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For Institutional Investors in the US

US Small Cap Value

Defensive Small-Cap U.S. Value Equities

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Overview

ABOUT THIS STRATEGY

As defensive value specialists, we look to invest in high quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

INVESTMENT APPROACH

Attractive Reward / Risk

Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process

The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark

The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Portfolio Management

Justin Tugman, CFA
Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA
Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/01/1988)
Composite Gross 6.71 10.38 25.33 7.14 7.40 8.59 12.04
Composite Net 6.48 9.65 24.23 6.18 6.45 7.62 10.83
Russell 2000® Value Index 10.15 9.22 25.88 3.77 9.29 8.22 10.00
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 11/30/2024)
Composite Gross Composite Net Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/01/1988)
Composite Gross 6.83 18.00 30.88 8.99 7.99 8.72 12.18
Composite Net 6.59 17.05 29.74 8.02 7.03 7.76 10.97
Russell 2000® Value Index 8.00 17.88 32.55 6.35 9.93 8.37 10.18
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net Russell 2000® Value Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 14.08 -9.08 23.79 -5.93 27.26 -12.21 13.91 27.50 -1.84 8.21
Composite Net 13.07 -9.90 22.71 -6.78 26.15 -13.00 12.90 26.38 -2.71 7.25
Russell 2000® Value Index 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 4.22
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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