Dreyfus Tax Managed Growth Fund

Why invest in this Fund?

The fund seeks long-term capital appreciation consistent with minimizing realized capital gains. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and employs a tax-managed strategy. The fund focuses on 'blue-chip' companies with market capitalizations exceeding $5 billion at the time of purchase, including multinational companies.

The fund employs a 'buy-and-hold' investment strategy, which generally has resulted in an annual portfolio turnover of below 15%.

Min. class investment
$1,000
Class Inception Date
05/14/04
Class Status
Not available for purchase by individual investors.
Fund Assets
$103,760,753  As of  03/15/19
Class Assets
$13,084,822  As of  03/15/19
Portfolio Turnover Rate
5.63%  As of fiscal year end  10/31/18
Morningstar Category
Large Blend
Benchmark
S&P 500(r) Index
Fund Holdings
43  As of  02/28/19

Morningstar Rating™ as of February 28, 2019 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Large Blend category. Fund ratings are out of 5 Stars: Overall 2 Stars (1215 funds rated); 3 Yrs. 3 Stars (1215 funds rated); 5 Yrs. 2 Stars (1076 funds rated); 10 Yrs. 2 Stars (809 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. ©2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.  Past performance is no guarantee of future results.  MBSC Securities Corporation, a registered broker-dealer and FINRA member, is the distributor for the Dreyfus Funds.


As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
2.08 12.97 7.84 13.29 5.91 05/14/04
S&P 500(r) Index
4.68 15.28 10.67 16.67 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
-6.97 7.54 5.44 10.15 5.46 05/14/04
S&P 500(r) Index
-4.38 9.26 8.49 13.12 - -
As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
2.08 44.16 45.88 248.31 240.25 05/14/04
S&P 500(r) Index
4.68 53.20 66.00 367.39 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
-6.97 24.37 30.30 162.80 207.87 05/14/04
S&P 500(r) Index
-4.38 30.42 50.33 243.03 - -

The performance data quoted represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class A for periods prior to May 14, 2004, the inception date for Class I shares, and the performance of Class I, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Average Annual Returns After Taxes

As of  12/31/18 1 YR 5 YRS 10 YRS
Return after taxes on distributions -9.35% 4.03% 9.26%
Return after taxes on distributions and sale of fund shares -2.26% 4.21% 8.36%

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown here and are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Return after taxes on distributions (pre-liquidation) assume an investor held shares throughout the measurement period and reflect the effect of taxable distributions (assuming reinvestment in the fund) by a fund to its shareholders.

Return after taxes on distributions and sale of fund shares (post-liquidation) assume an investor sold shares at the end of the measurement period and, therefore, reflect the effect of both taxable distributions and any taxable gain or loss realized by the shareholder upon sale of fund shares.

Growth of $10,000 Investment

The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor's 500 (S&P 500) Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance.

Historical Performance

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    Not available for purchase by individual investors.

    Yearly Total Return

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DPTRX
    -6.97% 25.79% 6.28% -2.75% 7.74% 21.20% 8.77% 9.51% 15.92% 20.54%

    Investment return fluctuates and past performance is no guarantee of future results.


    Monthly Expense Ratios (Annualized)

    As of  02/28/19 Fee Description Expense Ratio (%)
    Management Fee 0.95%
    Total Expenses 0.95%

    This data is annualized. Monthly operating expenses may vary month to month.

    Prospectus Fee Table Expense Ratios

    As of  03/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.95%
    Other Expenses 0.01%
    Total Expenses 0.96%
    Expenses Reimbursed 0.01%
    Net Expenses 0.95%

    Portfolio Manager/Sub-Investment Advisor

    The Dreyfus Corporation, the fund's investment adviser, has engaged Fayez Sarofim & Co. ('Sarofim & Co.'), to serve as the fund's sub-investment adviser. Sarofim & Co., subject to Dreyfus' supervision and approval, provides investment advisory assistance, research and the day-to-day management of the fund's investments. The fund is managed by a team of portfolio managers employed by Sarofim & Co., consisting of Fayez Sarofim, Catherine Crain, Gentry Lee, Christopher Sarofim and Charles Sheedy. The team is supported by Sarofim & Co.'s Investment Committee, all the members of which are senior investment professionals at Sarofim & Co. Mr. Fayez Sarofim, Co-Chief Investment Officer and Chairman of the Board, founded Sarofim & Co. in 1958 and has been a portfolio manager of the fund since its inception.

