Webinar Clips | Why an Idiosyncratic Approach Can Work for Small Caps

24 years of investment experience, serves as a Portfolio Manager, Managing Director, and Chairman of Advisory Research. Prior to joining the firm in 2005, Matthew worked in the assurance and business advisory group at PricewaterhouseCoopers LLP. Matthew holds a BS in accounting and business administration from the University of Kansas and an MBA from the Kelley School of Business at Indiana University. Matthew is a Chartered Financial Analyst (CFA®) charterholder and has passed the Uniform CPA Examination.

“The market gives the opportunity on a daily basis to be an owner of a business. We want to be owners of businesses that have competitive moats, high return reinvestment opportunities, and management teams with aligned incentives. Incentives drive outcomes.”

25 years investment experience, serves as a Managing Director and a Portfolio Manager. Prior to joining Advisory Research in 2015, Chris was the Director of Research and a member of the Investment Committee at Zuckerman Investment Group. Previous to that, Chris was a Vice President at Legg Mason Investment Counsel and senior equity analyst at William Harris Investors. Chris holds a BA from Clark University and an MBA from the University of Chicago. Chris is a Chartered Financial Analyst (CFA®) charterholder.

“Our focus is on understanding businesses and identifying market inefficiencies. We believe our odds of long-term market outperformance increase as we spend years with company management teams, in their stores and factories, and use short-term market volatility to our advantage.”

26 years of investment experience, serves as a Managing Director and a Portfolio Manager employing a capital discipline investment process with a focus on quality/value and global/international equities. Prior to joining Advisory Research in 2016, Adam was a co-lead PM at Credit Suisse Asset Management where he managed a similar strategy set. Adam joined Credit Suisse in 2005 after receiving his MBA from The University of Chicago Booth School of Business. Prior to business school, Adam worked in private equity structuring leveraged buyout transactions. Adam is a Chartered Financial Analyst (CFA®) charterholder and an active member of the CFA institute and the CFA Society of Chicago. Adam is based in Chicago where he currently resides.

“I have always believed in a ‘go-anywhere’ investment style. Good portfolio managers perform best when they are unconstrained by arbitrary rules on position size, sector, or geographic location.”

26 years of investment experience, serves as a Managing Director and a Portfolio Manager employing a capital discipline investment process with a focus on quality/value and global/international equities. Prior to joining Advisory Research in 2016, Mike was formerly responsible for leading the development of Credit Suisse HOLT’s stock selection framework and researching global trends in the equity markets. Mike joined HOLT Value Associates in 2001 after spending three years as a tax and compensation consultant for Arthur Andersen. Mike holds a BS in accounting from DePaul University in Chicago, and has passed the Uniform CPA Examination. Mike has been based in Boston, New York and Chicago, where he currently resides.

“Options are underutilized by equity investors. Options can monetize every buy, sell and hold decision, adding to portfolio total return and lowering market correlation.”

22 years of investment experience, serves as a Managing Director and a Portfolio Manager. Prior to joining Advisory Research in 2004, Bruce was a co-founder and principal of Oasis Legal Finance, LLC, a specialty finance company. Bruce is a former partner in the law firm of Sidley Austin, where he practiced financial markets-related law, including securities, antitrust, and intellectual property for 12 years. Bruce holds an AB, magna cum laude, in economics from Harvard University and a JD, with distinction, from Stanford Law School. Bruce is a Chartered Financial Analyst (CFA®) charterholder.

“A lot that goes on in the markets is counterintuitive. It’s always prudent to be skeptical of consensus and arrive at your own decision on the facts and circumstances. Just because it’s said in The New York Times or The Wall Street Journal doesn’t make it so. And the best investment opportunities often present themselves when the herd is running scared.”

