| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.5% | 2.6% | 10.5% |
| 2025 |
|---|
| 10.5% |
The Northern Small Cap Value Fund underperformed its Russell 2000 Value benchmark in Q4 2025, returning 2.62% versus the index's 3.26%. The broader small-cap value market benefited from better than expected GDP data and continued corporate earnings strength, which overshadowed weakening employment data. The Federal Reserve's continued rate cuts, shifting focus to labor markets while inflation remained stable, provided supportive conditions. Health Care led sector performance, driven by Pharmaceutical and Biotechnology companies, while Consumer Staples and Information Technology lagged. The fund's stock selection was mixed, with strong performance in Information Technology and Industrials offset by weakness in Consumer Discretionary and Communication Services. The outperformance of highly volatile, low-profitability names created headwinds given the fund's underweight positioning in these segments. Looking forward, the fund maintains its disciplined value approach, continuing to seek reasonably priced but profitable small-company stocks while avoiding lower quality companies, balancing return, risk, and transaction costs.
The Northern Small Cap Value Fund maintains a disciplined value investing approach focused on reasonably priced, profitable small-cap companies while avoiding lower quality names in volatile market segments.
The fund will continue to seek out more reasonably priced, but profitable, small-company stocks and avoid lower quality companies, applying their disciplined cost- and risk-efficient investment strategy.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 5 2026 | 2025 Q4 | - | healthcare, industrials, small cap, technology, value | - | The fund continues its disciplined value approach, seeking reasonably priced but profitable small-company stocks while avoiding lower quality companies. The strategy focuses on balancing return, risk, and transaction costs through cost- and risk-efficient investment methodology. |
| Nov 11 2025 | 2025 Q3 | - | profitability, Rate Cuts, small caps, value, volatility | - | The quarter saw strong gains in small-cap value as steady inflation, solid earnings, and Fed rate cuts supported risk appetite. However, the fund lagged due to weak stock selection in Health Care and Communication Services, and because highly volatile, low-profitability names outperformed. Management remains focused on reasonably priced, profitable small caps and avoiding low-quality segments. |
| Jul 31 2025 | 2025 Q2 | - | Discipline, Mean reversion, profitability, small caps, value | - | The letter focuses on small-cap value opportunities following volatility driven by tariffs, rate uncertainty, and speculative risk-taking. Management favors profitable, reasonably priced small companies while avoiding low-quality, highly volatile names. The theme centers on disciplined mean reversion and fundamental selection within small-cap equities. |
| Mar 31 2025 | 2025 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| 2025 Q3 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| 2025 Q2 |
SmallCaps |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
