RICE HALL JAMES MICRO CAP PORTFOLIO
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-3.3%
1 yr return
0.2%
3 Yr Avg Return
-4.4%
5 Yr Avg Return
4.2%
Net Assets
$20.2 M
Holdings in Top 10
22.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$2,500
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RHJSX - Profile
Distributions
- YTD Total Return -3.3%
- 3 Yr Annualized Total Return -4.4%
- 5 Yr Annualized Total Return 4.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.90%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameRICE HALL JAMES MICRO CAP PORTFOLIO
-
Fund Family NameRice Hall James
-
Inception DateApr 25, 1996
-
Shares Outstanding1492972
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerThomas McDowell
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. Equity securities are primarily common stock. The Fund focuses on U.S. companies with total market capitalizations (number of shares outstanding multiplied by share price) that at the time of initial purchase fall within the range of companies in the Russell Microcap Index at reconstitution each June. In selecting securities for the Fund, the Adviser emphasizes smaller, emerging companies that possess the potential to become market leaders in their industries.
In making investment decisions for the Fund, the Adviser uses a company-specific approach that focuses on identifying, through fundamental research, the stocks of growth companies that are valued attractively (i.e., undervalued or selling at a discount) relative to a price that would be justified according to the Adviser’s expectations regarding a company’s
earnings growth. The Adviser relies on fundamental analysis in the effort to validate the opinion that a company’s current stock price undervalues, or does not reflect fully, that company’s earnings growth potential. The Adviser’s investment process seeks to identify companies whose stocks appear to be inaccurately priced by the market - specifically growth stocks that are undervalued due to market inefficiency. The Adviser seeks to capture price appreciation by investing in a company’s undervalued shares before the market has recognized that company’s above-average earnings growth potential and re-valued its shares accordingly.
The Adviser will not invest in a company solely on the basis that its shares appear undervalued; above-average earnings growth potential is an equally essential criterion for investment candidates, and the Adviser will seek to determine whether the current Price-to-Earnings ratio of a stock adequately reflects the company’s potential for rapid earnings growth, as measured by the Adviser’s expectations for a company’s three- to five-year earnings growth. The Adviser will seek to ascertain a specific factor, or catalyst, that can be expected to precipitate above-average, typically above 15% per year, earnings growth in candidates for investment. Such companies are believed to be undergoing fundamental changes that have yet to be noticed by investors, but that the Adviser believes will ultimately result in increases in revenue growth rates, expanding profit margins and/or increases in earnings growth rates. Catalysts that might precipitate these changes or accelerations in growth and profitability include, but are not limited to, events or developments such as new product introductions or applications, discovery of niche markets, new management, corporate or industry restructures, regulatory change and market expansion.
With regards to valuation, the Adviser will invest the assets of the Fund primarily in companies whose Price-to-Earnings ratios appear low relative to future growth potential, or whose stocks can be expected to appreciate in response to rapid earnings growth. The Adviser seeks to invest the assets of the Fund in companies believed to offer “upside,” or potential for price appreciation, that the Adviser estimates to be, at a minimum, three times greater than a stock’s estimated “downside,” or potential for price depreciation. The Adviser seeks to invest in shares that are, in the view of the Adviser, poised to appreciate significantly within the next 12 to 24 months and whose estimated reward-to-risk profile (as estimated principally using earnings and the Price-to-Earnings ratio) is consistent with the Adviser’s criteria.
Moreover, the Adviser focuses on securities of companies with the following attributes:
● | Strong management; |
● | Leading products or services; |
● | Distribution to a large marketplace or growing niche market; |
● | Anticipated above-average revenue and earnings growth rates; |
● | Potential for improvement in profit margins; and |
● | Strong cash flow and/or improving financial position. |
The Adviser will not sell a stock simply because it is no longer within the Fund’s target capitalization range used by the Adviser for the initial purchase, and the holding may remain in the Fund if the Adviser believes the company continues to offer growth potential that is consistent with the Adviser’s reward-to-risk requirements. However, it may sell stocks for the following reasons:
● | The stock reaches the target price set by the Adviser; |
● | The stock falls below the downside price limit set by the Adviser; |
● | The fundamentals of the stock have deteriorated; or |
● | A more attractively valued alternative is available for purchase. |
Due to its investment strategy, the Fund may buy and sell securities frequently. This transaction activity may result in higher transaction costs and higher tax liabilities as compared to a fund that pursues a “buy and hold” strategy.
The Adviser expects that cash reserves will normally represent under 20% of the Fund’s assets.