21 years of investment experience, serves as a Managing Director, Research Analyst and Manager of the Partners Fund. Prior to joining the firm in 2007, William served as an executive in Japan and Europe for 13 years in pharmaceutical manufacturing firms. Before that, William served for three years as a Japanese commercial banker. William serves as a Director on the board of Wyatt Technology and is a member of the Dean’s Advisor Council at the University of Chicago Pritzker School of Molecular Engineering, William holds an AB in public policy and an AM in social science from the University of Chicago and an MPP from Harvard University. William is a Chartered Financial Analyst (CFA®) charterholder. William is fluent in Japanese and German.

“The niche for investing in overlooked small public companies is increasingly pronounced. As trillions of dollars flow to private equity and ETFs, we find frequently that “no one is home” in small cap public equities. I have observed that this is a terrific opportunity for active investors who can engage with management teams as they achieve results.”

5 years of investment experience, serves as an Associate and Research and Marketing Analyst. Justin holds a BSB in finance from DePaul University and was a member of the Finance Honors Program.

3 years of investment experience, serves as an Assistant Vice President and a Research Analyst. Connor joined Advisory Research in 2021. Connor holds a BBA with a concentration in finance and accounting from the University of Michigan.

35 years of investment experience, serves as a Managing Director. Chris re-joined the firm in 2024, having previously served as a Managing Director for the investment management firm, Alamar Capital Management, Inc. (ACM). Prior to ACM, he served as President and Chief Executive Officer for Advisory Research. Chris is currently a member of the Executive Advisory Board of Collins College of Business at the University of Tulsa and serves on the Board of Governors of Boys Hope Girls Hope of Chicago. Chris holds a B.A. in finance from the University of Tulsa and an M.B.A.in finance from DePaul University. Chris is a Chartered Financial Analyst (CFA®) charterholder.

17 years of investment industry experience, serves as a Senior Vice President. Prior to joining Advisory Research in 2007, she served as a recruiter in the health care industry. Lisa holds a BA in speech communication from the University of Illinois at Urbana-Champaign and an MA in communication from the University of Illinois at Chicago. Lisa is a CFP® certificant.

12 years of investment industry experience, serves as an Assistant Vice President. Kevin holds a BA in finance from Augustana College.

31 years of investment experience, serves as a Managing Director and a Portfolio Manager. Drew is a member of the Advisory Research Partner Group. Prior to joining Advisory Research in 2016, he was the founder and portfolio manager of Cupps Capital Management. He also worked at Strong Capital Management, where he managed hedge fund and mutual fund assets beginning in 1994. At Strong, Drew managed the Strong Enterprise Fund from its inception in October 1998 until October 2000. Before Strong, Drew worked at Driehaus Capital Management beginning in 1992. Drew holds an AB in economics from Harvard University.

15 years of investment industry experience, serves as a Vice President. Prior to joining Advisory Research in 2024, Sean served as Vice President, Senior Trader for Curi RMB Capital, where he was responsible for all equity trading across the firm’s asset and wealth management business. Previous to that, Sean was a trader at IronBridge Capital Management. Sean holds a BA in Spanish from John Carroll University.

4 years of investment industry experience, services as a Finance & Accounting Manager. Jack holds a BS in accounting from DePaul University.

Why an Idiosyncratic Approach Can Work for Small Caps

Portfolio Managers:

Matthew Swaim, CFA

Christopher Harvey, CFA

Full Recording: Why an Idiosyncratic Investment Approach Can Work for Small Caps
Length: 29:29

About Advisory Research

Why an Idiosyncratic Approach Can Work for Small Caps

Portfolio Managers:

Matthew Swaim, CFA

Christopher Harvey, CFA

Full Recording: Why an Idiosyncratic Investment Approach Can Work for Small CapsLength: 29:29

About Advisory Research

Matthew Swaim, CFA

Chris Harvey, CFA

Adam Steffanus, CFA

Michael Valentinas

Bruce Zessar, JD, CFA

William Florida, CFA

Justin Lamb

Connor Prassas

Chris D. Crawshaw, CFA

Lisa N. Clarke, CFP®

Kevin Cialdella

Andrew Cupps

Sean Harmon

Jack Tracy

Full Recording: Why an Idiosyncratic Investment Approach Can Work for Small Caps
Length: 29:29