Firsthand Technology Opportunities Fund

Firsthand Technology Opportunities Fund

Average Annual Total Returns vs. Indices
As of MARCH 31, 2024
Period Firsthand Technology
Opportunities Fund
NASDAQ Composite Index S&P 500 Index
Since inception (9/30/99) 1.01% 8.59% 7.93%
10-Year 3.89% 15.73% 12.96%
5-Year -9.49% 17.19% 15.05%
3-Year -31.17% 8.17% 11.49%
1-Year -16.74% 35.08% 29.88%
Q1 '24 (not annualized) -16.46% 9.31% 10.56%
Monthly Performance Update
As of April 30, 2024
Period Firsthand Technology
Opportunities Fund
Since inception (9/30/99) 0.61%
10-Year 3.44%
5-Year -11.85%
3-Year -34.17%
1-Year -12.34%
1-Month -9.11%

The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses, but does not reflect the impact of taxes. Performance data quoted represent past performance, which is not a guarantee of future results, and current performance may be lower or higher than the performance quoted. Both the return from and the principal value of an investment in the Fund will fluctuate so that any investor's shares, when redeemed, may be worth more or less than their original cost. To obtain performance as of the most recent month-end, please contact Firsthand Funds by calling 1.888.884.2675 or go to www.firsthandfunds.com.

The Fund's total gross operating expenses are 1.86%. The Fund's total net operating expenses are 1.85%. Under the Investment Advisory Agreements, the Investment Adviser has agreed to reduce its fees and/or make expense reimbursements so that the Fund's total operating expenses (excluding independent trustees' compensation, brokerage and commission expenses, litigation costs and any extraordinary and non-recurring expenses) are limited to 1.85% of the Fund's average daily net assets up to $200 million, 1.80% of such assets from $200 million to $500 million, 1.75% of such assets from $500 million to $1 billion, and 1.70% of such assets in excess of $1 billion. The current expense waiver is in effect until 4/30/24.

Growth of a Hypothetical $10,000 Investment

September 30, 1999 through March 31, 2024

Chart represents the growth of a hypothetical $10,000 investment from Firsthand Technology Opportunities Fund inception date until the end of the quarter indicated. Firsthand Technology Opportunities Fund performance assumes reinvestment of all dividends and includes all Firsthand Technology Opportunities Fund expenses but does not reflect the impact of taxes.

Q1'24 Contributors to Performance

Streaming leader Netflix (NFLX) was the biggest contributor to the Fund’s performance in Q1. The company’s stock rallied strongly in late January after Netflix announced Q4 subscriber growth numbers that exceeded analysts’ expectations. Netflix noted that it was the best quarter of subscriber growth since the start of the COVID-19 pandemic.

Palantir (PLTR) was the second most significant positive contributor to fund performance in Q1. Shares of the big data software provider leaped higher in February, following the company’s announcement of its Q4 financial results. The company pointed to surging demand for artificial intelligence platforms in discussing its fourth quarter results.

The third largest contributor to the Fund’s performance in Q1 was Cloudflare (NET). The cloud security company’s stock rose 16% in Q1 after posting 32% revenue growth in its fiscal fourth quarter ended December 31, 2023.

Q1'24 Detractors from Performance

The largest detractor from the Fund’s performance in Q1 was Revasum (ASX: RVS), a supplier of wafer processing equipment for the semiconductor industry. The company’s stock was suspended from trading in early February, and remained suspended through the end of Q1 as Revasum pursues strategic alternatives for its business.

Streaming media company Roku (ROKU) was the second largest detractor from the Fund’s performance during the quarter. Despite strong Q4 revenues, the company’s stock plunged during February after rumors surfaced that Walmart planned to acquire smart TV provider Vizio. Several days later, Walmart formally announced its planned acquisition.

Shares of education technology provider Chegg (CHGG) continued to falter in Q1. Our position in Chegg was the third largest drag on performance in Q1. The company reported Q4 revenue and earnings that both fell compared with the same period a year ago but beat analysts’ expectations. The company is in the process of overhauling its platform to incorporate more AI capabilities.

Firsthand Technology Opportunities Fund is subject to greater risk than more diversified funds because of its investments in fewer securities and because of its concentration of investments in certain industries in the technology sector. Specific risks associated with investments in the technology industries (as described in the Fund's Prospectus) could cause the Fund's share price to fluctuate dramatically. The Fund's investments in small-cap companies present greater risk than investments in larger companies. The Fund invests in several industries within the technology sector and the relative weightings of these industries in the Fund's portfolio may change at any time. Equity investing involves risks, including the potential loss of the principal amount invested.

The NASDAQ Composite Index (NASDAQ) and the Standard & Poor's 500 Index (S&P 500) each represent an unmanaged, broad-based basket of stocks and are typically used as benchmarks for overall market performance. The indices' performance figures assume the reinvestment of all dividends (except where noted), but do not reflect the impact of taxes. Additionally, because an investor cannot invest in an index directly, indices' performance figures do not reflect the expenses associated with the management of an actual mutual fund portfolio.

As of 12/31/23: NFLX (5.5% of TEFQX), PLTR (4.2% of TEFQX), NET (3.5% of TEFQX), RVS.AX (0.3% of TEFQX), ROKU (8.9% of TEFQX), CHGG (3.6% of TEFQX). A complete list of portfolio holdings for Firsthand Funds is available on www.firsthandfunds.com and is updated 45 days after the end of every calendar quarter. The portfolio holdings discussed are subject to change.

The information provided should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities purchased remain in a Fund's portfolio or that securities sold have not been repurchased. Also, you should note that the securities discussed, even if they have been purchased by a Fund, do not represent a Fund's entire portfolio and, in the aggregate, may represent only a small percentage of that Fund's holdings. There can be no assurance that any Firsthand Funds will buy, sell, or hold any particular security after the date referred to in the discussion.