The Case for Mid Cap Value: Underappreciated Despite Outperformance Q4 2018
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1 The Case for Mid Cap : Underappreciated Despite Outperformance Q Performance Highlights Strongest Long-Term Outperformance: Mid Cap has outperformed all other domestic equity asset classes since their inception in (Table A) Outperformance Driven by Consistency: Over the same period, Mid Cap has never been the worst performer among the domestic equity asset classes in any individual year. This consistency is an important driver behind why Mid Cap has been the best performer over the long run. (Table C) Favorable Risk/Reward: Mid Cap has generated top tier risk adjusted returns relative to other domestic equity classes with a Sharpe ratio that has been amongst the highest. (Table D) Strongest Long-Term Outperformance Table A Source: FactSet, employing style indices as proxies. 12/31/1985 is the inception date of s style indices Securities indexes assume reinvestment of all distributions and interest payments. Indexes are unmanaged and do not take into account fees or expenses. It is not possible to invest directly in an index. Employing style indices as proxies, Mid Cap has outperformed all other domestic equity asset classes over the long-term. Mid Cap s strong record was interrupted during the period when large growth, large value, and mid growth surged as a result of the technology bubble, but this interruption proved transitory when the bubble burst. The chart above exhibits how an initial $10,000 investment in each of the benchmarks would have grown over time. Over the same time period, Mid Cap has outperformed the next closest asset class by 0.8% on an annualized basis as the following chart exhibits: Table B Midcap Annualized Returns: 12/31/ /31/2018 Midcap % 10.5% 10.2% 10.2% 10.0% 7.5% Source: evestment Alliance. 2000
2 Outperformance Driven by Consistency Since began their style indices in 1986, Mid Cap has never been the worst performer among the domestic equity asset classes in any individual year. This consistency is an important driver behind why Mid Cap has been the best performer over the long run. In the table below, the best performer for each year is highlighted in green and the worst in red. Table C Annual Return of Domestic Equity Asset Classes 33 Years Ending 12/31/2018 Midcap Midcap % 17.6% 7.4% 20.0% 15.4% 3.6% % 2.8% -7.1% 0.5% 5.3% -10.5% % 12.9% 29.5% 23.2% 11.3% 20.4% % 31.5% 12.4% 25.2% 35.9% 20.2% % -5.1% -21.8% -8.1% -0.3% -17.4% % 47.0% 41.7% 24.6% 41.3% 51.2% % 8.7% 29.1% 13.6% 5.0% 7.8% % 11.2% 23.8% 18.1% 2.9% 13.4% % -2.2% -1.5% -2.0% 2.6% -2.4% % 34.0% 25.8% 38.4% 37.2% 31.0% % 17.5% 21.4% 21.6% 23.1% 11.3% % 22.5% 31.8% 35.2% 30.5% 13.0% % 17.9% -6.5% 15.6% 38.7% 1.2% % 51.3% -1.5% 7.4% 33.2% 43.1% % -11.8% 22.8% 7.0% -22.4% -22.4% % -20.2% 14.0% -5.6% -20.4% -9.2% % -27.4% -11.4% -15.5% -27.9% -30.3% % 42.7% 46.0% 30.0% 29.8% 48.5% % 15.5% 22.3% 16.5% 6.3% 14.3% % 12.1% 4.7% 7.1% 5.3% 4.2% % 10.7% 23.5% 22.3% 9.1% 13.4% % 11.4% -9.8% -0.17% 11.8% 7.1% % -44.3% -28.9% -36.9% -38.4% -38.5% % 46.3% 20.6% 19.7% 37.2% 34.5% % 26.4% 24.5% 15.5% 16.7% 29.1% % -1.7% -5.5% 0.4% 2.6% -2.9% % 15.8% 18.1% 17.5% 15.3% 14.6% % 35.7% 34.5% 32.5% 33.5% 43.3% % 11.9% 4.2% 13.5% 13.1% 5.6% % -0.2% -7.5% -3.8% 5.7% -1.4% % 7.3% 31.7% 17.3% 7.1% 11.3% % 25.3% 7.8% 13.7% 30.2% 22.2% % -4.8% -12.9% -8.3% -1.5% -9.3% Annualized Return 11.3% 10.5% 10.2% 10.2% 10.0% 7.5% Source: evestment Alliance. THE CASE FOR MID CAP VALUE Q
3 Favorable Risk/Reward Mid Cap has consistently offered an attractive risk/reward profile in relation to the other equity style categories. As evidenced by its high Sharpe ratio, Mid Cap has outperformed while exhibiting less volatility on a relative basis. Why? Relative to small cap, mid cap companies have less risk as they are more diversified and have better access to capital. Relative to large cap, mid cap companies generate more growth and have less complex business models. We believe this balance provides consistent risk adjusted outperformance. Table D Source: evestment Alliance The Sharpe Ratio is the average return earned in excess of the risk-free rate (the Citi 3 Mo. T-Bill) per unit of volatility or total risk. Subtracting the riskfree rate from the mean return, the performance associated with risk-taking activities can be isolated. What is Your Mid Cap Allocation? Since 1985, Mid Cap has generated the best performance of all the domestic equity asset classes, produced favorable risk-adjusted returns, and has never been the worst domestic equity asset class in any individual year. According to benchmark analysis, over the last ten years mid cap stocks have accounted for 27% of the domestic equity universe.* What is your mid cap allocation? *Source: FactSet. As of 12/31/18 THE CASE FOR MID CAP VALUE Q
