Mesirow Small Company Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.4%
1 yr return
12.8%
3 Yr Avg Return
5.0%
5 Yr Avg Return
9.9%
Net Assets
$28.3 M
Holdings in Top 10
17.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.34%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 108.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MSVVX - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return 5.0%
- 5 Yr Annualized Total Return 9.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.08%
- Dividend Yield 0.5%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMesirow Small Company Fund
-
Fund Family NameMesirow Financial
-
Inception DateDec 19, 2018
-
Shares Outstanding2271
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKathryn Vorisek
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of small companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.
The Fund considers small companies to be those with market capitalizations within the range of the market capitalizations of companies in the Russell 2500 Index at the time of purchase, and exchange-traded funds (“ETFs”) that aim to replicate or produce returns that generally correspond to small company indexes. The market capitalization range of the Russell 2500 Index was approximately $27 million to $19.8 billion as of September 30, 2023, and may change over time. At any given time, the Fund may own a diversified group of stocks in several industries. The Fund invests mainly in common stocks, but it may also invest in ETFs.
MIIM employs a relative value philosophy to identify companies that MIIM believes have attractive valuations and a high probability for accelerated earnings and cash flow growth compared to their peers. MIIM evaluates broad themes and market developments that it believes can be exploited through portfolio construction and rigorous fundamental research to identify investments that are best positioned to take advantage of catalysts and trends that may positively change the earnings potential and cash flow growth of a target company. MIIM believes that earnings and cash flow growth are the principal drivers of investment performance, particularly when accompanied by visible, quantifiable catalysts that have not been fully recognized by the investment community.
Further, MIIM considers various operational and structural factors within its fundamental assessment of macro, sector and company specific trends. Factors taken into consideration may include (but are not limited to): business model risks that may arise from general economic activity, interest rates, business input costs and changes to industry structure; governance factors such as board composition, share class structure and shareholder voting rights; environmental factors such as resource usage and carbon intensity; social factors such as workplace policies, child labor and human rights; and other qualitative factors that may impede a company’s ability to reach stated goals and objectives. MIIM believes companies that reduce exposure to broad risk factors have the potential to reduce the cost of capital, materially lower operating costs or increase the profitability
of a company, which may, in turn, lead to higher investment returns for the Fund.
MIIM continuously monitors and evaluates investments held by the Fund to discern changes in trends, modify investment outlooks, and adjust valuations accordingly. MIIM attempts to mitigate excess risk through ownership of what it considers a well-diversified portfolio with broad representation across market industries and sectors. MIIM seeks to actively encourage management of the Fund’s portfolio companies to make incremental positive changes to their business models and risk infrastructure with the goal of producing better investment results. From time to time, the Fund may focus its investments in a particular sector or sectors of the economy. MIIM will liquidate an investment based on several factors, including asset valuation, changes in prospective attributes, and purchases of alternative investments with potentially higher returns. MIIM generally will not immediately sell a stock merely due to market appreciation outside the Fund’s target capitalization range if it believes the company has growth potential.
Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and more capital gains tax liabilities than a fund with a buy and hold strategy.
The Fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.
