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Geneva Capital tells pension trustees recent market rally favored speculative, low-quality stocks; high-quality small-cap firms regained earnings
Summary
Geneva Capital portfolio manager reported the firm’s small-cap growth strategy outperformed during sell-offs but lagged during the recent speculative rally; trustees pressed for attribution and performance detail.
Geneva Capital portfolio manager Matthew Pastoreo presented the firm’s small-cap growth performance to the General Employees Pension Plan Board on Sept. 25, telling trustees the strategy’s history of downside protection has resulted in relative underperformance during a recent speculative rally.
Pastoreo said Geneva, which he described as a Milwaukee-based boutique with about $6.4 billion in assets under management, emphasizes “high-quality small-cap growth businesses” — companies with conservative balance sheets, profitability and consistent revenue and earnings growth. He told trustees the strategy…
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