The Fund’s investment objective is long-term capital appreciation. The Fund seeks its objective by investing primarily in equity securities of small market capitalization companies.
Zebra Capital Management, the Fund's sub-advisor, is a privately owned investment company founded by Yale University professor and pioneering investment researcher Roger Ibbotson, which pursues investment strategies based on systematically exploiting market characteristics supported by basic economic principles.
Firm inception: 2001
- Roger Ibbotson, chief investment officer, 40 years experience
- Eric Stokes, portfolio manager, 23 years experience
the benefits of unpopular stocks
The Fund’s manager seeks out less popular stocks among small-capitalization equities, taking positions in companies that have strong fundamentals but do not trade as frequently as similar issues.
- Less popular stocks can often capture a “liquidity
premium,” defined as the additional return that may be realized on the sales of securities that are less liquid at the time of purchase.
- The manager’s research shows that highly traded, more liquid stocks tend to be priced at a premium, while less popular and less liquid stocks are priced at a discount, thus having higher expected appreciation.
- These issues may be fundamentally sound stocks that are less frequently traded because they have temporarily fallen out of favor.
Total Fund Assets
|Zebra Capital Management, LLC||
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Liquidity: The Undiscovered, Underappreciated Investment Style
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