Micro, Small and Mid Cap Focused - Inefficient pricing
- Lack of Wall Street following
- Problems often more transparent and fixable
Tax Efficiency - Objectives encompass significant after-tax returns
- Short term capital gains taxes substantially reduce investment results
- Frequently ignored in stated investment returns
- For example, over 5 years a long-term oriented fund with 20% average annual pre-tax returns will outperform its short-term equivalent by over 40% on a cumulative after-tax basis
- Since inception, the fund has generated only relatively small amounts of net short-term capital gains
Combined Macro and Micro Analysis - Rigorous fundamental research and stock selection is combined with in-depth macro-economic analysis
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