Small Cap Value
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
- Separately Managed Account (SMA)
Portfolio Managers
Joe Gatz, CFA
Portfolio Manager
Jeff Schwartz, CFA
Portfolio Manager
About the Team
Backed by decades of equity expertise, we combine deep research with a disciplined bottom-up approach.
Investment Strategy
- The investment universe includes all stocks generally within the market cap range of the benchmark at initial purchase
- We believe that known and recurring inefficiencies are available in the small cap market causing stock prices to deviate from their intrinsic value
- These inefficiencies can be categorized into three areas: misunderstood franchises, underfollowed and special situations
- A repeatable investment process can uncover higher quality businesses that are trading at a discount to intrinsic value utilizing rigorous fundamental research
- Disciplined bottom-up portfolio construction within a risk aware framework
- Sector guidelines: typical range is +/- 50% for benchmark sectors over 10%
- Individual security exposure: typical position range is 0.3% to 1.2% with a maximum weight of 2.5%
- Typically 100 to 130 stocks; turnover: 20% to 40% annually
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 6.44% | 6.19% | 12.60% |
| Year-To-Date | 5.58% | 4.80% | 9.04% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 6.06% | 5.01% | 7.88% |
| 3 Years | 16.83% | 15.71% | 13.56% |
| 5 Years | 15.89% | 14.93% | 14.59% |
| 10 Years | 10.05% | 9.18% | 9.23% |
| Since 4/1/1992 | 11.61% | 10.86% | 10.00% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 11.80% | 10.70% | 8.05% |
| 2023 | 20.47% | 19.29% | 14.65% |
| 2022 | -10.86% | -11.44% | -14.48% |
| 2021 | 29.77% | 28.95% | 28.27% |
| 2020 | 2.81% | 2.02% | 4.63% |
| 2019 | 25.28% | 24.34% | 22.39% |
| 2018 | -15.19% | -15.84% | -12.86% |
| 2017 | 10.39% | 9.57% | 7.84% |
| 2016 | 26.90% | 25.96% | 31.74% |
| 2015 | -2.30% | -2.99% | -7.47% |
Documents
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Equity Risk, Market Risk, Non-US Securities Risk, Liquidity Risk. Investing involves risk including possible loss of principal.
The Russell 2000® Value Index measures the performance of those Russell 2000″ companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000″ Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index(a broad market index), representing approximately 8% of the Russell 3000 Index total market capitalization. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
The Composite includes all discretionary accounts with market values of at least $1 million managed by Loomis Sayles that seek to identify attractively-valued, small-sized companies with the potential for above average capital appreciation. The strategy objective is to generate consistent, long-term investment performance over a full market cycle superior to the Russell 2000® Value Index, and generally within the market capitalization range of the Index. As of 1/1/2021 the Composite was redefined to include commingled vehicles, previously only separate accounts were included. The Composite inception date is April 1, 1992. The Composite was created in 1993.