Value Approach

Small Cap Value


Long-term capital appreciation through investments in small capitalization companies that we believe are undervalued; companies generally have a market capitalization within the upper and lower boundary of the Russell 2000 Value Index at time of purchase.


We seek to identify market inefficiencies and catalysts leading to long-term appreciation, with an emphasis on change and restructuring at the industry or corporate level. We focus on complex situations that are difficult to evaluate and understand in a timely fashion, and often have little or no Wall Street support or coverage. We believe this lack of research coverage and positive attention drives investor uncertainty and avoidance, enabling us to purchase attractive stocks at a discount to our assessment of fair market value.


We use fundamental research to identify potential investment opportunities, focusing on catalysts and event-driven situations. Within that universe, we use bottom-up analysis to identify companies that we believe have strong business models, solid growth potential and reasonable valuation parameters.


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

Portfolio Management

Thomas E. Browne, Jr., CFA
Portfolio Manager
33 years experience
Brian P. Leonard, CFA
Portfolio Manager
20 years experience
Brian R. Keeley, CFA
Portfolio Manager
25 years experience

Value Approach

In our pioneering approach to value investing, we focus on companies moving through complex change to unlock hidden value. We seek to identify market inefficiencies and catalysts for value creation such as restructuring, marketplace shifts and ownership and operational changes.

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