Immutable verification record

Value Fund

Run 363649da-fcfb-4007-87ef-de06de7710ca · portfolio period 2026-03-31 · captured 2026-07-29T14:22:09.616Z

This is the permanent record of what our July 29, 2026 data run computed for Value Fund, and the exact SEC documents every number came from — it exists so anyone can check us.

Current interpretation · methodology 1.5

How to read this prior-run record now

This portfolio genuinely differs from the Russell 1000 Value index (75.2% active share). Its 0.61% fee buys real active management; whether it earned that fee is not something holdings can show.

This interpretation is computed under the current methodology and is not inserted into the immutable record below.

Cite these figures

Each snippet includes the figure’s source-event date and immutable verification URL.

Best-fit active share

Sensible Investor, “Value Fund — best-fit active share,” 75.2% versus the Russell 1000 Value index, fund portfolio as of 2026-03-31; measured against the filed holdings of iShares Russell 1000 Value ETF (IWD), as of 2026-03-31. https://sensible-investor.com/registry/hovlx/as-of/363649da-fcfb-4007-87ef-de06de7710ca

HOVLX filed expense ratio

Sensible Investor, “Value Fund — filed expense ratio,” 0.61% for HOVLX, as of 2025-12-31. https://sensible-investor.com/registry/hovlx/as-of/363649da-fcfb-4007-87ef-de06de7710ca

HOVLX fee per active unit

Sensible Investor, “Value Fund — fee per unit of active management,” 0.81% using the HOVLX expense ratio as of 2025-12-31 and fund portfolio as of 2026-03-31. https://sensible-investor.com/registry/hovlx/as-of/363649da-fcfb-4007-87ef-de06de7710ca

Holdings difference for every comparison calculated in this run.
Index	Active share	Holdings evidence	Identifier match
the Russell 1000 Value index	75.2%	measured against the filed holdings of iShares Russell 1000 Value ETF (IWD), as of 2026-03-31	88.0%
the S&P 500	77.6%	measured against the filed holdings of iShares Core S&P 500 ETF (IVV), as of 2026-03-31	95.3%
the Russell 1000 index	78.7%	measured against the filed holdings of iShares Russell 1000 ETF (IWB), as of 2026-03-31	98.4%
the total US market	79.6%	measured against the filed holdings of Vanguard Total Stock Market ETF (VTI), as of 2026-03-31	96.2%
the Russell 1000 Growth index	85.3%	measured against the filed holdings of iShares Russell 1000 Growth ETF (IWF), as of 2026-03-31	39.8%
the S&P MidCap 400	99.2%	measured against the filed holdings of iShares Core S&P Mid-Cap ETF (IJH), as of 2026-03-31	2.0%
the S&P SmallCap 600	99.5%	measured against the filed holdings of iShares Core S&P Small-Cap ETF (IJR), as of 2026-03-31	0.5%
the Russell 2000 index	100.0%	measured against the filed holdings of iShares Russell 2000 ETF (IWM), as of 2026-03-31	0.0%

Filed expense ratios by share class

Each fee is tied to its filed SEC source and period.
Share class	Expense ratio	Filing period	SEC document
HOVLX (Value Fund)	0.61%	2025-12-31	Open SEC expense filing

Match rates

How much of the fund filing could be matched to comparison holdings. A benchmark proxy is not compared with itself.
Fund identifier match	88.0%
the Russell 1000 Value index	88.0%
the S&P 500	95.3%
the Russell 1000 index	98.4%
the total US market	96.2%
the Russell 1000 Growth index	39.8%
the S&P MidCap 400	2.0%
the S&P SmallCap 600	0.5%
the Russell 2000 index	0.0%

Fee-drag windows

Dollar fee drag from licensed return windows; the lowest-cost control class is omitted rather than compared with itself, and missing history remains explicit.
Share class	Window	Fee drag	Window dates
HOVLX	10 years	$15,473	2016-07-29 to 2026-07-29
HOVLX	20 years	$55,211	2006-07-31 to 2026-07-29
HOVLX	30 years	proxy history begins 2000 — no full 30-year window	Proxy history begins 2000-05-26

Check it yourself

Open the fund’s linked SEC holdings filing and, for fees, the linked SEC expense filing in the table above.
Find each security identifier and portfolio weight in the holdings filing, and the net annual operating expense for the relevant share class in its expense filing.
Recalculate the comparison using the active-share formula and portfolio rules.

Raw record (JSON)

Download this record as JSON

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