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Micro Cap Growth
(as of March 31, 2010)
Philosophy
Our Micro Cap Growth discipline seeks to exploit the correlation between profit acceleration and price appreciation. This strategy screens for growth across the micro cap landscape, focusing on securities with market capitalizations of $500 million and below. Our micro cap portfolio invests in stocks for which we project financial acceleration at substantially higher levels than the market based primarily on forecasted acceleration in fundamentals.

Value BlendGrowth 
   Large
   Medium
  TrueSmall

Portfolio
Characteristics		PortfolioRMicrocap
Growth
Weighted Average Capitalization ($ mil.)$517$321
Median Market Capitalization ($ mil.)$513$159
Number of Equity Holdings43944
Price/Earnings Ratio (Calendar 2009)20x17x
EPS Growth Rate - '10 to '0919%21%
Source: FactSet

Top Ten
Holdings		% of
Portfolio
SXC Health Solutions Corp.3.0%
NPS Pharmaceuticals3.0%
Inspire Pharmaceuticals Inc.2.9%
Neogen Corp.2.9%
Supertex Inc. 2.9%
Sonicwall Inc.2.8%
Sourcefire, Inc.2.8%
Universal Travel Group2.7%
Obagi Medical Products, Inc.2.7%
Affymax, Inc.2.7%

Sector
Breakdown		% of
Portfolio		RMicrocap
Growth
Consumer Discretionary 15.1%13.5%
Consumer Staples 2.1%2.4%
Energy 4.4%3.2%
Financials 2.0%5.8%
Health Care 30.8%31.9%
Industrials 13.1%11.6%
Information Technology 29.9%27.0%
Materials 2.5%2.9%
Telecom Service 0.0%1.2%
Utilities0.0%0.6%
Source: FactSet
Totals may not add up to 100% due to rounding.
Information on this page is supplemental to the Micro Cap Composite Annual Disclosure presentation, which is available upon request.
© SCM Advisors LLC 2010.