Equity

SMID Cap Growth Equity Strategy

The strategy seeks long-term outperformance of the Russell 2500 Growth Index by investing in three distinct types of growth stocks, including core growth companies, developing situations, and valuation opportunities.

Competitive advantages

Right side of change

Identifies companies on the “right side of change” using a non-formulaic approach to idea generation 

Fundamental edge

Develops bottom-up fundamental “edge” through all-cap “surround the company” research

Risk/return assessment

Assesses each holding for attractive risk and return to avoid excessive valuations

Portfolio construction

Constructs portfolios to balance risk across core holdings, developing situations, and valuation opportunities

Investment approach

Long-term performance starts with identifying companies on the “right side of change.”

Unlock the fundamental research “edge” that can drive long-term outperformance.

The investment process focuses on establishing a consistent fundamental research “edge” that systematically distinguishes between fundamental factors and the expectations of other investors.

Assess each holding for an attractive risk and return profile.

The individual position weighting is driven by research conviction and a favorable risk/reward skew relative to a valuation target.

Construct portfolios to achieve balance.

The team adheres to a portfolio construction process that balances “core growth” holdings, “developing situations,” and “valuation opportunities.”  This allows for diversification and a balanced risk/reward profile.

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Composite performance

Average annual returns

Average annual returns

(as of 9/30/2024)
12/1/2000
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
3.15
8.38
18.19
31.65
-4.88
8.73
10.84
10.07
Composite (Net)
3.08
8.15
17.44
30.53
-5.70
7.79
9.84
9.06
Benchmark
1.63
6.99
11.20
25.20
-0.75
9.75
9.98
8.27

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

Calendar year

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Composite (Gross)
21.51
-37.10
-3.95
63.78
40.48
-5.97
30.50
8.56
-0.36
1.67
Composite (Net)
20.48
-37.66
-4.77
62.40
39.18
-6.87
29.30
7.54
-1.30
0.71
Benchmark
18.93
-26.21
5.04
40.47
32.65
-7.47
24.46
9.73
-0.19
7.05

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

Robert Gruendyke

Portfolio Manager
Michael T.

Michael T. Smith

Head of Growth Equity
Christopher

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.

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