The Cambiar Small Cap Value strategy utilizes the same relative value investment philosophy that is found in the Cambiar Large Cap Value Strategy.

• Description

The Cambiar Small Cap value strategy is a team managed portfolio. The seven person domestic investment team each contribute names to their designated sectors, while co-portfolio managers, Andrew Baumbusch and Jeffrey Susman oversee the day to day operations of the strategy.

The starting universe for the portfolio includes any U.S. company with a market capitalization below $3 billion; the central tendency for investment candidates is generally in the $500 million — $3 billion range.

The SCV portfolio employs an equal-weight portfolio construction approach. Cambiar believes this approach enables the strategy to maintain a more focused portfolio relative to peers, while also mitigating stock-specific risk via uniform position sizes.

The performance information depicted above represents Cambiars Small Cap Value Composite. Returns are net of management fees and transaction costs and include the reinvestment of all income. Gross returns do not reflect the deduction of management fees. The performance of the Russell 2000 Value benchmark and the Russell 2000 shown above include the reinvestment of all income and assume no management custody, transactions or other expenses. The Russell 2000 and Russell 2000 Value indices reflect overall market performance and comparisons may not reflect Cambiars performance The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Cambiars past results do not necessarily indicate Cambiars future performance and, as is the case with all investment advisors who concentrate on equity investments, Cambiars future performance may result in a loss. Net of fees performance reflects a blended fee schedule of all accounts within the relevant composite and Cambiar clients and mutual fund investors may incur actual fee rates that are greater or less than the rate reflected in this performance summary.

The performance information depicted above represents Cambiars Small Cap Value Composite. Returns are net of management fees and transaction costs and include the reinvestment of all income. Gross returns do not reflect the deduction of management fees. The performance of the Russell 2000 Value benchmark and the Russell 2000 shown above include the reinvestment of all income and assume no management custody, transactions or other expenses. The Russell 2000 and Russell 2000 Value indices reflect overall market performance and comparisons may not reflect Cambiars performance The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Cambiars past results do not necessarily indicate Cambiars future performance and, as is the case with all investment advisors who concentrate on equity investments, Cambiars future performance may result in a loss. Net of fees performance reflects a blended fee schedule of all accounts within the relevant composite and Cambiar clients and mutual fund investors may incur actual fee rates that are greater or less than the rate reflected in this performance summary.