The strategy aims to provide long-term capital appreciation through a concentrated portfolio of value equity securities across all market capitalizations.
The All-Cap Value strategy provides concentrated exposure across the value equity market capitalization spectrum through a fundamental, bottom-up, contrarian investment philosophy.
The strategy employs a fundamental value philosophy and a disciplined bottom-up investment process to select equity positions. Companies are evaluated for inclusion by identifying, researching our highest conviction stocks. Thorough reviews are conducted on each company to ensure they are in line with our investment thesis and upside target potential return. The methodology in constructing a well-diversified portfolio includes: new positions are built through tranches as the investment thesis is confirmed, and individual stock over-weights are limited to a maximum of 10% of the portfolio. The portfolio will not hold a company that does not meet the investment selection criteria, regardless of its relative position weighting in the benchmark. The portfolio is diversified by sector and includes a 25% maximum weighting by industry. The strategy has consistently demonstrated high active share versus the Russell 3000 Value index.
CHARACTERISTICS & WEIGHTINGS
Snow Capital Management L.P. is a registered investment adviser. Registration of an Investment Advisor does not imply any level of skill or training. Snow Capital Management L.P. claims compliance with the Global InvestmentPerformance Standards (GIPS®). A fully compliant GIPS presentation along with a complete list and description of all composites is available at www.snowcm.com or by calling 724-934-5800. The Snow Capital Management All Cap Value Equity Composite contains fully discretionary all cap value equity accounts and for comparison purposes is measured against the S&P 500 and Russell 3000 Value indices. Beginning July 1, 2005, there is no account minimum for this composite. Prior to July 1, 2005, the minimum account size for this composite was $200 thousand. Prior to October 1, 2002, the minimum account size was $300 thousand and prior to January 1, 2000, the minimum account size was $100 thousand. On January 1, 2008, the benchmark was changed retroactively from the Russell 3000 to the Russell 3000 Value to better reflect the All Cap Value Equity investment strategy. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The Russell 3000 Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. Indexes are unmanaged. It is not possible to invest directly in an index. The U.S. Dollar is the currency used to express performance. Leverage is not used in this composite. Investing involves risk; clients may experience a profit or a loss. Past performance is not indicative of future results.
Performance is preliminary. Returns for periods greater than a year are annualized. Returns include the reinvestment of all income. Results are based on fully discretionary accounts under management that are eligible for inclusion in the composite during the performance reporting period, including those accounts no longer with the firm. The performance of any individual portfolio may vary from the Composite’s performance. Pure gross returns are shown as supplemental information and are stated gross of all fees and transaction costs. Net of fee performance returns are calculated by deducting a model fee of 1.00%, which represents the highest applicable annual fee in effect for the respective time period, applied monthly. Beginning July 1, 2003, the All Cap Value Equity Composite includes only non-wrap accounts. On June 30, 2003, the All Cap Value Equity Composite consisted of 31% wrap assets. Gross returns for the wrap accounts have been reduced by all wrap fees; net returns have been further reduced by the highest applicable annual management fee of 1% applied monthly. Snow Capital’s advisory fees are outlined in our Form ADV Part 2A (Brochure), which is available upon request. Actual investment advisory fees incurred by clients may vary.
Portfolio Characteristics are presented as supplemental information to the GIPS compliant presentation to illustrate an example of selected characteristics of the Snow Capital Management All Cap Value Equity Composite as of September 30, 2018 and how an individual portfolio might have been invested at that time. These illustrations may not be representative of the Composite’s or an individual portfolio’s current or future investments.
The Industry Allocation, Capitalization Weightings, and Top Ten Holdings are presented as supplemental information to the GIPS-compliant presentation to illustrate an example of the industries and securities in which the Snow Capital Management All Cap Value Equity Composite was invested on September 30, 2018 and in which an individual portfolio might have been invested at that time. These illustrations may not be representative of the Composite’s or an individual portfolio’s current or future investments. There is no assurance that any of these stocks or sectors will be purchased in the future or are currently held in the portfolio. Top ten holdings reflect the composite’s cash position but cash is not included as a holding in the list.