Overall Morningstar RatingTM
as of 3/31/2017
(Small Blend Category, # in category: 217)
(Minimum Investment $200,000)
ZPR’s Small Cap Value is our original strategy with a track record of more than 20 years. This strategy utilizes ZPR’s Fundamental Process, including our GRAPES valuation model, to create a portfolio of 20-30 small cap value stocks traded on US stock exchanges. These are typically overlooked or out-of-favor companies with some of the following characteristics: a unique product niche, substantial positive retained earnings, little to no debt, strong cash flow, little to no analyst coverage, and trading at an inefficient price as determined by our GRAPES Model.
|Results shown in US $ Net of Fees||1 Year||3 Year Annualized||5 Year Annualized||10 Year Annualized||10 Year Compounded|
|ZPR US Small Cap Value Accounts*||20.35%||10.03%||16.54%||7.50%||106.10%|
|Russell 2000 Index||24.61%||7.36%||13.70%||6.92%||95.21%|
|S&P 500 Index||17.91%||9.63%||14.64%||7.18%||100.09%|
*The Fundamental Small Cap Value Composite consists of accounts that hold U.S. small cap stocks selected by using ZPR Fundamental Analysis. This analysis identifies undervalued companies using ZPR’s GRAPES valuation model and also applies other selection criteria relating to a company’s business prospects, management quality, and capital structure. It includes fully discretionary, management fee-paying and, beginning on January 1, 2011, non management fee-paying accounts including those accounts no longer with the firm.The benchmark for the composite is the Russell 2000 Index, presented in U.S. Dollars.
The composite return is calculated on a size adjusted basis and is presented in U.S. Dollars.Returns are presented net of management fees including incentive fees where applicable. Net of fee performance was calculated using actual management fees paid, except in the case of non-fee paying accounts where model fees have been imputed. Fees are described in the firm’s ADV part 2.Historically, accounts in the composite have included those that had a portion of their assets invested in convertible bonds as an alternative or supplement for a small cap stock if it was available to reduce risk. Trade date, not settlement date, is used for all valuations. Returns include all trading expenses and the reinvestment of all income.
Past performance does not guarantee future results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client’s portfolio. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio, and there are no assurances that it will match or outperform any particular benchmark. Historical performance results for benchmarks, such as investment indices and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, which would have the effect of decreasing historical performance results.
ZPR Investment Management, Inc. is an SEC registered investment adviser managing separate accounts that are fully discretionary. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. ZPR Investment Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). ZPR Investment Management, Inc.’s compliance with the Global Investment Performance Standards (GIPS®) has been verified firm-wide from December 31, 2000 through December 31, 2015. The verification reports are available upon request.
A performance examination was conducted on the Fundamental Small Cap Value Composite for the period December 31, 2000 to December 31, 2015. To receive a complete description of the policies and procedures for this composite, a list and description of all firm composites, and a GIPS compliant presentation please contact us at 386-775-1177 or firstname.lastname@example.org.
© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar RatingTM for separate accounts, commonly called the star rating, is a measure of a separate account’s risk-adjusted return, relative to other separate accounts in the same Morningstar Category. Separate accounts are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving 1 star. Separate accounts are rated for up to three periods (three, five, and 10 years), and ratings are recalculated each quarter. The Morningstar Rating for separate accounts uses an enhanced risk-adjusted return measure, which accounts for all variations in a separate account’s monthly performance, with more emphasis on downward variation. Separate accounts are ranked against others in the same category and stars are assigned as follows: Top 10% 5 stars, Next 22.5% 4 stars, Middle 35% 3 stars, Next 22.5% 2 stars, Bottom 10% 1 star.
Pensions & Investments Top Performing Manager ratings are provided by Morningstar and derived from their separate account database for specific categories and time periods. Recognition as a Top Performing Manager is not indicative of future performance. Recognition as a Pension and Investments Top Performing Manager is not indicative of future investment success, and working with a highly rated advisor does not ensure a higher level of performance. This award is not based on client evaluations, nor is it an endorsement of the firm by any past or present client. The firm did not pay any fee in order to be included in the rankings.