Small Cap Value Fund

The Small Cap Value Fund seeks long-term capital growth
Total Assets $324.8 million As of 11/30/2025
Asset Class Equity
Daily YTD Return 7.75% As of 12/26/2025
Inception Date 5/13/1991

Overview

Fund Details

Primary Benchmark
Russell 2000® Value Index
Lipper Category
Small-Cap Core Funds
Morningstar Category
Small Blend

Portfolio Managers

Joe Gatz, CFA

Portfolio Manager

39 yearsIndustry Experience
26 yearsTenure at Loomis Sayles

Jeff Schwartz, CFA

Portfolio Manager

36 yearsIndustry Experience
13 yearsTenure at Loomis Sayles

Fund Facts

As of 11/30/2025
Ticker LSSCX
Class Inception Date 5/13/1991
CUSIP 543495816
Minimum Initial Investment $100,000
Gross Expense Ratio1 0.96%
Net Expense Ratio1 0.90%
Net Asset Value 23.37

About the Team

Small Cap Value

Backed by decades of equity expertise, we combine deep research with a disciplined bottom-up approach.

$2.8B assets under management (as of 9/30/2025)

Our Performance data shown represents past performance and is no guarantee of future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the tab labeled “Performance”.

Why Choose This Fund?

  • Investors seeking investment in the small cap value or small cap blend category who desire exposure to fundamentally sound, higher quality, growing businesses that trade at a discount to intrinsic value.
  • Disciplined bottom-up portfolio construction within a risk aware framework.

Investment Strategy

  • 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
  • The fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities of “small-cap companies,” including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity
  • Investment strategy uses a disciplined bottom-up approach to value investing and emphasizes security selection
  • Utilizing fundamental research, the fund seeks to identify those stocks selling at a significant discount to our assessment of their intrinsic value
  • Purchase candidates must possess a “margin of safety” in addition to a catalyst which has the potential to unlock value
  • Broadly diversified portfolio constructed within sector and security guidelines

About Risk

  • Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
  • Smaller company investments can be more volatile than those of larger companies.
  • Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time.
  • Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Performance

Cumulative Total Return (%)
As of 11/30/2025
Class I Return
3 Months -1.48%
Year-To-Date 4.66%
Annualized Total Return (%)
As of 11/30/2025
Class I Return
1 Year -3.43%
3 Years 9.69%
5 Years 11.21%
10 Years 8.35%
Since Inception 11.15%
Inception Date 5/13/1991
Cumulative Total Return (%)
As of 9/30/2025
Class I Return
3 Months 6.21%
Year-To-Date 4.93%
Annualized Total Return (%)
As of 9/30/2025
Class I Return
1 Year 5.10%
3 Years 15.90%
5 Years 15.13%
10 Years 9.32%
Since Inception 11.22%
Inception Date 5/13/1991

Performance data shown represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Rankings

Lipper Ranking
As of 11/30/2025
Class I Rank Percentile
1 Year 692/997 69%
3 Years 402/948 42%
5 Years 195/908 21%
10 Years 394/704 56%
Lipper Category: Small-Cap Core Funds
Morningstar Ranking
As of 11/30/2025
Class I Rank Percentile
1 Year 470/618 76%
3 Years 303/582 52%
5 Years 115/564 20%
10 Years 270/424 64%
Morningstar Category: Small Blend

Lipper rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds’ percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund’s absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund’s performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Characteristics

Characteristics
As of 11/30/2025
Number of Holdings 102
P/E (trailing 12 months) 14.68
P/E (forward 12 months) 14.74
3-5 Year EPS Growth 12.16
ROE (1 year equal weighted) 17.14
Annual Portfolio Turnover as of 9/30/2024 25.47%

Sector Distribution

As of 11/30/2025
LabelFund
Industrials 23.1%
Financials 20.9%
Information Technology 11.4%
Consumer Discretionary 9.5%
Health Care 7.9%
Energy 6.3%
Materials 5.0%
Real Estate 4.4%
Utilities 4.2%
Communication Services 3.2%
Consumer Staples 2.0%
Cash 2.1%
Characteristics
As of 9/30/2025
Characteristic Fund Index
Number of Holdings 106 1431
P/E (trailing 12 months) 14.60 13.96
P/E (forward 12 months) 14.52 13.94
3-5 Year EPS Growth 20.44 9.95
ROE (1 year equal weighted) 17.00 11.18
Median Active Share (since manager tenure) 89.8%
Annual Portfolio Turnover as of 9/30/2024 25.47%
Market Capitalization
As of 9/30/2025
Fund Index
> $2 Billion 77.7% 60.5%
$1 to 2 Billion 18.4% 21.7%
$0.5 to 1 Billion 2.3% 10.8%
< $0.5 Billion 0.0% 7.0%
Cash & Equivalents 1.7% 0.0%

Sector Distribution

As of 9/30/2025
LabelFundIndex
Industrials 23.6%12.9%
Financials 22.0%26.3%
Information Technology 12.5%8.2%
Consumer Discretionary 8.6%10.5%
Health Care 7.0%9.3%
Energy 6.6%6.9%
Materials 4.6%5.0%
Utilities 4.0%6.2%
Real Estate 3.9%10.0%
Communication Services 3.3%3.1%
Consumer Staples 2.2%1.7%
Cash 1.7%–

Holdings

Top 10 Holdings
As of 11/30/2025
Holding % of Assets
MOOG INC 2.1%
BEL FUSE INC 2.0%
TTM TECHNOLOGIES INC 1.9%
ADVO INC 1.7%
AMERIS BANCORP 1.6%
POPULAR INC 1.5%
VSE CORP 1.5%
GARRETT MOTION INC 1.5%
SOUTH STATE CORP 1.4%
UGI CORP 1.4%
Total 16.7%
Top 10 Holdings
As of 9/30/2025
Holding % of Assets
TTM TECHNOLOGIES INC 1.9%
MOOG INC 1.9%
BEL FUSE INC 1.8%
POPULAR INC 1.7%
ADVO INC 1.7%
AMERIS BANCORP 1.6%
VONTIER CORP 1.5%
SOUTH STATE CORP 1.5%
SYNNEX CORP 1.5%
GARRETT MOTION INC 1.4%
Total 16.6%

Documents

1As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

*The characteristics shown above are provided by our third party vendor Factset and exclude negative values in the calculation (i.e. companies with negative trailing 12 month earnings are not included in the P/E statistic). This methodology can distort the relative comparison for each characteristic as the index has historically contained a higher percentage of non-earning companies versus the strategy.

Important Disclosures

Investing involves risk, including possible loss of principal. 

There is no guarantee that the investment objective will be realized or that the fund will generate positive or excess return.

Diversification does not ensure a profit or guarantee against a loss.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, market capitalization and sector distribution totals may not equal 100%. 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. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

Top 10 holdings may not be representative of current or future holdings and will evolve over time.

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. Indices are unmanaged. It is not possible to invest directly in an index.

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2025 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the “Distributor”).

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus containing this and other information on this website. Read it carefully.

Natixis Distribution, LLC (fund distributor, member FINRA|SIPC) and Loomis, Sayles & Company, L.P. are affiliated.

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