Dividend Value Approach

Small Cap Dividend Value

Objective

Long-term capital appreciation and current income through investments in small capitalization companies that we believe are undervalued and typically pay a dividend; companies generally have a market capitalization below $4.0 billion at time of purchase.

Approach

We seek to capitalize on the opportunities for long-term value creation that investing in smaller companies can offer, while mitigating the volatility typically associated with companies of this size through a focus on dividend-paying stocks. In challenging investment environments, we believe the quality of our dividend-focused portfolio—coupled with our attention to valuation—should provide some degree of downside market protection.

Process

We employ a fundamental bottom-up approach to stock selection. Our objective is to find companies with strong franchises and management teams, sound finances and ample cash flow that are trading below our assessment of intrinsic value.

Performance

Average Annualized
3-Months YTD 1-Year 3-Years 5-Years 10-Years Inception
Small Cap Dividend Value (Gross)
Small Cap Dividend Value (Net)
Russell 2000 Value Index
Small Cap Dividend Value (Gross) Small Cap Dividend Value (Net) Russell 2000 Value Index

Portfolio Management


Thomas E. Browne, Jr., CFA
Portfolio Manager
32 years experience
Brian P. Leonard, CFA
Portfolio Manager
19 years experience