MSVVX - Performance
Return Ranking - Trailing
Period | MSVVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -5.1% | 23.8% | 62.70% |
1 Yr | 12.8% | -12.5% | 56.1% | 89.91% |
3 Yr | 5.0%* | -8.5% | 41.4% | 15.44% |
5 Yr | 9.9%* | -13.7% | 32.2% | 30.26% |
10 Yr | N/A* | -3.0% | 17.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | MSVVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.2% | -49.6% | 29.0% | 84.38% |
2022 | -7.8% | -59.3% | 118.2% | 1.80% |
2021 | 1.1% | -31.6% | 39.3% | 80.22% |
2020 | 6.6% | -51.0% | 39.5% | 73.12% |
2019 | 13.9% | -16.9% | 37.8% | 88.24% |
Total Return Ranking - Trailing
Period | MSVVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -5.1% | 23.8% | 62.70% |
1 Yr | 12.8% | -12.5% | 56.1% | 89.91% |
3 Yr | 5.0%* | -8.5% | 41.4% | 15.44% |
5 Yr | 9.9%* | -13.7% | 32.2% | 30.26% |
10 Yr | N/A* | -3.0% | 17.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MSVVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 12.0% | -21.7% | 31.8% | 83.30% |
2022 | -5.1% | -45.2% | 123.7% | 2.88% |
2021 | 26.2% | 0.0% | 47.7% | 30.22% |
2020 | 7.1% | -50.5% | 46.9% | 77.82% |
2019 | 22.9% | -12.6% | 43.7% | 68.43% |
NAV & Total Return History
MSVVX - Holdings
Concentration Analysis
MSVVX | Category Low | Category High | MSVVX % Rank | |
---|---|---|---|---|
Net Assets | 28.3 M | 480 K | 118 B | 94.04% |
Number of Holdings | 81 | 2 | 2519 | 78.95% |
Net Assets in Top 10 | 4.97 M | 104 K | 9.83 B | 95.09% |
Weighting of Top 10 | 17.56% | -2849.0% | 100.5% | 47.36% |
Top 10 Holdings
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 2.61%
- FLUOR CORP COMMON STOCK 1.74%
- FIRST INTERSTATE BANCSYS-A COMMON STOCK 1.71%
- SPDR SP BIOTECH ETF MUTUAL FUND 1.69%
- XPO INC COMMON STOCK 1.67%
- COLUMBIA BANKING SYSTEM INC COMMON STOCK 1.67%
- FIRST HORIZON CORP COMMON STOCK 1.64%
- ITT INC COMMON STOCK 1.61%
- HALOZYME THERAPEUTICS INC COMMON STOCK 1.60%
- KONTOOR BRANDS INC COMMON STOCK 1.60%
Asset Allocation
Weighting | Return Low | Return High | MSVVX % Rank | |
---|---|---|---|---|
Stocks | 97.45% | -565235.00% | 107.11% | 69.65% |
Cash | 2.61% | 0.00% | 565934.00% | 38.25% |
Preferred Stocks | 0.00% | 0.00% | 7.53% | 68.95% |
Other | 0.00% | -598.74% | 82.28% | 75.44% |
Convertible Bonds | 0.00% | 0.00% | 3.17% | 68.89% |
Bonds | 0.00% | -2.00% | 74.53% | 70.18% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MSVVX % Rank | |
---|---|---|---|---|
Industrials | 17.47% | 2.46% | 37.42% | 41.67% |
Financial Services | 16.34% | 0.00% | 35.52% | 35.82% |
Healthcare | 15.95% | 0.00% | 26.53% | 25.53% |
Technology | 13.62% | 0.00% | 54.70% | 55.14% |
Real Estate | 10.87% | 0.00% | 29.43% | 7.80% |
Consumer Cyclical | 9.21% | 0.99% | 47.79% | 77.30% |
Energy | 5.41% | 0.00% | 37.72% | 63.12% |
Utilities | 3.62% | 0.00% | 18.58% | 18.62% |
Basic Materials | 3.17% | 0.00% | 18.66% | 85.82% |
Communication Services | 2.42% | 0.00% | 14.85% | 55.32% |
Consumer Defense | 1.93% | 0.00% | 18.87% | 86.88% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MSVVX % Rank | |
---|---|---|---|---|
US | 97.45% | -565235.00% | 107.11% | 62.46% |
Non US | 0.00% | 0.00% | 94.14% | 73.68% |
MSVVX - Expenses
Operational Fees
MSVVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.34% | 0.01% | 38.45% | 4.23% |
Management Fee | 0.75% | 0.00% | 1.50% | 57.92% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 56.27% |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
MSVVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
MSVVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 94.34% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
MSVVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 108.00% | 1.00% | 314.00% | 88.91% |
MSVVX - Distributions
Dividend Yield Analysis
MSVVX | Category Low | Category High | MSVVX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.52% | 0.00% | 42.10% | 9.30% |
Dividend Distribution Analysis
