MALVERN, Pa., April 12, 2006 (PRIMEZONE) -- The Quaker Funds, Inc. today is proud to announce that its flagship fund, the Quaker Strategic Growth Fund, has surpassed the $1 billion mark in assets under management. This impressive achievement comes several months before two other Quaker milestones. The Quaker Funds, Inc. celebrates its 10-year anniversary in July, and November will mark a decade since the inception of the Quaker Strategic Growth Fund.
"We are proud of yet another important milestone in our firm's young history and of everyone who has made it possible," says Jeffry King, founder, chairman and CEO of the Quaker Funds, Inc. "This achievement validates that financial intermediaries and their clients have a strong appetite for a well-managed mutual fund that has consistently produced solid returns."
The Quaker Strategic Growth Fund, which has been managed by Manu Daftary, CFA, of Boston-based DG Capital Management, Inc. since its November 1996 inception, was the first fund launched by the Quaker Funds, Inc. The fund has outperformed its benchmark, the S&P 500 Index, for eight consecutive years, which is the second longest active streak behind Bill Miller's Legg Mason Value Trust Fund (see Note 1). Through March 31, 2006, the fund produced a return of 5.18% year-to-date (before sales charges), a full percentage point better than the S&P 500 Index (see Note 2). Its 5-year annualized return through the first quarter of the year was 7.80%, which outpaced the benchmark by 3.83% over the same period.
Before Mr. King founded the Quaker Funds, Inc. in the summer of 1996, he approached Mr. Daftary, a long-time friend, about running the firm's first mutual fund. Mr. Daftary, who had established a successful career running institutional portfolios but had never managed a mutual fund before launching DG Capital, agreed.
Mr. King says it was the one of the smartest hiring decisions he ever made.
"Manu Daftary is a world-class money manager who is just beginning to receive the mainstream investor attention he so richly deserves," says Mr. King. "Investors who have entrusted their assets to Manu and the Quaker Strategic Growth Fund over the past decade have made a very wise investment."
Note 1: The Wall Street Journal, December 10, 2005, "Fund Manager Could Be No. 1 If Leader Trips"
Note 2: Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. During the periods shown, the fund received expense reimbursements from the sub-adviser without which the performance would have been less favorable. Performance data is for Class A Shares of the Fund without sales charges. Fund returns after sales charges through March 31, 2006 were -0.60%, 11.55%, 6.58% and 18.50% for the quarter, 1-year, 5-years and since inception, respectively. Class A Shares of the Fund have a maximum sales charge of 5.50%. Performance reflects fee waivers and expense limitations in effect. Current performance may be lower or higher than the performance data quoted. For the Fund's most recent month-end standardized performance, visit our website, www.quakerfunds.com, or call us at 1-800-220-8888
This Fund engages in short selling (selling securities not owned at time of sale), which involves special risks and requires special investment expertise. Mutual fund investing involves risk, including the possible loss of principal. Consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Prospectus contains this and other information about the Fund and is available for download at www.quakerfunds.com or by calling 1-800-220-8888. Read the Prospectus carefully before investing. The Quaker Funds are distributed by Citco Mutual Fund Distributors, Inc. (Member NASD). P.O. Box C1100, Southeastern, PA 19398-1100.
About the Quaker Funds
Quaker Funds, Inc., based in Malvern, Pa., has been providing investors with entrepreneurial, institutional advisers through mutual funds since 1996. As of March 31, Quaker Funds was comprised of ten mutual funds with assets under management of more than $1.2 billion. Quaker Funds, Inc. offers a diverse group of funds covering the full range of asset classes and investment styles.