Azzad Ethical Fund
(Ticker: ADJEX) Mid-Cap Stock Fund
Fund Overview
Objective
The Azzad Ethical Fund seeks to provide shareholders with long-term total returns using means that are consistent with the Adviser’s ethical principles.
Strategy
The Fund invests in U.S. mid-cap growth companies passing the Adviser’s Islamic screens and that, according to the portfolio managers, demonstrate profitability, balance sheet strength and attractive valuations.
Why Invest in Mid-Cap Stocks?
US mid-sized companies typically possess the innovation and growth potential of small-cap companies, but with the capital structure of large-cap companies. We believe mid-cap companies are an investment “sweet spot” in the U.S. economy. Whereas most Islamic funds focus on large-cap stocks, the Azzad Ethical Fund provides exposure to this sometimes underutilized asset class.
Top 10 Holdings
As of quarter-end 6/30/2026
| KLA-TENCOR CORP | 6.97% | ||
| QUANTA SERVICES INC | 6.54% | ||
| COHERENT CORP | 5.67% | ||
| CADENCE DESIGN SYSTE | 4.27% | ||
| MONOLITHIC POWER SYS | 3.78% | ||
| HOWMET AEROSPACE INC | 3.33% | ||
| IDEXX LABORATORIES INC | 3.30% | ||
| CLOUDFARE INC CLASS A | 3.11% | ||
| FASTENAL CO | 2.89% | ||
| VERTIV HOLDINGS | 2.81% | ||
| Holdings are as of the date indicated and subject to change. This list may exclude cash. | |||
| Number of Securities | 79 | ||
EQUITY STYLE MAP
Style Maps estimate characteristics of a fund’s equity holdings over two dimensions: market capitalization and valuation.
Fund Information
As of quarter-end 6/30/2026
Ticker Symbol
ADJEX
CUSIP
055060206
Inception Date
12/22/2000
Minimum Initial Investment
$1,000 ($500 for IRAs)
Net Expense Ratio
0.99%
Gross
1.12%
Maximum Sales Charge
None
Investment Style
U.S. Mid-Cap Growth
Average Market Cap
$53.566 Billion
Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 12/01/2029. Without the reimbursement, performance would have been lower. Gross expense ratio as o11/2025 was 1.12%.
* Turnover Rate is the lesser of amounts of purchases or sales of long-term portfolio securities divided by the monthly average value of long-term securities owned by the fund.
Azzad Ethical Fund Year 2026 Distributions
Payout Per Share | Long Term Capital Gain Record Date | Long Term Capital Gain Payable Date |
NA | NA | NA |
AVERAGE ANNUAL TOTAL RETURNS (%)
As of quarter-end 6/30/2026
| FUND | RUSSELL MIDCAP GROWTH | |
| 3 Month | 19.65% | 14.55% |
| YTD | 12.89% | 7.27% |
| 1 Year | 12.07% | 6.17% |
| 3 Year | 6.29% | 15.61% |
| 5 Year | 2.26% | 6.03% |
| 10 Year | 9.87% | 13.04% |
| Since Inception | 6.64% | 8.70% |
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Returns for less than one year are not annualized. Index performance returns do not reflect any management fees, transaction costs, or expenses. The Russell Midcap Growth Index is a stock market index that measures the performance of U.S. mid-capitalization companies with above-average growth characteristics, such as higher expected earnings growth and higher price-to-book ratios, within the broader Russell Midcap Index universe. Indices are unmanaged and one cannot invest directly in an index.
Source: Morningstar
SECTOR DIVERSIFICATION (AS % OF TOTAL PORTFOLIO)
As of quarter-end 6/30/2026
| FUND | BENCHMARK* | |
| Consumer Defensive | 0.00% | 1.43% |
| Healthcare | 11.00% | 15.01% |
| Utilities | 0.33% | 1.35% |
| Communication Services | 2.12% | 3.92% |
| Energy | 0.41% | 3.71% |
| Industrials | 28.75% | 24.46% |
| Technology | 41.76% | 23.15% |
| Basic Materials | 2.10% | 1.93% |
| Consumer Cyclical | 12.74% | 14.58% |
| Financial Services | 0.78% | 8.94% |
| Real Estate | 0.00% | 1.52% |
*US Active Fund Mid-Cap Growth
Sector allocations are subject to change without notice.
VOLATILITY MEASURES (%)
As of 6/30/2026
| VS BENCHMARK | 3 YEAR | 5 YEAR | 10 YEAR |
| Beta | 0.95 | 0.97 | 0.96 |
| R-squared | 87.30 | 90.96 | 93.70 |
| Standard Deviation | 18.02 | 20.15 | 18.61 |
| Sharpe Ratio | 0.08 | -0.08 | 0.40 |
Management
Halal Investment Philosophy
Azzad does not believe in charging or paying interest from lending, or in trading debt, money market instruments, futures contracts, and currency. The Fund follows an investment philosophy that is faith-based and believes that financial transactions should be conducted on a fair and equitable basis for both the borrower and financier.
Investment Adviser & Portfolio Management
Azzad Asset Management, an investment advisory firm established in 1997, is investment adviser to the Azzad Funds. The firm is committed to helping clients manage their money according to a disciplined, socially responsible investment philosophy based on faith-based values. Jamal Barmil is the Fund portfolio manager. Jamal Elbarmil serves as the portfolio manager. He has served as the vice president of the adviser since 2000. He is responsible for the day-to-day management of the Azzad Ethical Fund and sits on the Investment Committee at Azzad Asset Management.
More Information
Download Documents
Portfolio Holdings
Invest Today
To purchase the Fund, contact your financial professional or call us at 888.86.AZZAD. The Fund is available on many brokerage platforms including Schwab and Fidelity.
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and summary prospectus. Investors should read the prospectus and summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Medium‑capitalization stocks held by the Fund could fall out of favor and returns would subsequently trail returns from the overall stock market. The performance of such stocks also could be more volatile than large‑capitalization stocks. Medium‑cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. Growth stocks can react differently to issuer, political, market, and economic developments than the market, and other types of stocks. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general. Please read the fund’s prospectus for more information about these and other risks.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. The Index’s returns assume reinvestment of all distributions and dividends.
The Fund is distributed by Paralel Distributors LLC, Member Firm. Paralel is not affiliated with Azzad Asset Management or Federated Investment Management Company.
The Fund is distributed by Paralel Distributors LLC, Member Firm. Paralel is not affiliated with Azzad Asset Management.
