Strategies

Small Cap Value

SMALL CAP VALUE seeks a long-term, above-average absolute return by investing in a diversified portfolio of small market capitalization companies at a discount to our estimate of intrinsic value. Our primary risk constraint is to minimize the potential for permanent loss of capital. The portfolio employs a diversified, risk averse style of investment, typically holding 45-55 equity positions and cash positions of less than 10%, typically averaging 5%.

PORTFOLIO GUIDELINES:

• • Market caps limited to $2.0 billion at purchase
• • Positions limited to minimum of 1% and maximum of 4% at purchase
• • Maximum position size typically 7.5%
• • Number of holdings will range from 45 to 55
• • Cash typically averages 5%
• • Major sectors limited to 2x benchmark
• • Annual Portfolio Turnover 20-40%