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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, abrdn U.S. Small Cap Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Fund outperformed Russell 2000 by 152bp through stock selection despite -1.76% return. Fed held rates at 5.25-5.50% with only one cut expected in 2024."
The abrdn U.S. Small Cap Equity Fund returned -1.76% in Q2 2024, outperforming the Russell 2000 Index by 152 basis points through superior stock selection. The fund benefited from strong performance in Boot Barn Holdings, Brinker International, and Onto Innovation, while Atkore, H&E Equipment Services, and Five9 detracted. Portfolio activity included initiating positions in Corcept Therapeutics, Atmus Filtration Technologies, and JFrog, while exiting Perficient following its acquisition. The Fed maintained rates at 5.25-5.50% for the seventh consecutive meeting, with only one rate cut now expected in 2024. Despite economic resilience, inflation remains above target, keeping monetary policy restrictive. The outlook for small caps remains positive given their significant discount to large caps, expected market broadening beyond the Magnificent Seven technology stocks, potential M&A activity from cash-rich corporates, and structural advantages for higher-quality companies in elevated rate environments. The strategy focuses on quality companies better equipped to handle current market conditions.
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