Michael J. Borgen
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Michael J. Borgen

Sapphire Star Capital CEO/CIO

Sub-Advisor for the Yorktown Small Cap Fund as of October 16, 2017.

Michael established Sapphire Star Capital in early 2015 with the mandate of providing an array of systematic equity solutions to investors seeking better-than-benchmark returns with lower-than-benchmark volatility. Sapphire Star Capital is an SEC registered boutique asset manager with over $122 million in AUM. The investment team brings over 20 years of quantitative equity research and portfolio management experience ranging across various investment styles and market capitalization sizes.

Before founding Sapphire Star Capital, Michael served as a Quantitative Research Analyst and Portfolio Manager for Navellier & Associates from 1995-2004 and served as the Senior Portfolio Manager from 2004-2014, managing over $1 billion in assets.

Michael received a B.S. in Finance in 1997 and a Master of Science in Economics with a specialization in Finance in 2005, both from the University of Nevada.

Annual Operating Expenses

Per the most recent prospectus, (1) Fund total operating expense ratios are: Class A, 1.90%; Class L, 2.65%; Institutional Class, 1.65% and (2) Fund net annual operating expense ratios are: Class A, 1.54%, Class L, 2.29%, Institutional Class, 1.29%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2024.


Annual Operating Expenses

As of the February 6, 2024 supplement to the prospectus, Fund total operating expense ratios are: Class A, 1.36%; Class L, 2.36%; Institutional Class, 1.36%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective May 31, 2023, so that the Fund’s ratio of total annual operating expenses is limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares until at least May 31, 2024.

Annual Operating Expenses

Per the most recent prospectus, Fund total operating expense ratios are: Class A, 2.68%; Class L, 3.43%; Institutional Class, 2.43%. The Fund does not use fee waivers at this time.

Annual Operating Expenses

Per the most current prospectus, (1) Fund total operating expense ratios are: Class A, 0.92%; Class L, 1.57%; Institutional Class, 0.92% until at least May 31, 2024. (2) In addition, the Adviser has entered into a contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.84% for Class A shares and Institutional Class shares and 1.49% for Class L Shares until at least May 31, 2024.