--- title: Q2 2023 Quarterly Commentary Review description: We’ll cover multiple topics here for general knowledge. image: https://blog.hodgescapital.com/hubfs/Screen%20Shot%202023-07-26%20at%204.47.57%20PM.png --- [![Hodges-Funds-Color](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges-Funds-Color.png?width=215&height=98&name=Hodges-Funds-Color.png "Hodges-Funds-Color")](https://www.hodgescapital.com/) [![Connect With Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6) ** ** [![Hodges-Funds-Color](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges-Funds-Color.png?width=2000&height=914&name=Hodges-Funds-Color.png "Hodges-Funds-Color")](https://www.hodgescapital.com/) [![Connect With Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/0064e79f-e95c-4a8c-8322-236b26553b1d.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/0064e79f-e95c-4a8c-8322-236b26553b1d) ** ** **Menu** ** ** [![Client Login](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/dacd6ebc-ee41-45f6-92a5-61e44575066d.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/dacd6ebc-ee41-45f6-92a5-61e44575066d) [![Connect With Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/0064e79f-e95c-4a8c-8322-236b26553b1d.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/0064e79f-e95c-4a8c-8322-236b26553b1d) ![Hodges Mutual Funds Clock](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges%20Mutual%20Funds%20Clock.jpeg?width=975&name=Hodges%20Mutual%20Funds%20Clock.jpeg "Hodges Mutual Funds Clock") # Hodges Funds Commentary *"In the investment business, you go to school every day, but never graduate." - Don Hodges* # Q2 2023 Quarterly Commentary Review by [Eric Marshall, CFA](https://blog.hodgescapital.com/mutual-funds/commentary/author/eric-marshall-cfa), on Jul 28, 2023   --- *The above discussion is based on the opinions of Eric Marshall, CFA, and is subject to* *change. It is not intended to be a forecast of future events, a guarantee of future results,* *and is not a recommendation to buy or sell any security. Portfolio composition and* *company ownership in the Hodges Funds are subject to daily change. * *Performance data quoted represents past performance and 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. Current performance of the fund may be lower or higher than the performance* *quoted. Investment performance reflects fee waivers in effect. In the absence of such* *waivers, total return would be reduced.* Click here for [standardized performance.](https://www.hodgescapital.com/mutual-funds) *The Fund’s investment objectives, risks, charges and expenses must be considered* *carefully before investing. The statutory and summary prospectuses contain this and* *other important information about the Hodges Funds, and it may be obtained by* *calling 866-811-0224, or visiting www.hodgesmutualfunds.com. Read it carefully before* *investing.* Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Options and future contracts have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. These risks may be greater than risks associated with more traditional investments. Short sales of securities involve the risk that losses may exceed the original amount invested. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investments in small and medium capitalization companies involve additional risks such as limited liquidity and greater volatility. Funds that are non- diversified are more exposed to individual stock volatility than a diversified fund.   Investments in companies that demonstrate special situations or turnarounds, meaning companies that have experienced significant business problems but are believed to have favorable prospects for recovery, involve greater risk. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may be appropriately priced or overvalued. Diversification does not assure a profit or protect against a loss in a declining market. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Treasuries are securities sold by the federal government to consumers and investors to fund its operations. They are all backed by “the full faith and credit of the United States government” and thus are considered free of default risk. The S&P 500 Index is a broad-based unmanaged index of 500 stocks that is widely recognized as representative of the equity market in general. The Russell 1000 Index is a subset of the Russell 3000 Index and consists of the 1,000 largest companies comprising over 90% of the total market capitalization of all listed stocks. The Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization. The Russell 2500 Index consists of the smallest 2,500 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization. The Russell 3000 Index is a stock index consisting of the 3000 largest publicly listed companies, representing about 98% of the total capitalization of the entire U.S. stock market. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The NASDAQ Composite Index is an index of more than 3,000 common equities listed on the NASDAQ stock market. You cannot invest directly into an index. Cash Flow: A revenue or expense stream that changes a cash account over a given period. Price/earnings (P/E): The most common measure of how expensive a stock is. Earnings Growth is not a measure of the Fund’s future performance.  Hodges Capital Management is the Advisor to the Hodges Funds. Hodges Funds are distributed by Quasar Distributors LLC. ### Hodges Funds Commentary The Hodges Funds Commentary Blog is designed to keep our clients and prospects educated and updated on the family of Hodges Funds. We aim to help investors separate the news from the noise by providing our perspective and insight.  - [Recent](https://blog.hodgescapital.com/mutual-funds/commentary/q22023-quarterly-commentary-review#recent) - [Topics](https://blog.hodgescapital.com/mutual-funds/commentary/q22023-quarterly-commentary-review#topics) - [Archive](https://blog.hodgescapital.com/mutual-funds/commentary/q22023-quarterly-commentary-review#archive) - [Commentary (14)](https://blog.hodgescapital.com/mutual-funds/commentary/tag/commentary) - [July 2023 (2)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2023/07) - [February 2024 (2)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2024/02) - [January 2023 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2023/01) - [April 2023 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2023/04) - [October 2023 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2023/10) - [April 2024 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2024/04) - [July 2024 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2024/07) - [October 2024 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2024/10) - [January 2025 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2025/01) - [April 2025 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2025/04) - [July 2025 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2025/07) - [October 2025 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2025/10) - [January 2026 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2026/01) - [April 2026 (1)](https://blog.hodgescapital.com/mutual-funds/commentary/archive/2026/04) [More...](https://blog.hodgescapital.com/mutual-funds/commentary/q22023-quarterly-commentary-review#) ### Subscribe to Updates from Hodges Funds ### ![Hodges-Funds-White](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges-Funds-White.png?width=207&height=95&name=Hodges-Funds-White.png) 2905 Maple Avenue Dallas, TX 75201   US Bank Customer Service: [(866)-811-0224](tel:+18668110224) Hodges Mutual Fund Sales: [(888)-878-4426](tel:+18888784426)     #### Contact Hodges Funds --- **Mutual fund investing involves risk. Principal loss is possible.**  Hodges Capital Management (HCM) is the adviser to the Hodges Funds, which are distributed by Quasar Distributors, LLC.  *The funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other information about the investment company. You may obtain a free hard-copy version by calling 1-866-811-0224 or by [clicking this link.](https://blog.hodgescapital.com/hubfs/Hodges%20Funds/Documents/Hodges%20Funds%20Combined%20Prospectus.pdf) Read it carefully before investing.*  Copyright © 2023 | Hodges Capital Management | All Rights Reserved. Web Site Development by: [Goodwood Consulting](https://www.goodwood-consulting.com/) ## Hodges Mutual Funds You are now leaving the Hodges Capital website and entering the Hodges Funds website. Do you wish to continue? 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