Return is shown net of fees. See performance below for additional disclosure.
The Cambiar SMID Value portfolio is a diversified strategy that invests primarily in small and midcap companies domiciled in the U.S. This equal-weight portfolio will hold between 35-45 stocks with a starting universe that includes any company with a market cap primarily between $2-$12 billion.
Portfolio Manager since 2014
Portfolio Manager since 2010
Inception Date: 7.31.2010. The performance information depicted above represents Cambiar’s SMID Value Composite. Returns are presented gross (g) and net (n) of management fees. The composite contains accounts with gross and “pure” gross performance. Gross returns are reduced by transaction costs. “Pure” gross returns do not reflect the deduction of any expenses, including transaction costs. “Pure” gross returns are applicable to separately managed accounts that are part of broker-affiliated or broker-sponsored programs, including wrap programs, that waive commission costs or bundle fees including commissions (SMAs). “Pure” gross returns are supplemental information. Net returns are reduced by transaction costs and actual investment advisory fees and other expenses that may be incurred in the management of the account. SMAs often incur bundled fees, charged by the wrap sponsor or affiliated broker, that may include transaction costs, investment management, portfolio monitoring, consulting services, and custody fees. Net returns for SMAs are calculated by deducting the investment advisory fees from the client’s account as reported by the wrap sponsor or affiliated broker, or as received by Cambiar. Cambiar clients may incur actual fee rates that are greater or less than the rate reflected in this performance summary. Fees will vary based on the assets in the accounts. Returns are reported in U.S. dollars.
Performance results for the SMID Value Composite are evaluated against the Russell 2500™ Value Index. The Russell 2500 Value Index is a float-adjusted, market capitalization-weighted index comprised of firms in the Russell 2500™ Index that experience lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Index is a float-adjusted, market capitalization-weighted index that measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which consists of 3,000 of the largest U.S. equities. The index assumes no management, custody, transaction or other expenses. The Russell 2500 Value Index is a broadly based index that reflects the overall market performance and Cambiar’s returns may not be correlated to the index. The index is unmanaged and one cannot invest directly in an index. Cambiar’s performance and the performance of the Russell 2500 Value Index include the reinvestment of all income. Performance is preliminary; please contact us for finalized figures. As with any investments, there are risks to be considered. Past performance is no indication of future results.
Performance presented is intended for institutional client use only. For more information, please access our GIPS Reports here.
Target strong operating performance – Above average internal financial/operating performance reflective of sound capital allocation, structural product, and/or advantaged market position.
Pursuing persistence of these metrics is key.
Low leverage – Owned companies should possess a strong balance sheet and low leverage (typically less than 3x for non-financial businesses).
* See Disclosure
Individual stock valuation levels and associated price-sensitivity at entry are critical investment process inputs.
Portfolio will not sacrifice quality to achieve low aggregate statutory valuation metrics.
Value creation from intangible assets (and thus not considered in book value) also taken into consideration.
Portfolio seeks to achieve a balance between high conviction and prudent diversification across sector/industry and drivers of return.
Bottom-up portfolio construction is willfully agnostic to the index, yet PMs maintain an ongoing awareness of relative exposures.
Top 10 holdings
Sector Weights (%)
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Representative Account Data as of March 31, 2023: Portfolio holdings, characteristics, country breakdown, and sector weightings may change over time and may differ between clients based upon their investment objectives, financial situations, and risk tolerances. Cambiar makes no warranty, either express or implied, that the weightings shown will be used to manage your account. The securities presented do not represent all of the securities purchased, sold, or recommended by Cambiar and the reader should not assume that investments in the securities identified were or will be profitable. The information provided on the page should not be considered a recommendation to buy or a solicitation to purchase or sell any particular security. There can be no assurance that an investor will earn a profit or not lose money. There can be no assurance that the portfolio will continue to hold the same position in companies described herein, and the portfolio may change any portfolio position at any time. Any characteristics/statistics included are for illustrative purposes and accordingly, no assumptions or comparisons should be made based upon this data. Certain data may be based upon third-party sources that are deemed reliable; however, Cambiar does not guarantee its accuracy or completeness. As with any investments, there are risks to be considered. Past performance is no indication of future results and, as is the case with all investment advisors who concentrate on equity investments, Cambiar’s future performance may result in a loss. The information provided is intended for non-wrap use only.
Total Assets represent assets under management for the strategy and are subject to change. Minimums represent intended/proposed minimums for institutional clients and are subject to change.
The Russell 2500™ Value Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
* Quality and Valuation objectives analyzed when assessing individual portfolio companies are necessarily subjective and, therefore, may not be consistent with benchmark metrics, due to a number or factors including current investment sentiment, portfolio and benchmark composition, and other factors.
Active Share – A measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager\’s portfolio versus the weight of each holding in the benchmark index and dividing by two.
Dividend Yield – A financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a percentage and can be calculated by dividing the dollar value of dividends paid in a given year per share of stock held by the dollar value of one share of stock.
EBITDA – Earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for the earning potential of a business.
Market Cap – Refers the total dollar market value of a company’s outstanding shares. Commonly referred to as “market cap,” it is calculated by multiplying a company’s shares outstanding by the current market price of one share.
Median – The median is the middle number in a sorted, ascending or descending, list of numbers and can be more descriptive of that data set than the average.
Net Debt to EBITDA – A leverage ratio calculated as a company’s interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA.
Price to Book (P/B) – A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.
Price to Earnings (P/E) – The ratio for valuing a company that measures its current share price relative to its per-share earnings.
Return on Assets (ROA) – An indicator of how profitable a company is relative to its total assets, calculated by dividing net income by total assets.
Return on Equity (ROE) – A measure of financial performance calculated by dividing net income by common shareholders’ equity. Because shareholders’ equity is equal to a company’s assets minus its debt, ROE is considered the return on net assets. ROE is considered a measure of how effectively management is using a company’s assets to create profits. 5-Year average is used for this metric.
Return on Invested Capital (ROIC) – A calculation used to assess a company’s efficiency at allocating the capital under its control to profitable investments. The return on invested capital ratio gives a sense of how well a company is using its money to generate returns.
Weighted Average – An average in which each quantity to be averaged is assigned a weight, and these weightings determine the relative importance of each quantity on the average.