RHJSX - Performance
Return Ranking - Trailing
Period | RHJSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.3% | -9.5% | 13.9% | 87.17% |
1 Yr | 0.2% | -6.8% | 47.1% | 94.54% |
3 Yr | -4.4%* | -25.1% | 57.5% | 44.86% |
5 Yr | 4.2%* | -4.6% | 43.8% | 88.10% |
10 Yr | 6.5%* | 1.1% | 24.2% | 80.30% |
* Annualized
Return Ranking - Calendar
Period | RHJSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -15.9% | -20.5% | 54.6% | 99.30% |
2022 | -25.1% | -82.1% | 32.2% | 15.71% |
2021 | 1.8% | -90.6% | 300.1% | 27.03% |
2020 | 21.3% | -63.0% | 127.9% | 77.80% |
2019 | 12.1% | -7.7% | 42.9% | 87.69% |
Total Return Ranking - Trailing
Period | RHJSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.3% | -9.5% | 13.9% | 87.17% |
1 Yr | 0.2% | -6.8% | 47.1% | 94.54% |
3 Yr | -4.4%* | -25.1% | 57.5% | 44.86% |
5 Yr | 4.2%* | -4.6% | 43.8% | 88.10% |
10 Yr | 6.5%* | 1.1% | 24.2% | 80.30% |
* Annualized
Total Return Ranking - Calendar
Period | RHJSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.4% | -19.0% | 136.8% | 95.60% |
2022 | -18.9% | -59.9% | 44.3% | 8.93% |
2021 | 25.7% | -22.7% | 411.9% | 6.67% |
2020 | 21.3% | 1.5% | 150.8% | 92.16% |
2019 | 13.4% | 5.5% | 55.3% | 98.85% |
NAV & Total Return History
RHJSX - Holdings
Concentration Analysis
RHJSX | Category Low | Category High | RHJSX % Rank | |
---|---|---|---|---|
Net Assets | 20.2 M | 207 K | 34.3 B | 94.09% |
Number of Holdings | 74 | 7 | 1180 | 73.39% |
Net Assets in Top 10 | 4.64 M | 57.4 K | 2.83 B | 96.35% |
Weighting of Top 10 | 22.22% | 7.1% | 100.1% | 51.92% |
Top 10 Holdings
- UFP TECHNOLOGIES INC COMMON STOCK 2.95%
- FEDERAL AGRIC MTG CORP-CL C COMMON STOCK 2.42%
- PROS HOLDINGS INC COMMON STOCK 2.41%
- FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X CLASS X 2.21%
- GREEN BRICK PARTNERS INC COMMON STOCK 2.20%
- ALAMO GROUP INC COMMON STOCK 2.18%
- CONSTRUCTION PARTNERS INC-A COMMON STOCK 2.05%
- LEMAITRE VASCULAR INC COMMON STOCK 1.97%
- NAPCO SECURITY TECHNOLOGIES COMMON STOCK 1.93%
- CBIZ INC COMMON STOCK 1.90%
Asset Allocation
Weighting | Return Low | Return High | RHJSX % Rank | |
---|---|---|---|---|
Stocks | 96.13% | 77.88% | 108.99% | 80.70% |
Cash | 3.87% | 0.00% | 26.25% | 25.04% |
Preferred Stocks | 0.00% | 0.00% | 3.53% | 92.00% |
Other | 0.00% | -0.22% | 5.89% | 89.04% |
Convertible Bonds | 0.00% | 0.00% | 1.57% | 90.78% |
Bonds | 0.00% | 0.00% | 3.22% | 90.96% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RHJSX % Rank | |
---|---|---|---|---|
Technology | 24.93% | 2.91% | 75.51% | 53.57% |
Industrials | 21.80% | 0.00% | 36.64% | 11.30% |
Healthcare | 21.32% | 0.00% | 47.90% | 58.78% |
Consumer Cyclical | 18.44% | 0.00% | 24.04% | 5.91% |
Financial Services | 4.51% | 0.00% | 42.95% | 75.13% |
Basic Materials | 3.14% | 0.00% | 9.24% | 35.30% |
Communication Services | 2.47% | 0.00% | 15.31% | 47.83% |
Consumer Defense | 2.29% | 0.00% | 13.56% | 79.30% |
Energy | 1.11% | 0.00% | 55.49% | 66.96% |
Utilities | 0.00% | 0.00% | 5.57% | 93.39% |
Real Estate | 0.00% | 0.00% | 15.31% | 98.09% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RHJSX % Rank | |
---|---|---|---|---|
US | 96.13% | 30.27% | 102.09% | 70.09% |
Non US | 0.00% | 0.00% | 61.74% | 92.52% |
RHJSX - Expenses
Operational Fees
RHJSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.08% | 0.05% | 23.20% | 10.63% |
Management Fee | 0.75% | 0.05% | 1.62% | 40.77% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
RHJSX 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
RHJSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 75.47% |
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.
RHJSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 3.00% | 439.00% | 58.04% |
RHJSX - Distributions
Dividend Yield Analysis
RHJSX | Category Low | Category High | RHJSX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 7.01% | 92.87% |
Dividend Distribution Analysis
RHJSX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
RHJSX | Category Low | Category High | RHJSX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.90% | -2.47% | 1.10% | 66.49% |
Capital Gain Distribution Analysis
RHJSX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
RHJSX - Fund Manager Analysis
Managers
Thomas McDowell
Start Date
Tenure
Tenure Rank
Jul 01, 1994
27.93
27.9%
Tom joined RHJ in 1984 as a Portfolio Manager and Analyst and has 39 years of investment experience. Tom assumed leadership of the company in 1994. Previously, he was a Portfolio Manager with California First Bank and specialized in the consumer-related industries. Tom completed a B.A. at the University of California, Los Angeles, and an M.B.A. at San Diego State University.
Cara Thome
Start Date
Tenure
Tenure Rank
Dec 31, 2001
20.43
20.4%
Cara joined RHJ in January 2001 and has 21 years of investment experience. She was previously an Analyst at the Equity Research Department at George K. Baum & Company. Cara has a B.A. from Truman State University and an M.A. from the University of Exeter.
Reed Wirick
Start Date
Tenure
Tenure Rank
Dec 31, 2008
13.42
13.4%
Reed joined RHJ in July 2008 and has 19 years of investment experience. Prior to joining the firm, he was a Senior Research Associate at Cambridge Associates, LLC. Prior to that, he was an Economist with the U.S. Department of Commerce. Reed has a B.A. from St. Mary’s College of Maryland and an M.B.A. from the Tuck School of Business at Dartmouth. Reed is a CFA® charterholder. He is a member of CFA Society San Diego.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.44 | 9.01 | 5.25 |