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For Institutional Investors in the US

US SMID Cap Growth

Our in-depth fundamental research strategy seeks differentiated small-cap companies with the potential to quickly grow into mid-size companies

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Overview

ABOUT THIS STRATEGY

We believe a fundamentally driven investment process, focused on identifying smaller-cap companies with differentiated business models and sustainable competitive advantages, will drive outperformance relative to our benchmark and peers over time. Identifying small-cap companies with the potential to grow into the midcap space allows us the flexibility to hold our positions and capture a longer growth period in a company’s life cycle.

INVESTMENT APPROACH

Unique Business Models
Seeks small-cap companies that stand out from competitors – through differentiated business models, innovative approaches or unique products or services – that are using their competitive advantages to grow over a multi-year time frame.

Deep, Specialized Team
In-depth fundamental research supported by analysts and small-mid-cap specialists who look for small-cap companies early in their life cycle that have the potential to grow into mid-size companies.

Moderate Approach to Growth
The portfolio offers the potential for capital appreciation through exposure to small companies having the potential to quickly grow into mid-size companies with a focus on resilient business models positioned to weather a variety of market environments.

Portfolio Management

Jonathan Coleman, CFA

Portfolio Manager

Industry since 1994. Joined Firm in 1994.

Aaron Schaechterle

Portfolio Manager | Research Analyst

Industry since 2007. Joined Firm in 2022.

Performance

RETURNS (%) (As of 06/30/2026)
Composite Gross Composite Net Russell 2500TM Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(03/01/2005)
Composite Gross 19.40 17.95 27.88 14.79 5.57 11.91 12.58
Composite Net 19.16 17.47 26.82 13.83 4.68 10.98 11.60
Russell 2500TM Growth Index 24.02 19.66 32.94 16.39 4.98 12.56 10.31
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Prior to 2008, net returns shown are net of all fees and expenses.
RETURNS (%) (As of 08/31/2026)
Composite Gross Composite Net Russell 2500TM Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(03/01/2005)
Composite Gross 1.59 14.08 19.73 13.54 4.59 10.82 12.30
Composite Net 1.38 13.45 18.74 12.60 3.71 9.89 11.32
Russell 2500TM Growth Index -4.20 11.81 15.32 14.12 3.51 11.08 9.87
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Prior to 2008, net returns shown are net of all fees and expenses.
Calendar Year Returns (%)
Composite Gross Composite Net Russell 2500TM Growth Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Composite Gross 10.00 11.51 15.61 -23.02 7.95 29.63 29.49 -4.38 28.15 11.44
Composite Net 9.08 10.58 14.65 -23.68 7.04 28.55 28.42 -5.19 27.09 10.51
Russell 2500TM Growth Index 10.31 13.90 18.93 -26.21 5.04 40.47 32.65 -7.47 24.46 9.73
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

Related Insights

Differentiated insights are central to our investment approach.

The catalysts behind small cap outperformance
Sep 9, 2026
Timely & Topical

The catalysts behind small cap outperformance

Why we think small caps can build on renewed performance strength.

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Small caps and the power of compounding against a changing macro backdrop
Jul 16, 2026
Timely & Topical

Small caps and the power of compounding against a changing macro backdrop

Global small caps may deserve a closer look in today’s changing market environment.

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Helping clients navigate structural change through active management
May 20, 2026
Timely & Topical

Helping clients navigate structural change through active management

A discussion of key themes and investor priorities from Milken Institute’s 2026 Global Conference.

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