Investment Counselors of Maryland, LLC

Mutual Fund

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: 04/19/1989
Benchmark: Russell 2000® Value Index
Quotron Symbol: ICSCX
Minimum Initial Investment: $2,500,000
NAV/Change: $31.23 / +0.11 as of 03/29/2017
Total Fund Assets: $713.3 MM as of 02/28/2017
Total Expense Ratio: 0.95%

Net of Fee Performance

Total Returns As of 02/28/2017 Last Quarter*
Year to Date 0.38% 31.36%
3 Month 3.96% 15.14%
1 Year 37.19% 31.36%
Annualized Returns As of 02/28/2017 Last Quarter*
3 Year 9.41% 9.36%
5 Year 13.58% 15.80%
10 Year 7.88% 8.17%
Since Inception 12.64% 12.70%

*Last Quarter data as of 12/31/2016

Performance quoted represents past performance. 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.


Sector Weightings**As of 12/31/2016

Sector ICM Russell 2000® Value Index
Financial Services 24.4% 31.2%
Producer Durables 21.3% 12.7%
Technology 14.7% 10.0%
Materials & Processing 10.2% 5.5%
Consumer Discretionary 8.2% 10.2%
Real Estate Investment Trusts 8.0% 11.7%
Cash 3.5% 0.0%
Utilities 3.2% 6.6%
Energy 3.1% 5.7%
Health Care 2.6% 4.2%
Consumer Staples 0.8% 2.2%

Top Ten Equity Holdings**As of 12/31/2016

Ameris Bancorp 1.7%
Hanmi Financial Corporation 1.6%
McDermott International, Inc. 1.6%
Sterling Bancorp 1.5%
Bryn Mawr Bank Corporation 1.4%
Rogers Corporation 1.3%
Lydall, Inc. 1.3%
ConnectOne Bancorp, Inc. 1.3%
Heritage Financial Corporation 1.3%
ESCO Technologies Inc. 1.3%

** The portfolio is actively managed and holdings are subject to change, and should not be considered as investment recommendations to buy individual securities.

SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the ICM Small Company Portfolio. Check the background of SIDCO on FINRA's BrokerCheck.

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.

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 summary or full 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 OMAM Inc.

The ICM Small Company Portfolio is distributed by SEI Investments Distribution Co., which is not affiliated with Investment Counselors of Maryland, LLC or OMAM Inc.