Small/Mid Cap
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
- Commingled TrustCommingled trust may include a collective investment trust, an institutional-only investment structure that is exclusively available to qualified retirement plans which meet certain eligibility requirements. A collective investment trust is not available to retail investors or the general public. For more information, qualified retirement plan sponsors should reach out to their Loomis Sayles Relationship Manager.
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 positions range from 0.5% to 2.5%, with no one stock typically greater than 3% of the portfolio
- 65 to 90 stocks typically; turnover: 20% to 40% annually
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 6.26% | 6.03% | 9.00% |
| Year-To-Date | 7.91% | 7.19% | 9.48% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 6.93% | 5.98% | 10.16% |
| 3 Years | 18.39% | 17.36% | 15.65% |
| 5 Years | 14.37% | 13.41% | 12.09% |
| 10 Years | 11.58% | 10.65% | 10.52% |
| Since 4/1/1998 | 10.75% | 10.00% | 8.71% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 16.40% | 15.37% | 12.00% |
| 2023 | 20.36% | 19.30% | 17.42% |
| 2022 | -17.61% | -18.27% | -18.37% |
| 2021 | 29.55% | 28.56% | 18.18% |
| 2020 | 13.30% | 12.36% | 19.99% |
| 2019 | 32.67% | 31.58% | 27.77% |
| 2018 | -11.08% | -11.83% | -10.00% |
| 2017 | 18.09% | 17.12% | 16.81% |
| 2016 | 12.44% | 11.58% | 17.59% |
| 2015 | -3.39% | -4.07% | -2.90% |
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 2500TM Index measures the performance of the 2,500 smallest companies in the Russell 3000® index, which represents approximately 20% of the total market capitalization of the Russell 3000 Index. Indices are unmanaged. 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 and mid-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 2500TM 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, 1998. The Composite was created in 1998.