Months When Small Caps Were Up 5% or More
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We Lag in Sharply Rising Markets
As of 9/30/11, in months when the Russell 2000 was up 5% or more, our valuation discipline meant that we lagged roughly 64% of the time. We outpaced only 16 out of 44 months since inception (07/28/95). On average, we trailed by 75 basis points. That average drops to 53 basis points if we exclude the speculative spike of February 2000.
Months When Small Caps Were Down 5% or More
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We Outperform in Sharply Falling Markets
We’ve shined in big down markets. As of 9/30/11, we outpaced the Russell 2000 in 28 out of the 34 months down 5% or more since inception (07/28/95), or 82% of the time. On average we gained 211 basis points of relative performance. Excluding the Dot Com bust of March 2000, the average is 124 basis points
