Q1 2023 All Cap Value Commentary
The Snow All Cap Value strategy trailed the benchmark during the quarter, returning -0.75% gross of fees (-0.92% net of fees), while the Russell 3000 Value index returned 0.91%.
Learn MoreObjective
Aims to provide long-term capital appreciation through a concentrated portfolio of value equity securities across all market capitalizations.
Why This Strategy?
People
Co-Portfolio Managers Richard Snow and Josh Schachter have an average of 30 years of value equity experience and are supported by a seven-person investment team.
Portfolio
The portfolio consists of stocks across the market capitalization spectrum, as any stock meeting our investment criteria with a market cap greater than $1B may be included.
Philosophy
Investment philosophy is consistent with modern behavioral finance research and aims to take advantage of investor overreactions to negative surprises.
Process
Fundamental research process focuses on identifying out-of-favor stocks that are in sound financial condition and should experience an upward rerating in their P/E ratio with a positive shift in investor sentiment.