Investment Goal
Our goal is to outperform the market over a full investment cycle. For our small-cap strategy we measure the market by the Russell 2000 Index and seek to outperform it by 200 basis points, annualized, net of fees. For our all-cap strategy, we measure the market by the Russell 3000 Index and seek to outperform it by 150 basis points, annualized, net of fees. We strive to provide our clients superior performance through the bottom-up construction of stock portfolios that protect capital in down markets and participate in up markets.

Investment Philosophy
Our experience has shown that companies with a sustainable competitive advantage generate both premium returns and command premium multiples. However, company miscues or industry headwinds can cause investors to mis-price these companies’ securities as they focus on near-term difficulties and overlook longer-term potential. We capitalize on the investment opportunity created by this mis-pricing.