The Hidden Appeal Of Small-Caps And Cyclicals

In our semiannual letter on the state of small-caps, we delve into what we believe is the next phase for the asset class. Q2 hedge fund letters, conference, scoops etc A Smooth Ascent Amid High Anxiety The first six months of 2019 offered equity investors almost everything they could have hoped for [...]

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How Small-Caps Are Navigating An Uncertain Economy

Chuck Royce and Francis Gannon detail where they are finding small-cap opportunities amid negative economic news. Q2 hedge fund letters, conference, scoops etc geralt / Pixabay Francis Gannon: Chuck, we had an interesting second quarter driven by a lot of macro noise with also a lot of volatility. What are your thoughts [...]

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3 Small-Cap Myths

Senior Investment Strategist Steve Lipper discusses three misconceptions investors may have about small-cap stocks. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay As we talk to investors about investing in small-cap, we’re actually surprised at how pervasive a number of misunderstandings are about the asset class. They're so common that [...]

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4 Quality Cyclical Small Caps

PM Lauren Romeo discusses recent market volatility and gives a deep dive on four key holdings in our Premier Quality strategy. Q1 hedge fund letters, conference, scoops etc mohamed_hassan / Pixabay With more market volatility in May, where have you been most actively investing? Investors’ concerns about the escalation of the trade war [...]

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4 Things You Don’t Want To See In Proxies

PM Charlie Dreifus explains why investors should be wary of these four things in proxies. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay In proxies there's a lot to be gleaned. There's a lot to be gleaned, particularly post 2002, which was the era of Enron. We have Sarbanes-Oxley laws [...]

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Innovation In Small-Caps

Co-CIO Francis Gannon details opportunities for small-cap investors in sectors he believes may be overlooked. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay Which sectors do you think investors are overlooking? I think one of the more overlooked aspects of the investing world today is that innovation is the sole province [...]

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Small-Cap Housing Stocks

PM Bill Hench on where he is finding bargains within the housing sector. Q1 hedge fund letters, conference, scoops etc pasja1000 / Pixabay What is appealing about the housing sector? We like the housing industry for our strategy because the valuations are terrific. So we play housing for our strategy through the builders, [...]

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Small-Cap Perspective

Co-CIO Francis Gannon on what increased volatility, lower returns, and low interest rates mean for the small-cap market. Q1 hedge fund letters, conference, scoops etc User:klip game [Public domain], via Wikimedia Commons What’s your perspective on where we are in the small-cap market? One of the more interesting aspects of the market this [...]

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Finding Small cap Opportunities Amid International Economic Weakness

David Nadel discusses three international small-cap holdings and how our Quality at a Reasonable Price strategy has performed recently. Q1 hedge fund letters, conference, scoops etc geralt / Pixabay How has the strategy performed over the last few quarters? Well it's been very pleasing the last couple of quarters. We had kind of [...]

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Small-Cap Investment Outlook In 4 Charts

Senior Investment Strategist Steve Lipper analyzes the recent small-cap market through four charts. Q1 hedge fund letters, conference, scoops etc What does recent volatility tell us about where we are in the small-cap cycle? The bearish fourth quarter in small-caps and the strong recovery in the first quarter has really been quite [...]

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Will 1Q Rebound Lead To A Slam Dunk For Small-Caps?

Can the Rally Keep Running? Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay 1Q19 - A Welcome Rebound Small-caps came roaring back in 1Q19 (along with the rest of the U.S. stock market), as the Russell 2000 Index gained 14.6% for the quarter. The upswing followed on the heels of a [...]

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Finding Opportunities In Small Cap Banks

PM Jay Kaplan makes the case for his interest in small-cap banks. Q4 hedge fund letters, conference, scoops etc PIRO4D / Pixabay Why are small-cap banks usually overlooked? Small-cap banks I think are often overlooked. The world thinks about the big banks. They know the Citibank, the JPMorgan Chase or the investment banks, [...]

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High-Quality Opportunities In International Small-Cap Stocks

PM Mark Rayner discusses Brexit and details the opportunities created by 4Q18’s steep decline. Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay Although they haven’t been as extreme as their domestic cousins, international small-caps also saw a negative fourth quarter followed by a strong recovery so far in 2019. The [...]

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Finding Opportunities In Small Cap Banks

PM Jay Kaplan makes the case for his interest in small-cap banks. Q4 hedge fund letters, conference, scoops etc cegoh / Pixabay Why are small-cap banks usually overlooked? Small-cap banks I think are often overlooked. The world thinks about the big banks. They know the Citibank, the JPMorgan Chase or the investment banks, [...]

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Market Moves And Mood Swings In Small Caps

Co-CIO Francis Gannon on why the last 90 days’ of small-cap returns may have more to do with investors’ moods than fundamentals. Q4 hedge fund letters, conference, scoops etc StockSnap / Pixabay After losing 22.1% from 8/31/18-12/31/18, the Russell 2000 Index looked poised for some kind of rebound as we entered 2019, [...]

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Where Is The Consensus Mistaken?

Four small-cap specialists discuss where they believe the current investment consensus is mistaken. Q4 hedge fund letters, conference, scoops etc Image source: Wikimedia Commons Chuck Royce: Focusing Too Much On Short-Term Rates In this decline that started in early September, interest rate conversation took on a high profile. Everyone wanted to debate: Did [...]

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Making Sense Of The Small-Cap Decline In 3 Charts

Senior Investment Strategist Steve Lipper analyzes the recent decline through style, dividends, earnings, and cyclicals. Q4 hedge fund letters, conference, scoops etc Can you help us situate the latest decline in its historical context? While there are many things about the decline in 2018 that might have felt abnormal, from our perspective [...]

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Navigating The Volatile Small-Cap Market

Chuck Royce and Co-CIO Francis Gannon look at the recent decline and make the case for why active management looks poised to do well going forward. Q3 hedge fund letters, conference, scoops etc StockSnap / Pixabay Francis Gannon: So Chuck, why don’t you tell me about the decline in the market last [...]

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Finding Small Cap Opportunities Amid A Historic Downturn

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap the historic 4Q18 downturn and discuss how they’re navigating the current environment. Q3 hedge fund letters, conference, scoops etc How did 2018’s fourth quarter stack up historically with other poor quarterly performances for small-caps? Francis Gannon The Russell 2000 Index declined 20.2% in [...]

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Finding Small-Cap Opportunities Amid A Historic Downturn

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap the historic 4Q18 downturn and discuss how they’re navigating the current environment. Q3 hedge fund letters, conference, scoops etc How did 2018’s fourth quarter stack up historically with other poor quarterly performances for small-caps? Francis Gannon The Russell 2000 Index declined 20.2% in [...]

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4Q18 Small-Cap Investment Update

One of Small-Cap's Worst Quarters in 40 Years Just how bad was the correction in 2018’s last three months when the small-cap index declined 20.2%? This decline’s depth, breadth, and downward velocity were all notable, if not historic. Within the Russell 2000 Index, 89% of the companies had a negative [...]

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