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SMID Cap Value

The SMID Cap Value strategy provides exposure to the small and mid-sized capitalization segment of the value equity market through a fundamental, contrarian, bottom-up investment process.

Objective

Aims to provide long-term capital appreciation through a concentrated, high-conviction portfolio of small and mid-sized capitalization value equity securities.

Why This Strategy?

People

Co-Portfolio Managers Josh Schachter and Philip Greenblatt have an average of 16 years of value investing experience and are supported by a seven-person investment team.     

Portfolio

The conviction-weighted portfolio consists of 50 to 70 small and mid-cap stocks. 40 to 60 names range in market cap from $100m to $3b, while the remaining 7 to 10 stocks are mid cap, which can be up to $25B at purchase.

Philosophy

Investment philosophy that 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.

 

Strategy Facts

September 30, 2013
Easterly Investment Partners (EIP)
U.S. SMID Cap Value
Russell 2500 Value Index
Equity
CIT, Separate Account

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Portfolio Managers

Joshua Schachter headshot

Joshua Schachter, CFA

Philip Greenblatt headshot

Philip Greenblatt, CFA

Latest SMID Cap Value Perspectives

Q2 2022 SMID Cap Value Commentary

The Snow SMID Cap Value strategy outperformed its benchmark by 249 basis points, returning -12.90% (gross of fees) during the quarter, while the Russell 2500 Value Index declined -15.39%. The strategy is outperforming the index by 208 basis points through the first half of 2022.

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Q1 2022 SMID Cap Value Commentary

The majority of the major indices posted negative results for the first quarter of 2022 as investors reacted to the winds of war, heightened levels of inflation and rising interest rates. The SMID Cap Value Strategy slightly trailed its benchmark during the period due to sector emphasis, while stock selection was positive.

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