DSCEX — Dana Small Cap Equity Fund
Data updated: 2026-09-24
DSCEX — Dana Small Cap Equity Fund. United States Small Cap Blend / Core Equity · $35.77M AUM. Holdings, fees, performance and SEC filings.
DSCEX Fund Overview
DSCEX — Dana Small Cap Equity Fund is a US mutual fund managed by Valued Advisers Trust, categorised as United States Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Valued Advisers Trust
- Category: United States Small Cap Blend / Core Equity
- Assets under management: $35.77M
- Ticker: DSCEX
- SEC CIK: 0001437249
- SEC series ID: S000051394
- Share class ID: C000161988
DSCEX Investment Objective and Strategy
Dana Small Cap Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Valued Advisers Trust.
Investment objective
The investment objective of the Dana Small Cap Equity Fund (the “Fund”) is long-term growth of capital.
Principal investment strategy
The Fund seeks to achieve its investment objective through investment in publicly-traded equity securities using a disciplined, risk-controlled investment process. The investment process is a sector-neutral, relative-value approach that has been used by Dana Investment Advisors, Inc., the Funds investment adviser (the Adviser) with its private clients since 1999. The investment process seeks to minimize volatility (and thus, control risk) by utilizing several strategies including, but not limited to, rebalancing the portfolio quarterly to be within 1% of its target benchmark sector weights, equally weighting position sizes within each sector, and maintaining positions at less than 4% of the portfolio. The Funds benchmark is the Russell 2000 Index. Sector-neutral, relative-value refers to the Adviser striving to keep sector diversification within the Funds portfolio similar to that in its target benchmark.
To do this, the Adviser will generally emphasize valuation metrics within each sector when analyzing securities. Valuation metrics may include evaluating the pricing of a security based off its price to earnings ratio, price to cash flow ratio, price to book value ratio and earnings to growth ratio. The Adviser employs a risk-controlled relative-value equity strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets in a diversified portfolio of equity securities of small capitalization companies, with an emphasis on equity securities of U.S. issuers. The Fund considers small capitalization companies to be companies within the range of those companies included in the Russell 2000 Index at the time of purchase. The market capitalization range of the Russell 2000 Index as of December 31, 2017 was $33 million to $9.3 billion.
Because small capitalization companies are defined by reference to an index, the range of market capitalization companies in which the Fund invests may vary with market conditions. The Fund may also invest a portion of its assets in equity securities of companies of any size, including what are commonly referred to as mid-cap and large-cap companies (generally those companies with market capitalizations exceeding $5 billion). The Fund may invest up to 20% of its net assets in securities other than small capitalization companies. The Fund portfolio is designed to resemble the small cap market, add value above market returns through superior stock selection, yet exhibit lower volatility than the small cap market. Individual securities in the Fund are chosen after rigorous fundamental research to identify companies with attractive valuations relative to peer companies, relative to the broader economic sector in which companies are members, and relative to the historical and forecasted growth the companies may exhibit.
The investment portfolio will be constructed and monitored using top-down risk controls designed to minimize volatility while allowing the opportunity to add excess returns. The portfolio managers may also sell a security when they determine that the companys fundamentals are no longer compatible with the Funds objectives or when other securities offer a more attractive investment opportunity. Top-down risk controls would include sector neutrality to the Funds benchmark with relatively equal weighted positions limited to a maximum 4% weighting. Such controls have historically reduced volatility by insuring the portfolio is well diversified and not over concentrated to any particular sector or security. In addition to common stocks, from time to time the Fund may purchase other equities such as shares of other investment companies and exchange-traded funds (ETFs).
The Fund may invest in ETFs to gain market exposure when there are significant cash flows. The Fund may also invest in real estate investment trusts (REITs), preferred stocks, and publicly traded partnerships.
DSCEX Holdings
Top 10 holdings of Dana Small Cap Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Chefs' Warehouse, Inc. (the) | 2.40% |
| Ensign Group, Inc. (the) | 2.35% |
| Livanova PLC | 2.32% |
| Fb Financial Corp. | 2.13% |
| Axsome Therapeutics, Inc. | 2.09% |
| Applied Industrial Technologies, Inc. | 2.07% |
| Braze, Inc. | 2.07% |
| Chord Energy Corp. | 2.06% |
| Agilysys, Inc. | 2.04% |
| Pjt Partners, Inc. | 2.02% |
DSCEX Portfolio Allocation
Asset-class allocation of Dana Small Cap Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.9% |
| Cash & Equivalents | 1.2% |
DSCEX Costs and Fees
DSCEX costs about $120 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.20%
- Gross expense ratio: 2.13%
- Portfolio turnover: 55%
- Brokerage commissions: 5.36 bps of average net assets (SEC N-CEN)
DSCEX Cashflows
Over the 12 months to 2026-04, Dana Small Cap Equity Fund had net outflows of $2.49M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $85.77K |
| 2026-03 | $392.66K |
| 2026-02 | −$428.32K |
| 2026-01 | $81.19K |
| 2025-12 | $1.09M |
| 2025-11 | −$3.31M |
DSCEX Debt Constituents
No individual debt constituents are reported in Dana Small Cap Equity Fund's latest SEC N-PORT filing.
DSCEX Prospectus and SEC Filings
Official Dana Small Cap Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2026-09-24
- Portfolio holdings (N-PORT) — filed 2026-06-29
- Portfolio holdings (N-PORT) — filed 2026-04-01
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-14
Related Funds
Other United States Small Cap Blend / Core 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.