Institutional Small/Micro-Cap Value Strategy

"The firms we buy have 'fortress balance sheets', are simple to understand and are run by people with a vested interest in the firm's success. We have strict criteria in these regards that are non-negotiable when it comes to being included in our portfolio" - Brian Rafn

Team

Lead Portfolio Manager - Brian G. Rafn
Portfolio Manager/Senior Research Analyst - Terence V. Pavlic, CFA

Recent News

LIPPER TOP 20 Money Managers – 5 Year Returns: Lipper ranks Morgan Dempsey Small/Micro Cap Value #2 in the 5 year time period (11/17/11)

Why Founder/Owner/Operator (10/21/11)

Why Now for Small/Micro-Cap (10/21/11)

Small Milwaukee Money Firm Aims to Deliver Stable Returns (Milwaukee Journal Star 2/7/11)

Morgan Dempsey Wins $50M MERS Mandate. (2/1/2011)

Morgan Dempsey Hired by Callan Associates. (8/20/2010)

Accolades

3-year and 5-year performance rank in the top 1% of the 200+ Small-Cap Value Managers tracked by Evestment Alliance (12/31/09).

Earned title of Small-Cap "Investment Manager Top Gun" and "Bull & Bear Master" from Informa Investment Solutions (12/31/09).

Pensions & Investments ranks the Morgan Dempsey Small/Micro-Cap Strategy as the top performing small-cap blend separate account manager over the previous 5-years (12/31/09).

Philosophy

We believe that disciplined, fundamental, bottom-up research is the key to gaining an information advantage. We examine a full company history and apply rigorous forensic accounting in an attempt to understand our companies better.

We focus on the area of the market where we can gain a significant edge through fundamental research. Our ability to pursue micro-cap companies in addition to small-caps provides us with opportunities that are off limits to larger institutional strategies.

We pursue companies with strong competitive characteristics and equally strong balance sheets that are selling at a discount to our conservative intrinsic value estimates. A fortress balance sheet is at the cornerstone of all our investment decisions.

We believe in having conviction in our analysis and patience in our convictions. We want to be long-term partners with the great companies and exceptional management teams we have assembled in our portfolio.

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