The KAR Global Small Cap Portfolio is a global small-cap portfolio that invests in high-quality companies located both domestically and internationally and purchased at attractive valuations. It is a high-conviction strategy that utilizes a bottom-up fundamental research approach to identify what we believe are the best companies at the most attractive prices within the high-quality universe.
Highlights
Asset Class: Global Small Cap Equity
Primary Index: MSCI ACWI Small Cap Index
Inception Date: January 1, 2016
Holdings Range: 30-60
Sector Constraint: Seek broad diversification, but no sector constraints
Country Constraint: Seek broad diversification, but no country constraints
Portfolio Turnover: 25% – 35%
Top Five Holdings
Company |
Percent of equity (%) |
Country |
---|---|---|
Primerica | 6.5 | United States |
Baltic Classifieds Group | 6.4 | Lithuania |
Ryan Specialty Holdings | 5.5 | United States |
Auto Trader Group | 5.2 | United Kingdom |
Rightmove | 5.2 | United Kingdom |
Total | 28.9 |
Sector Diversification
Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. The sector information represented above is based on GICS sector classifications. Data is obtained by FactSet Research Systems and is assumed to be reliable.
Geographical Exposure
Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by FactSet Research Systems and is assumed to be reliable.
Portfolio Characteristics
Concept | KAR |
MSCI® ACWI |
---|---|---|
Quality | ||
Return on Equity-Past 5 Years | 26.7% | 11.1% |
Debt/EBITDA | 0.8x | 2.1x |
Interest Expense Coverage | 9.2x | 3.9x |
Growth | ||
Earnings Per Share Growth-Past 5 Years | 8.7% | 12.0% |
Earnings Per Share Growth-Past 10 Years | 15.2% | 9.0% |
Dividend Per Share Growth-Past 5 Years | 12.1% | 9.1% |
Dividend Per Share Growth-Past 10 Years | 13.0% | 7.3% |
Value | ||
P/E Ratio-Trailing 12 Months | 21.8x | 23.9x |
Dividend Yield | 2.3% | 2.1% |
Market Characteristics | ||
$ Weighted Average Market Cap-3 Year Avg | $3.6 B | $3.9 B |
Largest Market Cap-3 Year Avg | $9.2 B | $650.1 B |
Historical Returns (Institutional)
Period | KAR Global Small Cap (gross) |
KAR Global Small Cap (net)‡ |
MSCI® ACWI Small Cap Index |
---|---|---|---|
Annualized Returns (%)† As of June 30, 2024 | |||
2nd Quarter | (2.43) | (2.65) | (1.56) |
Year to Date | (0.29) | (0.74) | 2.29 |
1 Year | 11.30 | 10.31 | 10.64 |
3 Year | 1.02 | 0.12 | (0.75) |
5 Year | 10.87 | 9.88 | 7.31 |
7 Year | 12.68 | 11.67 | 6.67 |
Inception* | 15.50 | 14.47 | 8.08 |
Annual Returns (%) | |||
2023 | 25.00 | 23.89 | 16.84 |
2022 | (20.47) | (21.20) | (18.67) |
2021 | 12.63 | 11.63 | 16.09 |
2020 | 36.18 | 34.98 | 16.33 |
2019 | 26.40 | 25.29 | 24.65 |
2018 | 3.16 | 2.24 | (14.39) |
2017 | 37.08 | 35.88 | 23.81 |
2016 | 25.21 | 24.11 | 11.59 |
Performance Statistics (Institutional)
Concept | KAR |
KAR |
MSCI® ACWI |
---|---|---|---|
Alpha | 7.57 | 6.61 | 0.00 |
Sharpe Ratio | 0.79 | 0.73 | 0.35 |
Information Ratio | 1.20 | 1.04 | N/A |
Beta | 0.90 | 0.90 | 1.00 |
Downside Capture | 77.71 | 79.43 | 100.00 |
Tracking Error | 6.18 | 6.18 | N/A |