MSVVX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Annual | Annual |
Net Income Ratio Analysis
MSVVX | Category Low | Category High | MSVVX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.08% | -2.40% | 2.49% | 55.67% |
Capital Gain Distribution Analysis
MSVVX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 29, 2023 | $0.063 | OrdinaryDividend |
Dec 20, 2023 | $0.466 | OrdinaryDividend |
Dec 30, 2022 | $0.013 | OrdinaryDividend |
Dec 16, 2022 | $0.305 | OrdinaryDividend |
Dec 31, 2021 | $0.006 | OrdinaryDividend |
Dec 31, 2020 | $0.052 | OrdinaryDividend |
Dec 31, 2019 | $0.068 | OrdinaryDividend |
Dec 23, 2019 | $0.810 | OrdinaryDividend |
Dec 31, 2018 | $0.004 | OrdinaryDividend |
MSVVX - Fund Manager Analysis
Managers
Kathryn Vorisek
Start Date
Tenure
Tenure Rank
Dec 19, 2018
3.45
3.5%
Kathy A. Vorisek Senior Managing Director, Chief Investment Officer & Portfolio Manager As head of Equity Management, Kathryn Vorisek directs the business and operations of Mesirow Financial Equity Management. As chief investment officer, she oversees all aspects of the investment process. Kathy is a portfolio manager for the Small Cap Value and SMID Cap Value strategies, a role she has held since 1998. Kathy has over 35 years of industry experience. She joined Mesirow Financial when the firm acquired Fiduciary Management Associates in 2016. At FMA, Kathy was also senior managing director, chief investment officer and portfolio manager for the Small Cap Value and SMID Cap Value strategies. Prior to joining FMA, she worked for Duff & Phelps Investment Research in Chicago. Kathy is a member of Mesirow Financial's Board of Directors, which is responsible for overseeing the strategic direction of the firm. She is also a member of the CFA Institute, the Economics Club of Chicago, the Marquette University Finance Department Advisory Board, Women Investment Professionals, and a former board member of the CFA Society of Chicago. Kathy guides the firm’s participation in the Big Shoulders Fund’s “Stock Market Program” which provides education on the concepts of investing to eighth grade students in the neediest areas of inner-city Chicago and was named one of Crain’s 2019 Notable Women Executives over 50. Kathy earned a BS in Finance from Marquette University and an MBA with dual concentration in Finance and International Business from the Kellogg Graduate School of Management at Northwestern University.
Leo Harmon
Start Date
Tenure
Tenure Rank
Dec 19, 2018
3.45
3.5%
Leo Harmon, CFA, CAIA Senior Managing Director, Chief Investment Officer & Portfolio Manager Leo Harmon is a senior managing director and chief investment officer who helps oversee all aspects of the investment process. Leo has more than 25 years of industry experience. He joined Mesirow Financial when the firm acquired Fiduciary Management Associates in 2016. At FMA Leo was Director of Research, portfolio manager for the Small Cap Value and SMID Cap Value strategies and a research analyst covering the Financial Services sector. Prior to joining FMA in 2003, he was a portfolio manager at Allstate Insurance, Allstate Investments LLC. Leo is a CFA charterholder and a member of the CFA Institute, the National Association of Securities Professionals, and the Economics Club of Chicago. He is also a member of the CFA Society of Chicago where he was appointed to the board of directors and served as Chairman. Leo has served as Chairman on the External Investment Committee for the Office of the Illinois State Treasurer. He facilitates the firm’s curriculum in the Big Shoulders Fund’s “Stock Market Program” which provides education on the concepts of investing to eighth grade students in the neediest areas of inner-city Chicago. Leo earned a BS in Finance from Bradley University and an MBA with a concentration in Finance from the Fuqua School of Business at Duke University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 49.61 | 7.05 | 2.58 |