Investment Philosophy

  • The team’s US small cap strategy focuses on characteristics such as inefficiently valued assets, turnarounds, accelerating growth and overlooked leaders, that may benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement.
  • The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.
 

Our Investment Approach

  • True Small Cap Specialists

    The seasoned management team has deep experience leveraging opportunities offered by small and micro-cap companies across market cycles.
  • Catalyst-Driven Value

    The US Small Cap Opportunity Fund employs in-house fundamental research in an effort to identify temporarily mispriced companies with potential catalysts for earnings-growth normalization.
  • Volatility Leads to Potential Opportunity

    Small cap market inefficiencies can create attractive opportunities for disciplined active investors, and broad portfolio diversification helps mitigate potential downside in a volatile investment universe.

Our Process

Our disciplined investment approach is executed by an experienced team, which is critical in an asset class where volatility and a lack of efficiency provide an opportunity for active investors.

Share Class I-UC (FESCUSI)

Annual Returns – Net of Fees (%)

Past performance is not indicative of future results

Fund Name2023*202220212020201920182017201620152014
Share Class I-UC 15.60% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Russell 2000 Value Index (since inception based on I-UC Shares) 14.64% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Source: FactSet; data as of Jan 31, 2024.

* Annual returns are calculated using a monthly frequency.

    The following performance is additional to, and should be read only in conjunction with, the performance data presented above.

    Trailing Returns – Net of Fees (%)

    Past performance is not indicative of future results

    Period: 17-Feb-2022 to 31-Jan-2024

    Fund Name1 MO3 MOYTD1 YRInception
    Share Class I-UC -3.01% 16.67% -3.01% -0.86% -0.87%
    Russell 2000 Value Index (since inception based on I-UC Shares) -4.54% 17.00% -4.54% -0.10% -0.70%

    Source: FactSet; data as of Jan 31, 2024.

    All returns data beyond one-year figures are annualized. Performance numbers are preliminary.
    Portfolio and index returns are shown in USD.

    Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

    The performance data quoted represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The Fund’s returns are published net of fees and do not take account of any commissions and costs incurred on the issue and redemption of shares. Returns for other share classes will differ from those shown above. The return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund is actively managed and is not managed in reference to a benchmark. The base currency of the Fund is USD. Returns may increase or decrease as a result of currency and exchange rate fluctuations between the base currency of the Fund and the currency in which an investor subscribes.

      Top Ten (Equity Only) Holdings (%)

      As of Jan 31, 2024

      Kemper Corp Financials 0.84
      Air Lease Corporation Class A Industrials 0.82
      Ultra Clean Holdings, Inc. Information Technology 0.80
      Chefs' Warehouse, Inc. Consumer Staples 0.80
      Enovis Corporation Health Care 0.80
      Barnes Group Inc. Industrials 0.79
      Ichor Holdings, Ltd. Information Technology 0.78
      QuidelOrtho Corporation Health Care 0.76
      MKS Instruments, Inc. Information Technology 0.75
      Whitestone REIT Real Estate 0.73
      Top Ten (Equity Only) Holdings as a Percentage of Total Net Assets 7.87

      Allocation By Sector (%)

