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Small Cap Value 2Q18

June 30, 2018

Small Cap Value Fund

Index Drivers:

During the second quarter, the Russell 2000 Index saw strength in the Energy, Real Estate, and Consumer Staples while the Industrials, Materials, and Financials sectors underperformed

Performance Drivers:

The portfolio’s relative performance benefitted from favorable stock selection in Information Technology and Utilities.  Sonic shares moved higher after reporting better than expected same-store sales as weather normalized and management provided a positive outlook. Novanta continued to post strong results as they transition further up the value-chain and expand their addressable markets.  SRC Energy rallied on the back of solid results and rising crude oil prices.  Omnicell gained after strong implementations for their XT platform with new products in place to further support additional growth.  Brooks Automation climbed on strong results across both their life science and semiconductor segments with management’s guidance for their upcoming quarter well ahead of estimates.

 

The portfolio’s relative performance was negatively impacted by unfavorable stock selection in Energy and Financials. Callon Petroleum fell on investor concerns regarding pipeline takeaway capacity for their operations in the Permian Basin. Summit Materials declined as weather caused volumes to come in below expectations and investors awaited future acquisitions. Alamo Group saw results pressured by a strike at one of their plants, now resolved, and management continued to invest in additional plants and equipment to support future growth.  Hostess shares moved lower as the loss of shelf space at a major grocer is a near-term headwind to topline growth, though management plans to increase spending in subsequent periods to help reaccelerate growth.  LegacyTexas fell as elevated credit costs from two specific credits drove earnings below expectations even as their net interest margin expanded from higher rates.

 

 

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Manager Commentary  / Small Cap Value

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