SMID Value

The Cambiar SMID Value strategy is an equal weighted portfolio with a starting universe of companies typically in the $2-$10 billion market cap range. The portfolio leverages Cambiar's tenured domestic investment team, who on average have over 21+ years of industry experience.

  • Bottom-up, relative value investment process that favors undervalued companies that possess a catalyst for future growth.
  • The portfolio attempts to hold between 35-45 stock.
  • Each holding will have approximately a 2.5% weight.

Portfolio Managers

AndyB(2016) 

Andrew P. Baumbusch 

     

ColinD(2016) 

Colin M. Dunn, CFA 

Performance Charts

Inception Date: 7.31.2010.  The performance information depicted above represents Cambiar’s SMID Value Composite. 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. The gross returns reflect accounts with both gross and “pure” 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 transaction 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 SMID Value Composite. 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 SMID Value Composite are evaluated against the Russell 2500™ Value Index.  The Russell 2500 Value Index is a float-adjusted, market capitalization weighted index comprised of firms in the Russell 2500 Index that experience lower price-to-book ratios and lower forecasted growth values. These stock indexes assume no management, custody, transaction or other expenses. The Russell 2500 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, the performance of the Russell 2500 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
Cotiviti Holdings 3.2
Cimarex Energy 3.0
Advance Auto Parts 2.8
Atmos Energy 2.8
MGM Growth Properties 2.8
National Retail Properties 2.7
Qiagen NV 2.6
Sabre 2.6
JM Smucker 2.6
East West Bancorp 2.6
% of Total 27.7
Attributes Cambiar Russell 2500V
Price/Earnings F1Y 14.7 15.2
Price/Book 2.1 1.6
Debt/Equity 0.9 0.9
EPS Growth 13.7 11.2
Dividend Yield 1.6 2.1
Market Cap Wtd Avg 7.6 B 4.7 B
Market Cap Median 7.0 B 1.2 B
Active Share 95.9  
Sector Weights   Cambiar      Russell 2500V
Consumer Discretionary 12.1 10.9
Consumer Staples 5.0 3.5
Energy 7.2 7.4
Financials 19.2 22.9
Health Care 10.9 5.0
Industrials 14.8 13.3
Information Tech 12.3 9.0
Materials 2.3 6.1
Real Estate 7.9 15.5
Telecom Services 0.0 0.3
Utilities 5.3 6.2
Cash 3.0  
Risk Statistics* Cambiar Russell 2500V
Alpha 1.4 0.0
Beta 1.0 1.0
R-Squared 74.2 100.0
Sharpe Ratio 1.1 1.1
Standard Deviation     10.6 9.4
*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.