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FIAM Small/Mid Cap Core
- Consistent exposure to U.S. small and mid capitalization equities
- Structured to minimize surprises from unintended benchmark exposures
- Seeks solid returns driven by FIAM’s global research capabilities
Investment Process
Key Facts
| Inception date | Mar 31, 2004 |
|---|---|
| Benchmark | Russell 2500 |
| Separate account minimum | $50M |
| Typical tracking error | 3.0%–7.0% |
| Sector constraint | +/- 1.0% vs. Index |
| Security constraint | +/- 2.5% vs. Index |
| Typical portfolio turnover | 75%–150% |
Objective
The Small/Mid Cap Core portfolio seeks to provide 4.0%* annualized excess return relative to the Russell 2500® Index over a full market cycle. The portfolio is constructed to ensure that active return is generated through stock selection.
Investment Approach
The Small/Mid Cap Core portfolio is a bottom-up, fundamental strategy designed to deliver the best ideas of the FIAM global sector leaders. Each global sector leader researches and recommends candidates for the portfolio based on a sector-specific philosophy that has been developed and practiced over time. The team leader, Chandler Willett, constructs the portfolio to ensure asset selection drives risk and returns, while exhibiting characteristics similar to the benchmark.
* Target excess return is presented gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Although FIAM believes it has a reasonable basis for any gross excess returns, there can be no assurance that actual results will be comparable. Actual results will depend on market conditions over a full market cycle and any developments that may affect these investments and will be reduced by the deduction of any fees and expenses associated with the investment.
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