Months When Small Caps Were Up 5% or More




We Lag in Sharply Rising Markets

In months when the Russell 2000 was up 5% or more, our valuation discipline meant that we lagged roughly 67% of the time. We outpaced in only 14 out of 42 months since inception (07/28/95). On average, we trailed by 85 basis points. The average drops to 62 basis points if we exclude the speculative spike of February 2000.

Months When Small Caps Were Down 5% or More



We Outperform in Sharply Falling Markets

We've shined in big down markets. We outpaced the Russell 2000 in 28 out of the 32 down 5% or more months. On average, we gained 230 basis points of relative performance. Excluding the Dot Com bust of March 2000, the average is 132 basis points.

Performance / Small-Cap in up and down markets

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