      Industrials: 20.64%
      Information Technology: 15.04%
      Consumer Discretionary: 13.95%
      Cash & Cash Equivalents: 10.29%
      Health Care: 9.83%
      Financials: 9.26%
      Materials: 8.81%
      Energy: 5.02%
      Real Estate: 2.91%
      Consumer Staples: 2.60%
      Other: 1.66%
      Source: FactSet; data as of Jan 31, 2024.
      Industrials 20.64%
      Information Technology 15.04%
      Consumer Discretionary 13.95%
      Cash & Cash Equivalents 10.29%
      Health Care 9.83%
      Financials 9.26%
      Materials 8.81%
      Energy 5.02%
      Real Estate 2.91%
      Consumer Staples 2.60%
      Communication Services 1.01%
      Utilities 0.65%
      Industrials 22.29%
      Information Technology 15.77%
      Consumer Discretionary 13.72%
      Health Care 10.74%
      Materials 9.58%
      Financials 9.54%
      Cash & Cash Equivalents 5.87%
      Energy 5.87%
      Real Estate 2.53%
      Consumer Staples 2.47%
      Communication Services 0.97%
      Utilities 0.66%
      Industrials 21.25%
      Information Technology 14.79%
      Consumer Discretionary 12.89%
      Cash & Cash Equivalents 11.20%
      Health Care 10.70%
      Materials 8.92%
      Financials 8.59%
      Energy 5.83%
      Consumer Staples 2.32%
      Real Estate 2.08%
      Communication Services 0.83%
      Utilities 0.59%
      Industrials 22.73%
      Information Technology 15.71%
      Consumer Discretionary 12.78%
      Health Care 11.11%
      Materials 8.92%
      Financials 8.66%
      Cash & Cash Equivalents 7.61%
      Energy 6.58%
      Real Estate 2.51%
      Consumer Staples 2.22%
      Utilities 0.61%
      Communication Services 0.57%
      Industrials 23.40%
      Information Technology 18.06%
      Consumer Discretionary 11.88%
      Health Care 11.48%
      Materials 8.76%
      Financials 7.76%
      Cash & Cash Equivalents 7.06%
      Energy 5.86%
      Real Estate 2.40%
      Consumer Staples 2.11%
      Communication Services 0.61%
      Utilities 0.61%
      Industrials 23.39%
      Information Technology 18.34%
      Consumer Discretionary 11.74%
      Health Care 11.55%
      Cash & Cash Equivalents 8.36%
      Materials 8.27%
      Financials 7.08%
      Energy 5.43%
      Real Estate 2.35%
      Consumer Staples 2.08%
      Utilities 0.71%
      Communication Services 0.70%
      Industrials 22.26%
      Information Technology 17.58%
      Consumer Discretionary 16.39%
      Health Care 10.75%
      Cash & Cash Equivalents 8.00%
      Materials 7.16%
      Energy 6.49%
      Financials 5.37%
      Real Estate 2.26%
      Consumer Staples 2.01%
      Communication Services 1.28%
      Utilities 0.45%
      Industrials 21.74%
      Information Technology 17.60%
      Consumer Discretionary 15.59%
      Cash & Cash Equivalents 13.38%
      Health Care 10.13%
      Energy 6.35%
      Materials 5.41%
      Financials 3.66%
      Real Estate 2.61%
      Consumer Staples 1.76%
      Communication Services 1.45%
      Utilities 0.34%
      Industrials 21.74%
      Information Technology 17.60%
      Consumer Discretionary 15.59%
      Cash & Cash Equivalents 13.38%
      Health Care 10.13%
      Energy 6.35%
      Materials 5.41%
      Financials 3.66%
      Real Estate 2.61%
      Consumer Staples 1.76%
      Communication Services 1.45%
      Utilities 0.34%
      Industrials 23.15%
      Consumer Discretionary 16.38%
      Information Technology 15.93%
      Health Care 11.33%
      Cash & Cash Equivalents 9.77%
      Energy 7.36%
      Materials 6.31%
      Financials 3.40%
      Real Estate 3.13%
      Consumer Staples 1.86%
      Communication Services 1.39%
      Utilities 0.00%
      Industrials 22.27%
      Information Technology 17.47%
      Consumer Discretionary 15.59%
      Cash & Cash Equivalents 11.52%
      Health Care 10.23%
      Energy 6.93%
      Materials 6.05%
      Financials 3.55%
      Real Estate 3.26%
      Consumer Staples 1.64%
      Communication Services 1.50%
      Utilities 0.00%
      Industrials 23.06%
      Information Technology 17.30%
      Consumer Discretionary 16.75%
      Health Care 10.67%
      Energy 7.80%
      Cash & Cash Equivalents 6.00%
      Financials 5.93%
      Materials 5.87%
      Real Estate 3.82%
      Consumer Staples 1.42%
      Communication Services 1.39%
      Utilities 0.00%
      Industrials 23.40%
      Information Technology 18.17%
      Consumer Discretionary 17.71%
      Health Care 10.77%
      Energy 7.55%
      Materials 5.96%
      Financials 5.65%
      Real Estate 4.18%
      Cash & Cash Equivalents 3.76%
      Consumer Staples 1.44%
      Communication Services 1.43%
      Utilities 0.00%

      Allocation By Asset Class (%)

      Equities: 89.71%
      Cash & Cash Equivalents: 10.29%
      Source: FactSet; data as of Jan 31, 2024.
      Equities 89.71%
      Cash & Cash Equivalents 10.29%
      Equities 94.13%
      Cash & Cash Equivalents 5.87%
      Equities 88.80%
      Cash & Cash Equivalents 11.20%
      Equities 92.39%
      Cash & Cash Equivalents 7.61%
      Equities 92.94%
      Cash & Cash Equivalents 7.06%
      Equities 91.64%
      Cash & Cash Equivalents 8.36%
      Equities 92.00%
      Cash & Cash Equivalents 8.00%
      Equities 86.62%
      Cash & Cash Equivalents 13.38%
      Equities 86.62%
      Cash & Cash Equivalents 13.38%
      Equities 90.23%
      Cash & Cash Equivalents 9.77%
      Equities 88.48%
      Cash & Cash Equivalents 11.52%
      Equities 94.00%
      Cash & Cash Equivalents 6.00%
      Equities 96.24%
      Cash & Cash Equivalents 3.76%

      Allocation By Region (%)

      North America: 89.64%
      Cash & Cash Equivalents: 10.29%
      Developed Europe: 0.07%
      Source: FactSet; data as of Jan 31, 2024.
      North America 89.64%
      Cash & Cash Equivalents 10.29%
      Developed Europe 0.07%
      North America 94.09%
      Cash & Cash Equivalents 5.87%
      Developed Europe 0.04%
      North America 88.74%
      Cash & Cash Equivalents 11.20%
      Developed Europe 0.06%
      North America 92.33%
      Cash & Cash Equivalents 7.61%
      Developed Europe 0.06%
      North America 92.86%
      Cash & Cash Equivalents 7.06%
      Developed Europe 0.08%
      North America 91.56%
      Cash & Cash Equivalents 8.36%
      Developed Europe 0.08%
      North America 91.93%
      Cash & Cash Equivalents 8.00%
      Developed Europe 0.08%
      North America 86.60%
      Cash & Cash Equivalents 13.38%
      Europe 0.02%
      North America 86.60%
      Cash & Cash Equivalents 13.38%
      Europe 0.02%
      North America 90.18%
      Cash & Cash Equivalents 9.77%
      Europe 0.06%
      North America 88.43%
      Cash & Cash Equivalents 11.52%
      Europe 0.05%
      North America 93.94%
      Cash & Cash Equivalents 6.00%
      Europe 0.06%
      North America 96.17%
      Cash & Cash Equivalents 3.76%
      Europe 0.07%

      Allocation By Market Capitalisation (%)

      $2.5 to $5 Billion: 28.20%
      $1 to $2.5 Billion: 26.16%
      < $750 Million: 24.14%
      $5 to $10 Billion: 14.25%
      $750 Million to $1 Billion: 7.03%
      > $10 Billion: 0.21%
      Source: FactSet; data as of Jan 31, 2024.