For professional investors in Brazil

US Small-Mid Cap Value Fund

As defensive value specialists, we seek to outperform over a full market cycle by aiming to mitigate losses in down markets while participating in up markets


USD 23.25
As of 01/12/2021

1-Day Change
USD -0.29 (-1.23%)
As of 01/12/2021

Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.



The Fund aims to provide capital growth over the long term. Performance target: To outperform the Russell 2500 Value Index by at least 2.5% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities) of small and medium sized companies in any industry, in the United States. Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, the United States. The Fund may also invest in other assets including companies outside the United States, cash and money market instruments. The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund is actively managed with reference to the Russell 2500 Value Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose individual investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.


  • The fund aims to mitigate losses in down markets while participating in up markets
  • Disciplined valuation process that measures downside risk before upside potential
  • Designed to compound returns over a full market cycle with lower volatility than peers and the index
Past performance is not a guide to future performance. 


Kevin Preloger

Portfolio Manager, Team Leader

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager, Team Leader

Industry since 2000. Joined Firm in 2004.


Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2021
A1 USD (Net) Russell 2500 Value TR
Quarter End
As of 30/09/2021
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A1 USD (Net) 30.00 -4.90 2.82 9.38 13.38
Russell 2500 Value TR 36.64 -5.67 3.10 9.46 15.53
Cumulative & Annualised Performance (%)
As of 31/10/2021
A1 USD (Net) Russell 2500 Value TR
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A1 USD (Net) 4.04 17.30 35.02 12.28 10.74 9.40 6.77
Russell 2500 Value TR 4.75 22.11 44.64 13.76 12.36 12.76 8.38
A1 USD (Net) Russell 2500 Value TR
2016 2017 2018 2019 2020
A1 USD (Net) 14.46 12.32 -9.22 26.04 2.75
Russell 2500 Value TR 18.40 13.19 -8.58 26.26 2.87
2016 2017 2018 2019 2020
Russell 2500 Value TR + 2.50% 21.36 16.01 -6.28 29.41 5.45
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 30/06/2021)


Top Holdings (As of 31/10/2021)
Nomad Foods Ltd 3.53
Great Western Bancorp Inc 3.04
First Horizon Corp 2.97
Ameris Bancorp 2.84
Hartford Financial Services Group Inc 2.80
Equity LifeStyle Properties Inc 2.53
IAA Inc 2.49
Casey's General Stores Inc 2.49
H&E Equipment Services Inc 2.48
Marathon Petroleum Corp 2.33
Total 27.50
Sector Allocation % OF FUND % OF FUND (As of 31/10/2021)
Industrials 21.47
Financials 15.75
Information Technology 12.08
Real Estate 10.97
Materials 10.51
Health Care 9.85
Consumer Discretionary 6.51
Consumer Staples 6.02
Energy 4.34
Cash & Equivalents 2.50
Regional Allocations % OF FUND % OF FUND (As of October 31, 2021)
North America 92.33
Europe 3.54
Asia/Pacific Ex Japan 1.63
Cash & Equivalents 2.50


  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives towards the aim of achieving its investment objective. This can result in 'leverage', which can magnify an investment outcome and gains or losses to the Fund may be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Information on compliance with EU sustainable related disclosures can be found here.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights