At the individual stock level, we search for events that suggest investor misbehavior.
Investors Make Mistakes.
We Look For Them.
There are two kinds of mistakes that produce buying opportunities: over-reaction and under-reaction.
Other investors may over-react to bad news and losses (e.g., panic). Or they may under-react to good news (e.g., not pay attention).
Over-reaction
...to historical, negative information
Under-reaction
...to new, positive information
U.S. small-cap blend mutual fund seeks long-term capital appreciation with similar risk levels and characteristics to its benchmark, the Russell 2000® Index.
-
Seeks to capitalize on behavioral biases that may cause the market to over-react to old, negative information or under-react to new, positive information.
-
Looks for companies with one or both of:
-
significant insider buying or stock repurchases (over-reaction)
-
large earnings surprises (under-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell 2000® Index
U.S. small-cap growth mutual fund seeks long-term capital appreciation with similar risk levels and characteristics to its benchmark, the Russell 2000® Growth Index.
-
Seeks to capitalize on behavioral biases that may cause the market to under-react to new, positive information.
-
Looks for companies with:
-
large earnings surprises (under-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell 2000® Index
U.S. mid-cap value mutual fund seeks long-term capital appreciation with similar risk levels and characteristics to its benchmark, the Russell MidCap® Index.
-
Seeks to capitalize on behavioral biases that may cause the market to over-react to historical, negative information.
-
Looks for companies with:
-
significant insider buying or stock repurchases (over-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell MidCap® Index
U.S. all-cap mutual fund seeks long-term capital appreciation.
-
As an “unconstrained” fund, stock selection is driven primarily by long-term capital appreciation potential.
-
Seeks to capitalize on behavioral biases that may cause the market to over-react to old, negative information or under-react to new, positive information.
-
Looks for companies with:
-
significant insider buying or stock repurchases (over-reaction)
-
large earnings surprises (under-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell 3000® Index
U.S. micro-cap mutual fund seeks to long-term capital appreciation with similar risk levels and characteristics to its benchmark Russell Microcap® Index.
-
Microcap stocks are generally less liquid, leading to higher volatility and more room for potential investor error
-
Looks for companies with:
-
significant insider buying or stock repurchases (over-reaction)
-
large earnings surprises (under-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell Microcap® Index
U.S. small-mid core mutual fund seeks long-term capital appreciation with similar risk levels and characteristics to its benchmark, the Russell 2500® Index.
-
Seeks to capitalize on behavioral biases that may cause the market to over-react to old, negative information or under-react to new, positive information.
-
Looks for companies with:
-
significant insider buying or stock repurchases (over-reaction)
-
large earnings surprises (under-reaction)
-
-
Invests in domestic stocks with market capitalization similar to those included in the Russell 2500® Index
