Equity

Select Small Cap Equity Strategy

The strategy is an actively managed, diversified portfolio of small-cap company common stocks, constructed using a proprietary private market valuation (PMV) investment process. It seeks long-term capital appreciation and to outperform the Russell 2000 Index over a full market cycle.

Bottom-up research intensity

Through bottom-up research and a style-agnostic approach, the team seeks to invest in the highest-quality risk/reward opportunities in the equity market.

Core approach provides more balanced returns

The team’s core approach seeks to eliminate the need to choose between growth and value and provide more balanced returns relative to style extremes.

Experienced investment team

The team has consistently applied its philosophy and process for over 30 years through multiple market cycles.

Investment approach

The team’s process seeks to exploit market emotion and capture long-term opportunities by purchasing companies at a discount to their PMV.

A proprietary framework helps uncover high-conviction investments.

The team conducts an in-depth PMV analysis of business models and key trends to help exploit market emotion and generate alpha.

Extensive bottom-up research is a key component in analyzing a company’s PMV.

The team triangulates both quantitative and qualitative metrics in enumerating a PMV, which include competitive positioning, key trends, management quality, and a multitude of valuation types.

Disciplined portfolio construction results in strong risk management.

Risk management is pursued through efficient portfolio construction, adherence to the team’s disciplines, and measurable PMV entry and exit ranges.

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Composite performance

Average annual returns

(as of 6/30/2024)

4/1/1991

	1M	3M	YTD	1Y	3Y	5Y	10Y	Inception
Composite (Gross)	-1.07	-5.22	-0.31	7.25	-1.33	6.75	7.25	11.92
Composite (Net)	-1.14	-5.41	-0.71	6.33	-2.20	5.79	6.24	10.83
Benchmark	-0.93	-3.28	1.73	10.06	-2.58	6.94	7.00	9.25

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

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Composite	10.67	-17.54	19.06	15.34	21.92	-10.30	13.75	22.47	-0.90	-0.11
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.

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.

View Team

Christopher Miller

Head of Select Equity

Theran Motl

Portfolio Manager

Key risks

Market risk: Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments with different sectors of the market and different security types reacting differently to such developments.

Equity securities risk: Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic, and political conditions.

Small-cap securities risk: If a strategy invests in the securities of smaller-capitalization companies, these securities tend to be more volatile and less liquid than those of larger companies.

Foreign securities risk: If a strategy invests in the securities of non-U.S. issuers, these investments may be subject to lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments and may be affected by changes in foreign currency exchange rates.

Investors should know that this strategy deployed may be subject to additional investment risks. For important information about the investment manager, please refer to Form ADV Part 2.

We look forward to helping you with your investment needs

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