Equity

Small Core SMA

Russell 2000® Index
Benchmark name
3/31/1991
Inception date
Select Equity Team
Team
$102.9K
Assets under management
Data as of 12/31/2023
SMA overview
Small-cap alpha generation via a PMV process
The Small Core SMA pursues quality small-cap companies that are believed to be mispriced relative to to their PMV.

A proprietary PMV process aims to identify quality, mispriced small-cap companies across the entire economy and takes a focused approach to emphasize alpha generation.

Key differentiators

  • Conducts in-depth PMV analysis of business models and key trends to exploit the highest-quality risk/reward opportunities in the equity market
  • Performs extensive bottom-up research to identify key PMV factors, including competitive position, industry trends, management quality, and valuation
  • Achieves risk management through efficient portfolio construction, investment discipline, and measurable PMV entry and exit points

General facts

Weight average market cap

4.92

Dividend yield

1.03%

Quick resources

Performance

Average annual returns Add Minus

Average annual returns

(as of 12/31/2023)
3/31/1991
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
10.86
13.48
11.44
11.44
3.66
9.81
7.58
12.11
Composite (Net)
10.58
12.62
8.12
8.12
0.59
6.57
4.40
8.82
Russell 2000® Index
12.22
14.03
16.93
16.93
2.22
9.97
7.16
9.34

One-month, three-month and year-to-date returns are not annualized.

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Fund
11.44
-16.78
20.12
16.41
23.12
-9.38
14.88
23.68
0.10
0.89
Benchmark
16.93
-20.44
14.82
19.96
25.52
-11.01
14.65
21.31
-4.41
4.89

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Performance and volatility metrics Add Minus

Performance and volatility metrics

(as of 12/31/2023)
3 Year 5 Year 10 Year
Alpha 1.62 0.21 6.89
Beta 0.88 0.98 0.97
Downside Market Capture Ratio 92.60 98.46 98.38
Information Ratio 0.21 -0.03 0.08
R2 0.90 0.94 0.94
Sharpe Ratio 0.07 0.33 0.31
Standard Deviation 19.61 24.27 20.19
Tracking Error 6.78 6.15 5.15
Upside Market Capture Ratio 91.18 93.76 89.82
Correlation 0.95 0.97 0.97

Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of holdings 1966
Top 10 holdings Add Minus

Top 10 holdings

(as of 12/31/2023)
Security
SMA
Stericycle, Inc.
2.77%
LivaNova Plc
2.75%
Integer Holdings Corporation
2.16%
Q2 Holdings, Inc.
2.12%
Commvault Systems, Inc.
2.06%
Ashland Inc.
2.05%
Air Lease Corporation Class A
2.01%
Essent Group Ltd.
2.00%
Westlake Corporation
1.98%
Olin Corporation
1.95%
Top 10 represents 21.85% of total net assets

Largest company weights are based on market value of the representative account and not necessarily held in all client portfolios. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security. A list of all holdings from the prior one-year period is available upon request.

Sector allocation Add Minus

Sector allocation

(as of 12/31/2023)
Type
SMA
Benchmark
Cash & equivalents
3.21% -
Communication services
2.61% 2.31%
Consumer discretionary
10.07% 10.98%
Consumer staples
3.75% 3.39%
Energy
0.00% 6.89%
Financials
13.87% 17.06%
Health care
20.12% 15.41%
Industrials
18.82% 17.01%
Information technology
13.13% 13.57%
Materials
8.95% 4.46%
Real estate
5.48% 6.19%
Utilities
0.00% 2.74%

Sector weighting is based on a representative account within the Allspring Global Investments composite and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Date
Fact Sheet 12/31/2023 Download Download
Our team
Meet the investment team

On a public stock exchange, a stock typically trades between 50% and 80% of its PMV.

The team’s process is geared toward buying in the lower half of the trading range and selling as it pushes the upper limit.

Contact Us

We look forward to helping you with your investment needs

 

Market Risk: The values of, and/or the income generated by, securities held by a strategy may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Management Risk: Investment decisions, techniques, analyses or models implemented by a strategy’s manager or sub-adviser in seeking to achieve the strategy’s investment objective may not produce the returns expected, may cause the strategy’s shares to lose value or may cause the strategy to underperform other strategies with similar investment objectives. Smaller Company Securities Risk: Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.

Allspring Managed Account Services (the firm) is a unit within Allspring Global Investments and is responsible for the management and administration of the Allspring Funds Management, LLC, retail separately managed account portfolios (wrap portfolios). Allspring Funds Management acts as a discretionary manager for separately managed accounts ("SMA") and as a non-discretionary model provider in a variety of managed account or wrap fee programs (“MA Programs”) sponsored by third party investment advisers, broker-dealers, or other financial services firms (a “Sponsor”). When acting as non-discretionary model provider, Allspring Funds Management responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the Sponsor. The Sponsor may use these recommendations in connection with its management of MA Program accounts. In these “model-based” programs, the Sponsor serves as the investment manager and maintains trade implementation responsibility.