Small Cap Value Commentaries

The preliminary fourth-quarter return of Cardinal’s Small Cap Value Composite, at 6.7% net of fees, lagged the Russell 2000 Value Index return of 8.4%.

The preliminary 2022 return of Cardinal’s Small Cap value composite, at -17.3% net of fees, lagged the Russell 2000 Value Index return of -14.5%.

The third quarter return of Cardinal’s Small Cap Value Composite, at -7.7% net of fees, trailed the -4.6% return of the Russell 2000 Value Index.

The second‐quarter return of Cardinal’s Small Cap Value Composite, at ‐13.4% net of fees, outperformed the ‐15.3% return of the Russell 2000 Value Index.

The first-quarter return of Cardinal’s Small Cap Value Composite, at -2.9% net of fees, lagged the -2.4% return of the Russell 2000 Value Index.