    Top Holdings

    As of  02/28/19   Holdings % Portfolio  Weight
    Microsoft 6.60
    Apple 6.19
    Facebook, Cl. A 5.01
    Philip Morris International 4.60
    Alphabet, Cl. C 4.54
    JPMorgan Chase & Co. 3.99
    Texas Instruments 3.82
    Estee Lauder, Cl. A 3.68
    Visa, Cl. A 3.56
    Exxon Mobil 3.11

    Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.

    Asset Allocation


        Daily Statistics

        As of  03/15/19 Name NAV Change 10/03/18  12 Month 
        High Nav
        12/24/18  12 Month 
        Low Nav
        YTD Return
        DPTRX
        $27.84
        $0.18
        0.65%
        $31.10 $23.05 13.91%

        Main Risks

        Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees.

        Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

        Risk Metrics

        As of  02/28/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DPTRX
        10.15 -0.41 0.87 92.69 1.13

        STANDARD DEVIATION - A statistical measure of dispersion around an average which depicts how widely fund returns varied over a certain period of time. A smaller standard deviation statistic indicates less variability of historic returns around a mean.

        ALPHA - A measure of a fund's actual returns compared to its expected performance, as measured by beta. A positive alpha indicates a fund outperformed what its beta would predict.

        BETA - Measures an investment's market-related risk. A beta higher than 1.0 suggests that the fund's expected return will exceeds the market's return; a beta lower than 1.0 suggests that the fund's expected return will lag the market's return.

        R-SQUARED - Reflects the percentage of a fund's movements that can be explained by movements in it's benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark.

        SHARPE RATIO - The Sharpe ratio is based on a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

        Source: Morningstar, Inc.


        Dividend Schedule

        Declared
        Qtry (May, Aug, Nov, Dec)
        Distributed
        Qtry (May, Aug, Nov, Dec)
        Paid
        Qtry (May, Aug, Nov, Dec)
        Fiscal Year End
        Oct 31
        Year Dividend ($) Capital Gains ($)
        2018 0.3708 2.7081
        2017 0.2994 1.3528
        2016 0.3174 0.0118
        2015 0.3631 1.3170
        2014 0.3631 0.6614
        2013 0.3973 0.0000
        2012 0.3280 0.0000
        2011 0.2840 0.0000
        2010 0.2890 0.0000
        2009 0.3170 0.0000
        There is no guarantee that the fund will distribute any level annually. Capital gains may be short-term, long-term, or both.

        Distributions History

        (Values Listed In $) Ordinary 
        Non-Qualified 
        Dividends
        Qualified 
        Dividends
        Non-Qualified 
        Short-Term 
        Capital Gain
        Qualified 
        Short-Term 
        Capital Gain
        Long-Term 
        Capital Gain
        Total 
        Distribution
        Reinvest 
        NAV
        DPTRX
        0.0000 0.1120 0.0000 0.0126 2.6955 2.8201 25.72
        Record Date Ex-Dividend Date Payable Date
        DPTRX
        12/07/18 12/10/18 12/10/18
        (Values Listed In $) Distribution Status Ordinary 
        Non-Qualified 
        Dividends
        Qualified 
        Dividends
        Non-Qualified 
        Short-Term 
        Capital Gain
        Qualified 
        Short-Term 
        Capital Gain
        Long-Term 
        Capital Gain
        Total 
        Distribution
        Reinvest 
        NAV
        DPTRX
        Final 0.0000 0.1120 0.0000 0.0126 2.6955 2.8201 25.72
        Record Date Ex-Dividend Date Payable Date
        DPTRX
        12/07/18 12/10/18 12/10/18

        Capital gains, if any, may be short-term, long-term or a combination of both.

        Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

        The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click here to view standardized total returns and for month-end returns reflecting the fund's current performance.