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-03-02
- Annual census (N-CEN) — filed 2026-09-11
- Annual census (N-CEN) — filed 2025-09-05
Related Funds
Other United States Mid Cap Growth Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.