4 LMCG Investments, LLC Mid Cap Team Co-Managed by Todd Vingers and Jay Willadsen. Experienced team with long record of value investing. Philosophy & Process Disciplined classic value strategy focused on strong companies experiencing near-term, transitory issues. Strategy seeks to find favorable risk/reward investments exhibiting healthy upside potential with limited downside risk. Lower risk and consistent approach results in a process that is more repeatable and sustainable versus peers. Rigorous fundamental analysis focused on return on invested capital, cash flow, balance sheet strength, and valuation. Broadly diversified. Performance as of December 31, 2018 Composite Performance Q Year 3 Year* 5 Year* 10 Year* Since Inception* Mid Cap (Gross of Fees) Mid Cap (Net of Fees) MidCap Index t t Partial year performance. *Annualized, Inception: 10/1/2005. Past performance is not indicative of future results. Gross performance returns presented above are net of transaction costs and include the reinvestment of dividends and other earnings but do not reflect the deduction of investment management fees which would reduce returns. Net returns are calculated by applying the investment management fee schedule noted in the composite disclosure to the gross returns of the accounts included in the composite. For information regarding the impact of investment management fees on performance, please refer to the composite disclosure on the next page. THE CASE FOR MID CAP VALUE Q
5 Mid Cap Composite Schedule of Annual Returns January 1, 2007 through December 31, Benchmark returns have been obtained from an independent source and have not been examined by independent accountants. Mid Cap Composite consists of accounts managed in the Mid Cap ( MCV ) strategy. MCV seeks to achieve long-term capital appreciation through investments in primarily high quality, though temporarily out of favor, U.S. equity securities. The market capitalization of these securities will generally fall within the range of the Mid Cap Index. For comparison purposes, the composite is measured against the Mid Cap Index. The inception date of the composite is October 1, The composite was created in October Royal Bank of Canada ( RBC ) became LMCG s indirect majority owner in November 2015 when RBC acquired City National Corporation ( CNC ). Effective January 1, 2015, Lee Munder Capital Group, LLC is known as LMCG Investments, LLC ( LMCG ), an investment adviser registered with the Securities and Exchange Commission. In July 2009, the firm was reorganized as an affiliate of CNC and took the name of Lee Munder Capital Group, LLC., prior to which it was known as Lee Munder Investments Ltd. ( LMIL ), which itself was an investment adviser registered with the Securities and Exchange Commission. The firm maintains a complete list and description of composites, which is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. There are no wrap accounts included in the composite. Account performance is calculated on a total return basis including income and realized and unrealized gains and losses. Composite performance is presented gross and net of management fees. Net returns are calculated by applying the investment management fee schedule noted below to the gross returns of the accounts included in the composite. The annual composite dispersion presented is an asset weighted standard deviation calculated for the accounts in the composite for the entire year. The U.S. Dollar is the currency used to express performance. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule is as follows: 075% on the first $25 million, 0.65% on the next $25 million, and 0.55% thereafter. Actual investment advisory fees incurred by clients may vary. LMCG claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. LMCG has been independently verified for the periods October 1, 2000 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Mid Cap Composite has been examined for the periods October 1, 2005 through December 31, The verification and performance examination reports are available upon request. Past performance is not indicative of future results. Frank Company ("") is the source and owner of the trademarks, service marks and copyrights related to the Indexes. is a trademark of Frank Company. Neither nor its licensors accept any liability for any errors or omissions in the Indexes and / or ratings or underlying data and no party may rely on any Indexes and / or ratings and / or underlying data contained in this communication. No further distribution of Data is permitted without 's express written consent. does not promote, sponsor or endorse the content of this communication. Past performance is no guarantee of future results. Table A is provided for illustrative purposes only. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Securities indexes assume reinvestment of dividends and income but do not reflect the effect of management fees and other charges and therefore actual performance for client accounts will differ from that of the indices shown in Table A. #5697 THE CASE FOR MID CAP VALUE Q
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