Small Cap Fundamental Value

SMA

Overview

Inception
Date

01.01.1996

Account
Minimum

$10,000,000

Philosophy

Seek to Purchase Companies at a Significant Discount to their Intrinsic Worth
Free Cash Flow is the Foundation of Intrinsic Value
Seek Businesses with Sustainable Competitive Advantages
Partner with Shareholder-Oriented Management Teams

Process

Fundamentally Driven Analysis of Each Company
Focus on Balance Sheet Strength
Multi-Faceted Valuation Analysis
Written Investment Thesis on Each Holding

Small Cap Fundamental Value

Management

View professional designations disclosures

Patrick Rau, CFA^®

Co-Portfolio Manager

Will Smith, CFA^®

Co-Portfolio Manager

Lee Houser, CFA^®

Associate Portfolio Manager

Performance

All Performance as of 12.31.2022
Term	QTR	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception¹
Small Cap Fundamental Value (Gross)	11.91	-15.24	-15.24	5.66	4.32	9.43	10.98
Small Cap Fundamental Value (Net)	11.73	-15.84	-15.84	4.93	3.58	8.63	10.22

¹Performance inception date is 01.01.1996.

Performance is preliminary and is annualized for periods longer than one year. Net of fees performance returns are presented net of the investment management fees and trading expenses. “Pure” Gross of fees performance returns do not reflect the deduction of any fees including trading costs; a client’s return will be reduced by the management fees and other expenses it may incur. Investment management fees are described in Sterling Capital’s Form ADV 2A. Performance reflects the reinvestment of interest income and dividends and realized capital gains. The performance presented represents past performance and is no guarantee of future results. Performance is compared to an index, however, the volatility of an index varies greatly and investments cannot be made directly in an index. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. The Performance and Portfolio Characteristics is considered Supplemental Information to the Composite Disclosure Presentation which is attached. Source: MSCI, S&P, FactSet, Sterling Capital Management Analytics.

Small Cap Fundamental Value