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Unlocking Hidden Potential

Expertise in Small and Micro Cap Investments

The Advantage of Small and Micro Cap Investments

Less-explored markets

Less efficient markets with little sellside coverage create ample opportunity for active managers.

Fewer players fishing in the same pond

Liquidity limits the number of investors, particularly those with large AUM who lack the flexibility to make material investments.

Breaking misconceptions to find opportunities

We look beyond common misconceptions about the quality of companies down the market cap spectrum to find unique ideas.

Source: FactSet, as of 30 June, 2025

Key Tenets of Our Approach

We seek to uncover resilient businesses with underappreciated long-term opportunities. Being patient with an owner’s mindset is a durable advantage in a market consistently focused on the next quarter. Utilizing our intrinsic value investment philosophy, we lean into a few key tenets within the small and micro universe.

Capacity to Suffer

Look for resilient companies with a durable competitive advantage. These businesses are built to survive and be opportunistic during challenging times. They are in control of their outcomes and not beholden to the good graces of a creditor or the economy.

Long-term Opportunities

Seek companies making investments not just for tomorrow or the next quarter but are genuinely laying the groundwork for the company to defend its competitive position and thrive in the decades to come.

Ownership Mindset

Look to partner with management teams that are strongly aligned with us as passive shareholders and think like owners themselves. These businesses tend to demonstrate a superior ability to execute, have prudent capital allocation priorities and are astute business operators.

Wise Use of Leverage

When we find a company using leverage, it should be supported by hard assets, steady cash streams or a unique characteristic that provides stability.

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Are You Overallocated to Private Equity?

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Under the Micro(cap) Scope

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Capital Asleep at the Wheel

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Insider ownership provides alignment with our philosophical approach to investing as a meaningful percentage of small and micro cap companies have higher insider ownership.

Insider Ownership (%)

Source: FactSet, as of 30 June, 2025

Our Experts at the Helm

We work side-by-side, conducting in-depth research and diligence on small and microcap companies. Built on trust and mutual respect, our collegial approach allows us to harness the unique strengths each member brings to the table. With over 60 years of combined investment experience, we are committed to uncovering overlooked opportunities and delivering exceptional insights to our clients.

Ethan Wallace headshot

Ethan Wallace, CFA

20 years industry experience

John Loesch headshot

John Loesch, CFA

24 years industry experience

Tyler Ventura headshot

Tyler Ventura, CFA

18 years industry experience

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Get acquainted with our small and micro cap strategies

Micro Cap

A portfolio of 25-40 companies with a market capitalization below $1 billion at the time of purchase.

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Small Cap

A diversified portfolio of 50-80 companies with a market capitalization below $3 billion (or, if greater, the maximum market cap of companies generally within the cap range of the Russell 2000 Index) at the time of purchase.

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Bespoke Solutions

Leverage our deep expertise to craft tailored investment strategies that align with your unique objectives.

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