U.S. Small Cap Equity
Objective

The U.S. Small Cap Equity Strategy seeks to outperform the Russell 2000 Index over a market cycle, while reducing overall volatility.

Investment Strategy
Team
Portfolio Guidelines
Characteristics As Of September 30, 2019
Sector Weights
CharacteristicsStrategyRussell 2000
Strategy Assets ($ Million)78.70-
Number of Holdings1012002
Beta*0.841.00
Standard Deviation* (%)15.0216.96
Market Cap. ($ Billion)0.882.10
Price to Trailing Earnings20.3820.37
Price to Cash Flow11.1713.17
Price to Book1.772.35
Enterprise Value to Sales2.612.69
Debt as % of Assets32.3326.95
Dividend Yield (%)**2.991.58
Return on Equity (%)9.039.01
* Beta & Standard Deviation 36 months
** Dividend yield weighted average, all other data weighted median
Top 10 HoldingsTickerWeight
NORTHWEST PIPE CONWPX1.12%
COMTECH TELECOMMUNICATIONSCMTL1.11%
NORTHWESTERN CORPNWE1.08%
MIDDLESEX WATER COMSEX1.08%
ICF INTERNATIONAL INCICFI1.08%
PNM RESOURCES INCPNM1.07%
ORTHOFIX MEDICAL INCOFIX1.06%
TERRAFORM POWER INC - ATERP1.06%
FRANKLIN STREET PROPERTIES CFSP1.06%
INDEPENDENT BANK CORP - MICHIBCP1.06%
Risk Statistics
Since Inception (February 01, 2014) Risk StatisticsStrategyRussell 2000
Annualized Return12.28%6.86%
Annualized Standard Deviation13.27%16.02%
Return/Risk0.930.43
Tracking Error6.68%-
R-Squared83.28%-
Alpha6.52%-
Beta0.76-
Total Returns As Of September 30, 2019
Inception Date: February 01, 2014
Strategy Excess Returns Vs. Benchmark Results (Monthly)
Calendar Year Returns
2018201720162015
Strategy Gross of Fees-8.80%10.00%32.12%2.61%
Strategy Net of Fees-9.44%9.35%31.71%2.61%
Russell 2000-11.03%14.63%21.28%-4.41%

Compliance Statement

Performance numbers for the most recent period are preliminary and subject to change. Returns for periods of less than one year are not annualized. Past performance is not a reliable indicator of future performance and should not be relied upon to make investment decisions.

The benchmark is the Russell 2000® Index. The Russell 2000® Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000® Index, as ranked by market capitalization.

You cannot invest directly in an index.

For a GIPS-compliant composite presentation, see this Fact Sheet:

Fact Sheets
U.S. Small Cap Equity Q3 2019
Commentary
Quarterly Market Commentary U.S. Small Cap Commentary
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