Small Cap Value

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Small Cap Value





Style:  Small Cap Value

Inception: 10/31/2010

Benchmark: Russell 2000 Value Index

Target Number of Holdings:  70 to 110

Diversification Targets: Sector and Industry weightings +/- 5% relative to the Benchmark

Turnover: 25 to 60% annually

Fully Invested: Average cash allocation of 1 to 5%





  • Small capitalization equity markets are inefficient. This provides the opportunity to utilize a fundamental research approach to identify superior companies trading at a discount to intrinsic value.
  •  In the context of value investing, we feel it is important to delineate between less innovative and more innovative sectors and industries.
  •  We focus on opportunities with the greatest upside potential, emphasizing a combination of both classic valuation and relative valuation/earnings power.
  •  We seek to neutralize relative benchmark risk to isolate stock selection as the primary source of alpha, mitigating the difficulty of consistently predicting market, sector, and industry direction while delivering high active share.

Investment Policy Committee


Jeff Kerrigan, CFA Committee Chair

Martine Elie, CFA

John Beaver, CFA

Bob Schrock, CFA



Congress Asset Management

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Boston, MA 02210


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