Our All Cap Value Strategy provides exposure across the value equity market capitalization spectrum through a fundamental, contrarian, bottom-up investment process. The portfolio consists of 35-40 of our best investment ideas across all market caps.
Aims to provide long-term capital appreciation through a concentrated portfolio of value equity securities across all market capitalizations.
Why This Strategy?
Co-Portfolio Managers Richard Snow and Josh Schachter have an average of 30 years of value equity experience and are supported by a seven-person investment team.
The portfolio consists of stocks across the market capitalization spectrum, as any stock meeting our investment criteria with a market cap greater than $1B may be included.
Investment philosophy is consistent with modern behavioral finance research and aims to take advantage of investor overreactions to negative surprises.
Fundamental research process focuses on identifying out-of-favor stocks that are in sound financial condition and should experience an upward rerating in their P/E ratio with a positive shift in investor sentiment.
The Snow All Cap Value strategy trailed the benchmark during the quarter, returning -0.75% gross of fees (-0.92% net of fees), while the Russell 3000 Value index returned 0.91%. The strategy’s relative performance was lead by sector positioning, specifically an overweight position in Information Technology.
The Snow All Cap Value strategy outperformed the benchmark by 70 basis points for the quarter, returning 12.89% gross of fees (12.69% net of fees), while the Russell 3000 Value index gained 12.18%. For the year, the strategy returned -5.98% gross of fees (-6.64% net of fees), again outperforming the Russell 300 Value, which declined -7.98%.