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
$104,969,159  As of  05/21/19
Class Assets
$13,120,326  As of  05/21/19
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  04/30/19

Morningstar Rating™ as of April 30, 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 (1203 funds rated); 3 Yrs. 3 Stars (1203 funds rated); 5 Yrs. 2 Stars (1073 funds rated); 10 Yrs. 2 Stars (802 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.


As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
15.80 13.78 8.85 12.98 6.29 05/14/04
S&P 500(r) Index
13.49 14.87 11.63 15.32 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
8.79 11.95 8.24 12.86 6.05 05/14/04
S&P 500(r) Index
9.50 13.51 10.91 15.92 - -
As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
15.80 47.31 52.81 238.95 270.86 05/14/04
S&P 500(r) Index
13.49 51.58 73.32 316.02 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Managed Growth Fund
DPTRX
8.79 40.29 48.56 235.17 251.59 05/14/04
S&P 500(r) Index
9.50 46.25 67.81 338.09 - -
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  03/31/19 1 YR 5 YRS 10 YRS
Return after taxes on distributions 6.01% 6.79% 11.95%
Return after taxes on distributions and sale of fund shares 6.91% 6.29% 10.66%

Growth of $10,000 Investment

Historical Performance

    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  04/30/19 Fee Description Expense Ratio (%)
    Management Fee 0.95%
    Total Expenses 0.95%

    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%
    The fund's investment adviser, The Dreyfus Corporation, has agreed in its investment management agreement with the fund to: (1) pay all of the fund's expenses, except management fees, Rule 12b-1 fees and certain other expenses, including the fees and expenses of the non-interested board members and their counsel, and (2) reduce its fees pursuant to the investment management agreement in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and their counsel (in the amount of .01% for the past fiscal year). These provisions in the investment management agreement may not be amended without the approval of the fund's shareholders.

    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  04/30/19   Holdings % Portfolio  Weight
    Microsoft 7.12
    Apple 6.66
    Facebook, Cl. A 5.57
    Alphabet, Cl. C 4.42
    JPMorgan Chase & Co. 4.10
    Texas Instruments 3.95
    Estee Lauder, Cl. A 3.75
    Visa, Cl. A 3.68
    Philip Morris International 3.36
    Exxon Mobil 2.92

    Asset Allocation


        Daily Statistics

        As of  05/21/19 Name NAV Change 10/03/18  12 Month 
        High Nav
        12/24/18  12 Month 
        Low Nav
        YTD Return
        DPTRX
        $28.64
        $0.18
        0.63%
        $31.10 $23.05 17.50%

        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  04/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DPTRX
        10.12 0.46 0.89 90.56 1.20

        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 ($) Capital Gains ($)
        2019 0.0780 0.0000
        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
        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 0.0780 0.0000 0.0000 0.0000 0.0780 29.02
        Record Date Ex-Dividend Date Payable Date
        DPTRX
        05/01/19 05/02/19 05/02/19
        (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