Summary
- During the first quarter of 2025, the SMID Cap Composite returned -8.60% on a gross basis (-8.76% net) versus the Russell 2500®, which returned -7.50% and the Russell 2500® Value, which returned -5.83, over the same period.
- Over the trailing-twelve-months, the composite returned -9.41% on a gross basis (-10.06% net) versus the Russell 2500®, which returned -3.11% and the Russell 2500® Value, which returned -1.47%, over the same period.
- Current volatility and policy risks present both challenges and opportunities, favoring our concentrated portfolio of niche-dominant, attractively valued companies.
- We remain confident that patience, time, and hands-on research position us to capitalize on a market that will increasingly value substance over speculation.
Leo Tolstoy once observed, “The two most powerful warriors arepatience and time.”
Greetings from Memphis,
As the Mississippi River flows just beyond my window, the record rainfall and storms of the past week are evident with the muddy river
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