Special Situations (“S2”) invests in small/micro-cap companies where we can take advantage of opportunities that arise from inefficiencies in a universe that has: a) less analyst research coverage; b) fewer mutual fund/institutional owners; and c) management teams with significant ownership stakes. We seek to identify companies with accelerating growth potential and improving valuation prospects that lead to superior capital gains for our clients.
ObjectiveThe S2 strategy seeks to provide clients superior long-term capital growth by investing in a concentrated portfolio of special situations primarily sourced from the microcap universe where we can identify significant inefficiencies. Guiding Thoughts
Process
Sell Discipline
Investment Team
|
Risk Management
Characteristicsas of 3/31/2019 (source: FactSet Research Systems)
Top Holdingsas of 3/31/2019 (source: FactSet Research Systems)
|
Performance
Since Inception 10/1997 – 3/2019 (source: FactSet Research Systems)
DISCLOSURES
Past Performance is not a guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. The returns are based on the Special Situations Composite weighted return. The Strategy seeks to provide capital appreciation, is fundamentally-based and security selection is the main driver of results. The Composite reflects the deduction of advisory fees and any other expenses that a client would have paid or actually paid. The Composite also includes the reinvestment of dividends and capital gains. Performance information for the S&P 500® and the Russell 2000 indices are included for the same time periods. These indices are used for comparative purposes only. The volatility of an index is materially different from that of the strategy’s Full-Discretion Portfolio. The S&P 500® refers to the Standard and Poor’s 500 Index which is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic stock market. The Russell 2000 is a capitalization weighted index of approximately 2000 stocks. The index is designed to measure the performance of the small capitalization area of the domestic stock market.