Months When Small Caps Were Up 5% or More
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 68% of the time. We outpaced in only 12 out of 37 months since inception (07/28/95). On average, we trailed by 91 basis points. The average drops to 66 basis points if we exclude the speculative spike of February 2000.
Months When Small Caps Were Down 5% or More
We Outperform in Sharply Falling Markets
We've shined in big down markets. We outpaced the Russell 2000 in 26 out of the 29 down 5% or more months. On average, we gained 235 basis points of relative performance. Excluding the Dot Com bust of March 2000, the average is 146 basis points.
