Equity

U.S. Equity All Cap Strategy

The strategy pursues long-term outperformance and uncorrelated alpha versus the Russell 3000 Index by exploiting a consistent arbitrage opportunity in an inefficient closed-end fund market.

Advanced portfolio construction

The team uses proprietary risk-based portfolio construction techniques that are transparent, diversified, efficient, and robust.

Tactical asset allocation (TAA)

The team is one of the longest-tenured global TAA managers, with a proven track record of adding value for clients since 1980.

Downside risk management

Innovative risk management strategies since 2015 have helped preserve capital while considering cost, consistency, and reactivity.

Investment approach

Laser focused on investor outcomes

A comprehensive range of strategies enables portfolio growth, preservation, and income generation.

The team manages a wide range of multi-asset investment strategies, including absolute return, benchmark-relative, income, overlays, and liquid alternatives.

Expertise in implementing bespoke solutions.

The team works closely with the Solutions team to deliver exceptional, customized solutions that attempt to achieve their clients’ desired outcomes.

A transparent, robust, and efficient process guides portfolio construction.

The team uses an innovative risk-based portfolio construction approach to balance risk across growth, inflation, and interest rates to the greatest extent possible.

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Composite performance

Average annual returns

(as of 3/31/2026)

9/1/2021

	1M	3M	YTD	1Y	3Y	Inception
Composite (Gross)	-5.61	-3.15	-3.15	16.90	15.22	7.02
Composite (Net)	-5.65	-3.27	-3.27	16.32	14.63	6.46
Benchmark	-4.97	-3.96	-3.96	18.09	17.86	8.92

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

	2025	2024	2023	2022	2021
Composite (Gross)	13.85	20.34	20.41	-18.72	5.10
Composite (Net)	13.28	19.73	19.75	-19.18	4.91
Benchmark	17.15	23.81	25.96	-19.21	4.37

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

The team’s culture is a differentiating strength and includes a rich variety of backgrounds, thinking, and complementary skill sets.

View Team

John Campbell

Head of Systematic Core Equity

David Kowalske

Portfolio Manager

Michael T. Smith

Head of Growth Equity

Bryant VanCronkhite

Co-Head of Special Global Equity

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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