Equity

All Cap Growth Equity Strategy

The strategy seeks long-term capital appreciation by investing in small-, mid-, and large-cap companies on the "right side of change" that exhibit robust and sustainable growth.

Products offered

Separate Account
- All Cap Growth Equity

Targets consistent returns

The portfolio managers pursue a diversified approach, placing emphasis on consistency of returns within a strong risk management framework and centered on a proven sell discipline.

Stable investment team

This is a seasoned investment team—senior portfolio managers have been working together continuously since 2008.

The key decision-makers within the portfolio management team have an average of 24 years of investment experience.

Differentiated track record

Most strategies have investment track records of over 20 years, delivering significant alpha since inception.

Composite performance

Average annual returns

(as of 6/30/2024)

6/1/1999

	1M	3M	YTD	1Y	3Y	5Y	10Y	Inception
Composite (Gross)	5.78	6.32	21.92	30.37	1.56	12.92	13.49	11.94
Composite (Net)	5.71	6.11	21.43	29.32	0.74	12.01	12.56	11.03
Benchmark	6.43	7.80	19.90	32.22	10.33	18.55	15.75	8.35

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

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Composite (Gross)	34.96	-36.39	8.59	50.43	38.63	1.28	35.98	0.19	3.62	4.89
Composite (Net)	33.89	-36.92	7.73	49.25	37.49	0.42	34.86	-0.66	2.75	4.01
Benchmark	41.21	-28.97	25.85	38.26	35.85	-2.12	29.59	7.39	5.09	12.44

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 seeks a style-pure dedication to growth, targeting consistency of returns and focusing on fundamental, bottom-up, all-cap research to identify businesses with sustainable growth.

View Team

Robert Gruendyke

Portfolio Manager

Michael T. Smith

Head of Growth Equity

Christopher Warner

Portfolio Manager

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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Diversification does not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

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