SMID Cap Value Commentaries

The preliminary fourth-quarter return of Cardinal’s SMID Cap Value Composite, at 10.3% net of fees, outpaced the Russell 2500 Value Index return of 9.2%.

The preliminary 2022 return of Cardinal’s SMID Cap Value Composite, at -20.0% net of fees, lagged the Russell 2500 Value Index return of -13.1%.

The third quarter return of Cardinal’s SMID Cap Value Composite, at -11.3% net of fees, trailed the -4.5% return of the Russell 2500 Value Index.

The second‐quarter return of Cardinal’s SMID Cap Value Composite, at ‐15.7% net of fees, lagged the ‐15.4% return of the Russell 2500 Value Index.

The first-quarter return of Cardinal’s SMID Cap Value Composite, at -3.1% net of fees, lagged the -1.5% return of the Russell 2500 Value Index.