Asset Management was founded in June of 2005 by Steve Wilson, former Chief
Investment Officer of the Capital Management Group of Reich & Tang, a New York
City-based value investment manager. Steve has since been joined by a number of
like-minded professionals who share his passion for Lapides' research-intensive
investment process. We are committed to building a firm the same way we build
our client portfolios - thoughtfully, over time, and from the bottom up.
are value investors specializing in investing in the securities of smaller
companies. By smaller we mean companies whose market capitalizations are
defined as mid, small and micro. Our investable range is approximately $50
million to $10 billion in market capitalization at the time of initial
purchase, which we then segment by product. Securities in the various funds may
exceed or fall below these ranges as a result of appreciation or depreciation and
will not necessarily be sold when outside the stated average market cap range. At times, there may be add on purchases while
the companies are outside the market cap range, but no initial purchase will be
made in a company that is outside the market cap range.
Separate Accounts, the specific market cap range is agreed upon by each client. A Separate Account has the ability to opt-in
at current prices, even if the companies exceed the market cap range.
are a single strategy firm, offering one investment process segmented into
Micro Cap, Concentrated, Small Cap and Small/Mid Cap products. Offerings are
managed in commingled limited partnerships or separate accounts, depending upon
account size and client preference.
proven approach to value investing focuses on high quality businesses that -
for whatever reason - have disappointed shareholders, fallen out of favor, or
become misunderstood. We believe our edge comes from our proprietary, in-depth
research. Our unwavering commitment to our clients is to know our companies
better than anyone else. Our research is global in nature - taking us around
the world to better understand all aspects of the businesses of our portfolio
ultimate goal is to capture unrecognized meaningful change in a company before
that change is widely understood and appreciated - and certainly before it is
priced into the company's shares. We sell when the market gets more
enthusiastic than we are about a company's stock, often after a recovery in
operating fundamentals and subsequent multiple expansion. In this way, equities
we buy as value investments are often sold to growth-oriented investors,
hopefully at much higher valuations.
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