Small Company Equity Strategy

The strategy seeks to outperform the Russell 2000 Index with less volatility over a market cycle.

Earnings growth drives long-term equity returns.
The strategy only invests in profitable small cap companies.
Profitable small cap companies outperform with lower volatility over the long term.
Quality fundamental characteristics are critical to risk management and reduced downside volatility.
Security selection is focused on critical earnings drivers through in-depth fundamental research.

Small Company Equity Commentary

Small Company Equity Fact Sheet

Small Cap Core

STYLE

Russell 2000 Index

BENCHMARK

April 1, 2013

INCEPTION DATE

$2.2 Billion

ASSETS UNDER MANAGEMENT

As of 09/30/2026

US Small Cap Core Equity

EVESTMENT UNIVERSE

Separate Account

Mutual Fund

Collective Investment Trust

INVESTMENT VEHICLES

Philosophy

We believe earnings growth is the primary driver of long-term equity returns, and we invest only in profitable small cap companies to capture positive returns and reduce downside volatility risk. We believe quality fundamental characteristics are critical to risk management and reduced downside volatility. The strategy's sell discipline is driven by changes to an investment thesis that result in earnings uncertainty and permanently lower future earnings potential.

Portfolio Construction

The team seeks to invest in a diversified portfolio of 60–70 companies.
The starting universe typically consists of securities with a market capitalization of less than $7 billion and adequate liquidity.
The team conducts a thorough analysis of each investment, with specific emphasis on the business model, industry dynamics, and corporate strategy.
The strategy may not invest more than 5% in a single security or more than 25% in a single industry.
Portfolio turnover has averaged 60% over the past five years.

Investment Management Team

Jason V. Ronovech, CFA

Vice President, Senior Portfolio Manager

Career Summary
Sentinel Investments
Paradigm Capital Management
Prudential Financial

Education
BA - Hamilton College

Meet Jason Ronovech

Mark C. Militello, CFA

Vice President, Co-Portfolio Manager

Career Summary
Thrivent Asset Management
Fort Washington Investment Advisors, Inc.
Sentinel Asset Management, Inc.
Weatherbie Capital, LLC
Paradigm Capital Management

Education
BA - University of Connecticut
MA - University of Connecticut

MEET MARK MILITELLO

Meet Public Equity Team