Small/Mid Cap
The Small/Mid Cap strategy seeks to generate consistent, long-term investment performance superior to the Russell 2500 Index and appropriate peer groups
Primary Benchmark:
Russell 2500 Index
Strategy Highlights
- The team utilizes a traditional, disciplined bottom-up approach to value investing
- The issue selection process originates with a universe of broad-based securities (approximately 4,000) with market capitalizations between $100 mm and $5 billion ($1-$3 billion focus)
- The team seeks to invest in undervalued companies with the potential for above average growth and profitability or the opportunity to improve on these measures
- The team applies a proprietary valuation model, Intrinsic Valuation Model, to highlight companies that appear undervalued: the universe is narrowed to 300 potential security "buys"
- Portfolio will typically hold between 75 to 100 companies
- Stocks are continuously monitored for their progress toward realizing investment thesis
The Small/Mid Cap Equity Composite, which was created in 1998, includes all discretionary accounts with market values over $1 million managed in the extended small cap value equity style.
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Primary Benchmark: Russell 2500 Index
|
Month-End Performance as of 4/30/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 5.53% | 5.35% | 5.95% | | Year-to-date | 12.41% | 12.15% | 13.20% |
Quarter-End Performance as of 3/31/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 13.66% | 13.47% | 12.85% | | Year-to-date | 13.66% | 13.47% | 12.85% |
| Average Annual Total Return | Gross | Net | Index |
|---|
| 1 year | 21.25% | 20.44% | 17.73% | | 3 years | 17.35% | 16.56% | 14.59% | | 5 years | 11.87% | 11.09% | 9.02% | | 10 years | 15.39% | 14.62% | 12.30% |
|
Calendar Year Performance | Year | Gross | Net | Index |
|---|
| 2012 | 22.26% | 21.44% | 17.88% | | 2011 | -0.25% | -0.94% | -2.51% | | 2010 | 24.89% | 24.04% | 26.71% | | 2009 | 37.32% | 36.31% | 34.39% | | 2008 | -34.11% | -34.58% | -36.79% | | 2007 | 12.10% | 11.42% | 1.38% | | 2006 | 25.12% | 24.32% | 16.17% | | 2005 | 12.71% | 11.96% | 8.11% | | 2004 | 19.40% | 18.60% | 18.29% | | 2003 | 38.22% | 37.46% | 45.51% |
|
Past performance does not guarantee future results. Gross returns are net of trading costs. Net returns are gross returns less effective management fees. Returns for multi-year periods are annualized.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | | | P/E Trailing | @ERROR | | Price/Book Value | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % |
| Currency Distribution | |
|---|
| @ERROR% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| @ERROR% | |
| Sector Distribution | |
|---|
| 0.0% | | 0.0% |
| Country Distribution | |
|---|
| @ERROR% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Stocks | | | | P/E Trailing | @ERROR | @ERROR | | Price/Book Value | @ERROR | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % | |
| Currency Distribution | Fund | Index |
|---|
| @ERROR% | 0.0% |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| @ERROR% | | Market Capitalization | Fund | Index |
|---|
| | N/A | N/A | |
| Sector Distribution | Fund | Index |
|---|
| 0.0% | 0.0% | | 0.0% | 0.0% |
| Country Distribution | Fund | Index |
|---|
| @ERROR% | 0.0% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.