Small Cap Value Fund
Overview
Fund Details
Portfolio Managers
Joe Gatz, CFA
Portfolio Manager
Jeff Schwartz, CFA
Portfolio Manager
Associate Portfolio Managers3
Zach Borovik, CFA
Associate Portfolio Manager
Nathan Henderson, CFA
Associate Portfolio Manager
Fund Facts
About the Team
Backed by decades of equity expertise, we combine deep research with a disciplined bottom-up approach.
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 2/28/2026| Class I | Return |
|---|---|
| 3 Months | 3.44% |
| Year-To-Date | 3.44% |
Annualized Total Return (%)
As of 2/28/2026| Class I | Return |
|---|---|
| 1 Year | 16.36% |
| 3 Years | 11.87% |
| 5 Years | 7.09% |
| 10 Years | 9.05% |
| Since Inception | 11.17% |
Cumulative Total Return (%)
As of 12/31/2025| Class I | Return |
|---|---|
| 3 Months | 3.44% |
| Year-To-Date | 3.44% |
Annualized Total Return (%)
As of 12/31/2025| Class I | Return |
|---|---|
| 1 Year | 16.36% |
| 3 Years | 11.87% |
| 5 Years | 7.09% |
| 10 Years | 9.05% |
| Since Inception | 11.17% |
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.
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 2/28/2026| Number of Holdings | 105 |
| P/E (trailing 12 months) | 16.08 |
| P/E (forward 12 months) | 14.66 |
| 3-5 Year EPS Growth | 10.84 |
| ROE (1 year equal weighted) | 15.91 |
| Annual Portfolio Turnover as of 9/30/2025 | 35.52% |
Sector Distribution
| Label | Fund |
|---|---|
| Industrials | 25.8% |
| Financials | 20.6% |
| Information Technology | 10.5% |
| Consumer Discretionary | 9.5% |
| Health Care | 7.7% |
| Energy | 6.9% |
| Materials | 4.7% |
| Real Estate | 4.3% |
| Utilities | 3.6% |
| Communication Services | 2.8% |
| Consumer Staples | 1.2% |
| Cash | 2.2% |
Characteristics
As of 12/31/2025| Characteristic | Fund | Index |
|---|---|---|
| Number of Holdings | 103 | 1425 |
| P/E (trailing 12 months) | 15.13 | 13.82 |
| P/E (forward 12 months) | 15.13 | 13.73 |
| 3-5 Year EPS Growth | 12.46 | 10.63 |
| ROE (1 year equal weighted) | 16.67 | 11.22 |
| Median Active Share (since manager tenure) | 89.9% | |
| Annual Portfolio Turnover as of 9/30/2025 | 35.52% |
Market Capitalization
As of 12/31/2025| Fund | Index | |
|---|---|---|
| > $2 Billion | 82.0% | 62.9% |
| $1 to 2 Billion | 13.7% | 20.6% |
| $0.5 to 1 Billion | 3.4% | 9.8% |
| < $0.5 Billion | 0.0% | 6.6% |
| Cash & Equivalents | 0.9% | 0.0% |
Sector Distribution
| Label | Fund | Index |
|---|---|---|
| Industrials | 24.3% | 12.6% |
| Financials | 21.4% | 26.4% |
| Information Technology | 11.8% | 7.7% |
| Consumer Discretionary | 9.5% | 9.9% |
| Health Care | 7.9% | 11.0% |
| Energy | 6.2% | 7.0% |
| Materials | 4.6% | 5.4% |
| Real Estate | 4.3% | 9.5% |
| Utilities | 3.8% | 5.7% |
| Communication Services | 3.2% | 3.2% |
| Consumer Staples | 2.0% | 1.6% |
| Cash | 0.9% | – |