Months When Small Caps Were Up 5% or More
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We Lag in Sharply Rising Markets
In months when the Russell 2000 was up 5% or more, our valuation discipline meant that we lagged roughly 66% of the time. We outpaced in only 13 out of 39 months since inception (07/28/95). On average, we trailed by 94 basis points. The average drops to 69 basis points if we exclude the speculative spike of February 2000.
Months When Small Caps Were Down 5% or More
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We Outperform in Sharply Falling Markets
We've shined in big down markets. We outpaced the Russell 2000 in 27 out of the 31 down 5% or more months. On average, we gained 226 basis points of relative performance. Excluding the Dot Com bust of March 2000, the average is 136 basis points.
