The Morse era, as stated in 2005
The prospectus opened with a single sentence of purpose: growth of capital, sought “principally in a diversified portfolio of common stocks” offering “prospects of sustained growth in value,” with income secondary. The fund set out three practices as the practical means to that end:
- Careful selection of securities based on the performance and position of individual companies and their industries relative to alternatives.
- Broad diversification among industries and companies, described as fundamental to spreading the risk inherent in any single investment.
- Continuous scrutiny of investments, since realization of value depends on timing, market trends and the economy.
Analytical emphasis fell on pre-tax margins, return on equity and cash flow “actually or expected to be superior to those of the average company,” with price-earnings ratios treated as important in relation to those measures rather than as a screen. Candidates were generally companies with at least three years of operating history; capitalization ranged across small, medium and large, in a self-described growth-oriented style.
Risk disclosure
The 2005 risk section warned that common stocks fluctuate and that shareholders could lose money, singled out the greater volatility of smaller companies, noted limited exposure to foreign securities through American Depositary Receipts, and flagged portfolio-turnover risk from rates at or above 100%. The audited turnover series bears out the last point: between 92.59% and 165.84% annually across 1996–2004.
Audience
Minimum initial investments of $1,000, an automatic investment plan with $100 increments, IRA availability and a toll-free number describe a fund addressed to individual investors directly, with the adviser itself acting as principal underwriter. The prospectus cover and back matter carried the fund’s website and an e-mail address at thewallstreetfund.com.
The Evercore era, as stated in 2019
The successor prospectus retained the growth-of-capital objective and described the fund’s objectives and policies as “the same in all material respects” as the predecessor’s — the basis on which it adopted the predecessor’s performance and financial history. Portfolio management passed to a team at Evercore Wealth Management: Timothy Evnin from 2010, Charles D. Ryan from December 2011, supported by Michael Seppelt, CFA. The advisory fee rose to 0.75% of average daily net assets, and distribution moved to Quasar Distributors, LLC. Benchmarks cited in 2019 were the S&P 500 and Russell 1000 indices, in place of the Russell 2000 and Russell 2500 Growth indices named in 2005 — a shift in comparative framing that the essays examine.
Interpretation. Read side by side, the two prospectuses show continuity in stated objective and a change in scale, adviser, fee level, distribution and benchmark. The archive records both descriptions and attributes each to its author.