Yield. Valuation. Fundamentals.

U.S. SMID-Cap Value

DRZ Logo 2DRZ U.S. SMID-CAP VALUE COMPOSITE – as of June 30, 2017

Inception Date: March 31, 2003
Annualized* DRZ Gross of Fees DRZ Net of Fees Russell 2500 Value
Quarter (0.62%) (0.83%) 0.32%
Year to Date 2.17% 1.73% 1.95%
One Year 27.72% 26.66% 18.36%
Three Years* 6.85% 5.92% 6.21%
Five Years* 14.29% 13.29% 13.69%
Seven Years* 13.74% 12.74% 14.10%
Ten Years* 7.68% 6.70% 6.52%

 

U.S. SMID-Cap Value Disclosure

March 31, 2003 through June 30, 2017
Year Gross Return(%) Net Return(%) Index Return(%) Composite 3-Year Annualized Standard Deviation Index 3-Year Annualized Standard Deviation Number of Portfolios Composite Dispersion(%) Total Composite Assets ($millions) Percentage of Firm Assets
12/31/16-06/30/17 2.17 1.73 1.95 16.41% 12.78% ≤5 N/A 106 2.06%
2016 39.27 38.12 25.20 16.73% 13.18% ≤5 N/A 106 1.90%
2015 (13.33) (14.12) (5.49) 14.73% 12.02% ≤5 N/A 74 1.28%
2014 4.65 3.71 7.11 12.64% 11.25% ≤5 N/A 10 0.13%
2013 33.93 32.75 33.32 15.52% 15.07% ≤5 N/A 11 0.12%
2012 21.62 20.55 19.21 19.17% 18.41% ≤5 N/A 8 0.12%
2011 (5.78) (6.63) (3.36) 27.38% 24.23% ≤5 N/A 8 0.13%
2010 23.31 22.22 24.82 ≤5 N/A 9 0.15%
2009 50.36 48.91 27.68 ≤5 N/A 7 0.15%
2008 (34.60) (35.28) (31.99) ≤5 N/A 6 0.18%
2007 (3.25) (4.22) (7.27) ≤5 N/A 9 0.18%
2006 23.51 22.30 20.18 ≤5 N/A 14 0.25%
2005 2.51 1.51 7.74 ≤5 N/A 12 0.24%
2004 15.43 14.29 21.58 ≤5 N/A 13 0.30%
03/31/03- 12/31/03 58.75 57.62 52.18 ≤5 N/A 12 0.36%

DePrince, Race & Zollo, Inc. has presented this report in compliance with the Global Investment Performance Standards (GIPS®).

  1. DePrince, Race & Zollo Inc. (DRZ) is an independent investment management firm, founded in 1995, that manages equity portfolios primarily for U.S. institutional clients.
  2. DRZ claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. DRZ has been independently verified for the periods March 31, 1995 through December 31, 2016 by The Spaulding Group. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
  3. Accounts that experience cash flows of 10% or more will be temporarily removed from the composite for one month. Additional information regarding the firm’s policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
  4. The composite invests in U.S. stocks, ADRs and foreign domiciled stocks traded in US dollars on the major US exchanges that generally have the following characteristics; a dividend yield generally above 1% and a market capitalization that does not exceed the largest market capitalization in the Russell 2500 Value Index.
  5. Past performance is not indicative of future results. The actual return and value of an account will fluctuate and at any point could be worth more or less than the amount invested.  Individual account performance will vary according to individual client investment objectives.
  6. The benchmark is the Russell 2500 Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
  7. Total time-weighted rates of return are expressed in US dollars. Computations include the reinvestment of all dividends and capital gains.  For investments in ADRs and foreign domiciled companies, dividends are included net of any withholding taxes.
  8. The composite was created in April 2003. DRZ’s list of composite descriptions is available upon request. This composite requires a minimum asset level of $1,000,000 (one million dollars) for inclusion.
  9. Net performance returns are calculated by deducting the highest investment advisory fee.
  10. DRZ’s standard fee schedule for the SMID Cap Value product is 0.85% on all amounts.
  11. Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year; it is not presented for periods with 5 or fewer portfolios. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 months period. The three-year ex-post standard deviation is not required for periods prior to 2011.
  12. All information contained in this document is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. The securities highlighted in this document, if any, represent recent holdings.  Each quarter, DRZ uses the same objective, non-performance based criteria to select these securities. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities discussed in this report.
  13. If clients are listed in this document, it is not known whether they approve or disapprove of DRZ or the advisory services it provides. If included, the representative clients listed in this document are a cross section of current accounts that may or may not maintain similar investment objectives as those expressed by DRZ’s prospective clients.  This list may include accounts that are not invested in the investment strategy described in this document.
  14. FTSE is the source and owner of Russell Index data reflected in this material and all trademarks and copyrights related thereto.  Unauthorized use, disclosure, copying or redistribution of such data is prohibited. FTSE is not responsible for the formatting or configuration of this material or for any inaccuracy in this presentation.