Months When Small Caps Were Up 5% or More
We've Lagged in Sharply Rising Markets
In months when the Russell 2000 was up 5% or more, our valuation discipline meant that we lagged roughly 63% of the time, as of 03/31/15. We outpaced only 19 out of 51 months since inception (07/28/95). On average, we trailed by 66 basis points. That average drops to 47 basis points if we exclude the speculative spike of February 2000.
Months When Small Caps Were Down 5% or More
We've Outperformed in Sharply Falling Markets
We’ve shined in big down markets. As of 03/31/15, we outpaced the Russell 2000 in 29 out of the 37 months that the Russell 2000 was down 5% or more since inception (07/28/95), or 78% of the time. On average we gained 190 basis points of relative performance. Excluding the Dot Com bust of March 2000, the average is 161 basis points.