Small Cap Value

The Cambiar Small Cap Value strategy is a team managed portfolio. The portfolio employs an equal-weight portfolio construction approach. Cambiar believes this approach enables the strategy to maintain a more focused portfolio relative to peers, while also mitigating stock-specific risk via uniform position sizes. 

  • The starting universe for the portfolio includes any U.S. company with a market capitalization range typically between $500 million - $3 billion.
  • The strategy attempts to hold between 45-55 stocks.
  • All new stock positions enter the portfolio at a range of 1.5%-2% (based on liquidity).  This construction is designed to reduce excessive stock-specific risk, while allowing for the freedom to participate on the upside.

Portfolio Managers

AndyB(2016) 

Andrew P. Baumbusch 

     

ColinD(2016) 

Colin M. Dunn, CFA 

Performance Charts

Inception Date: 11.30.2004. The performance information depicted above represents Cambiar’s Small Cap Value Composite (Institutional). Returns are presented gross (g) and net (n) of management fees. Gross and net returns are reduced by transaction expenses. Net returns are also reduced by actual investment advisory fees and other expenses that may be incurred in the management of the account. Prior to 2014, the gross returns reflect accounts with both gross and “pure” gross performance. From 2014 to present, the composite contains accounts with only gross performance. “Pure” gross returns, applicable to SMA portfolios, are not reduced by any expenses, which includes transaction costs, and are provided as supplemental information. Brokerage firms which sponsor SMA fee programs apply bundled fees which may include transactions costs, investment management, portfolio monitoring, consulting services, and in some cases, custodial service fees. Net returns for SMA portfolios are calculated by subtracting actual SMA fees reported by the SMA sponsor. Net of fees performance reflects a blended fee schedule of all accounts within the Small Cap Value Composite (Institutional). Cambiar clients and mutual fund investors may incur actual fee rates that are greater or less than the rate reflected in this performance summary. Results are reported in U.S. dollars.
Performance results for the Small Cap Value Composite (Institutional) are evaluated against the Russell 2000™ Value Index. The Russell 2000 Value Index is a float-adjusted, market capitalization weighted index comprised of firms in the Russell 2000 Index that experience lower price-to-book ratios and lower forecasted growth values. Indices assume no management, custody, transaction or other expenses. The Russell 2000 Value index is broadly based which reflect the overall market performance and Cambiar’s returns may not be correlated to the index. Indices are unmanaged and one cannot invest directly in an index. Cambiar’s performance and the performance of the Russell 2000 Value Index include the reinvestment of all income. Past performance is no indication of future results. All information is provided for informational purposes only and should not be construed as an offer to buy or as a solicitation to buy or sell.  Performance is preliminary, please contact us for finalized figures. 

 

Portfolio Profile (as of 6.30.2018)

Top 10 Holdings % Weight
Molina Healthcare 2.6
Athenahealth 2.5
Marcus & Millichap 2.4
Orion Engineered Carbons 2.3
American Homes 4 Rent 2.3
Ritchie Bros Auctioneers 2.2
Idacorp 2.2
Murphy USA 2.2
Jagged Peak Energy 2.2
Travelport Worldwide 2.2
% of Total 23.1
Attributes Cambiar      Russell 2000V
Price/Earnings F1Y 15.9 14.6
Price/Book 1.9 1.5
Debt/Equity   1.0 0.8
EPS Growth  14.2 9.8
Dividend Yield 1.2 2.0
Market Cap Wtd Avg 3.0 B 2.1 B
Market Cap Median 2.5 B 0.8 B
Active Share 95.6  
Sector Weights   Cambiar      Russell 2000V
Consumer Discretionary 6.1 11.4
Consumer Staples 0.0 2.7
Energy 5.9 7.6
Financials 21.8 28.3
Health Care 14.8 4.6
Industrials 16.3 11.5
Information Tech 15.7 10.6
Materials 6.3 4.4
Real Estate 4.7 12.1
Telecom Services 2.1 0.5
Utilities 4.3 6.2
Cash 2.0  
Risk Statistics* Cambiar      Russell 2000V
Alpha -2.2 0.0
Beta 0.9 1.0
R-Squared 79.2 100.0
Sharpe Ratio 0.6 0.9
Standard Deviation     12.1 12.0
*Five Year    

Commentary

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Disclosure

Certain information contained in this communication constitutes “forward-looking statements”.  Due to market risk and uncertainties, actual events or results, or the actual performance of Cambiar’s client accounts may differ materially from that reflected or contemplated in such forward-looking statements. All information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. There is no guarantee that the opinions expressed herein will be valid beyond the date of this presentation.  There can be no assurance that the portfolio will continue to hold the same position in companies described herein, and the portfolio may change any portfolio position at any time. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended by Cambiar and the reader should not assume that investments in the securities identified and discussed were or will be profitable.