ICM Small Company Portfolio
Fund Overview
Established in April 1989, the ICM Small Company Portfolio seeks to provide maximum, long-term total return, consistent with reasonable risk to principal, by investing primarily in common stocks of smaller companies in terms of revenues, assets, and, more importantly, market capitalization. As described in the Prospectus, the Fund invests at least 80% of its net assets in common stocks of companies with market capitalizations of less than $2 billion at the time of purchase.
| Asset Class / Style | U.S. Equity / Value |
|---|---|
| Fund Inception Date: | 4/19/1989 |
| Benchmark: | Russell 2000® Value Index |
| Quotron Symbol: | ICSCX |
| Minimum Initial Investment: | $2,500,000 |
| NAV/Change: | $24.96 / as of 9/3/2010 |
| Total Fund Assets: | $1,136 MM as of 8/31/2010 |
| Total Expense Ratio: | 0.89% |
Investment Process
Our investment process is designed to help us achieve our primary investment goal, which is to capture the small cap value effect and add incremental value through a rigorous stock selection process. The process can best be characterized as a bottom-up, fundamentally driven one, using traditional valuation tools. Emphasis is placed on market share, management evaluation, cash flow and balance sheet characteristics, and valuation relative to the market, company peers, and a company's own historic valuation range.
The small cap value team uses screens and other sources to identify potential candidates for further fundamental analysis. The shares of companies which pass this review are added to the Portfolio, which typically holds between 130 - 150 positions. Sector weightings are a residual of the individual stock selection process; but, economic considerations are reflected in the decision to buy, hold, or sell a security. Sale decisions are based largely on valuation considerations or the failure of a company to meet expectations established at the time of purchase. Risk control is accomplished through diversification and individual security quality. Historically, turnover has been less than 30%.
Performance
| Total Returns | As of 8/31/2010 | Last Quarter* |
|---|---|---|
| Year to Date | -5.58% | -3.36% |
| 3 Month | -10.38% | -11.43% |
| Annualized Returns | As of 8/31/2010 | Last Quarter* |
| 1 Year | 4.51% | 22.93% |
| 3 Year | -7.40% | -7.71% |
| 5 Year | 0.46% | 1.65% |
| 10 Year | 7.56% | 8.54% |
| Since Inception | 11.71% | 11.93% |
*Last Quarter data as of 6/30/2010
Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so an investor's shares may be worth more or less than the original purchase price. Current performance may be higher or lower than the performance quoted. Returns include the reinvestment of all dividends and capital gains.
Fund Characteristics
| Portfolio Allocation | As of 6/30/2010 |
|---|---|
| Equity | 95.7% |
| Cash | 4.3% |
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* The portfolio is actively managed and holdings are subject to change, and should not be considered as investment recommendations to buy individual securities.
Fund Materials
There can be no assurance that the Portfolio will achieve its stated objectives. Mutual fund investing involves risk, including loss of principal. There are specific risks inherent in small cap investing such as greater share price volatility as compared to other funds that invest in stocks of companies with larger and potentially more stable market capitalizations. Since the portfolio is actively managed, its holdings are subject to change and should not be considered a recommendation to buy individual securities.
Carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by clicking here or by calling 866.234.5426. Please read the prospectus carefully before investing.
The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Please note that one cannot invest directly in an unmanaged index.
Investment Counselors of Maryland, LLC is an affiliate of Old Mutual (US) Holdings Inc.
The ICM Small Company Portfolio is distributed by SEI Investments Distribution Co., which is not affiliated with Investment Counselors of Maryland, LLC or Old Mutual (US) Holdings, Inc.
