Kalmar "Growth-with-Value" Small Cap Fund




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Investment Objective and Strategy

Kalmar's small company investment approach is available to investors of all sizes through the Kalmar "Growth-with-Value" Small Cap Fund. The Fund invests in companies which the adviser believes have the potential for significant business growth and capital appreciation, yet whose stocks, at the time of purchase, are trading at undervalued prices in the public trading markets. The adviser believes that its investment philosphy of purchasing promising, growing companies that may also be undervalued can result in both lower risk and higher return when compared to many other small company investment strategies.

Risk Considerations

The Fund primarily invests in growth stocks with the potential for significant growth and may be more volatile because they are more sensitive to market conditions. The Fund may seek to buy these stocks at undervalued prices and this involves the risk that the securities may remain undervalued for an extended period of time and may not realize its full potential. Investments in small cap securities may involve greater risks due to higher volatility and less liquidity than larger more established companies.


Three Distinguishing Characteristics

1. Manager Continuity   2. Style Box Consistency   3. Desired Results: Higher Reward, Lower Risk  

Desired Results: Higher Reward, Lower Risk

Successful small cap growth investing often requires real experience and extensive research to achieve desired results. The Kalmar "Growth-with-Value" Small Cap Fund aims to provide investors with the desired result of above average returns with below average risk.

Fund Performance as of 3/31/17

Morningstar Category: Small Growth Average Annualized Total Return
Inception Date: 4/11/97 QTD 1 Year 3 Year 5 Year 10 Year Since

Investor Class (KGSCX)

4.77% 17.78% 1.38% 7.49% 6.74% 8.36%
Advisor Class (KGSAX)1 4.84% 17.82% 1.46% 7.55% 6.76% 8.37%
Institutional Class (KGSIX)2 4.81% 17.89% 1.54% 7.62% 6.80% 8.39%
Russell 2000® Growth Index 5.35% 23.03% 6.72% 12.10% 8.06% 7.14%
Russell 2000® Index 2.47% 26.22% 7.22% 12.35% 7.12% 8.63%
Morningstar Small Growth Cat. 5.76% 20.69% 6.23% 11.34% 7.89% NA
Investor Class Percentile Rank (based on Total Return) NA 88 92 96 69 NA
# Funds in Small Growth Cat. NA 670 599 527 386 NA

The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.  The Fund's annual gross operating expenses for the Investor, Advisor and Institutional classes, as stated in the prospectus dated 4/30/17, are 1.36%; 1.28%, and 1.18% respectively. The total expense ratio printed in the prospectus may differ from the current ratio. The Fund imposes a 2.0% redemption fee on shares redeemed within 30 days of purchase. Investor class performance prior to May 1, 2013 reflects certain sub-accounting and shareholder services fees similar to the formal Shareholder Services Fees plan initiated on that date and deducted from the Fund’s assets at the annualized rate of 0.25%. Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.  You cannot invest directly in an index.

1Advisor Class federal registration was effective beginning April 22, 2013 but the class did not begin operations until July 18, 2013. Advisor Class performance prior to July 19, 2013 is the performance of Investor Class.

2Institutional Class federal registration was effective beginning April 22, 2013 but the class did not begin operations until May 14, 2013. Institutional Class performance prior to May 15, 2013 is the performance of Investor Class.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment  return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, contact the investment advisor at 800-463-6670. To speak with a representative about the Kalmar “Growth-with-Value” Small Cap Fund, please call a fund representative at 800-282-2319.

The highest or most favorable Morningstar percentile rank is 1 and the lowest percentile rank is 100. The top-performing fund in a catgory will always receive a rank of 1. Various rating agencies categorize funds differently. Past performance is no guarantee of future results.


Risk Characteristics as of 3/31/17

Category: Small Growth 3 Year 5 Year 10 Year
Morningstar Risk Avg Avg -Avg
Morningstar Return Low Low Avg
Standard Deviation 3 Year 5 Year 10 Year
Kalmar Small Cap Fund (KGSCX) 15.93 14.68 19.24
Russell 2000® Growth Index 16.62 15.24 20.55
Cat: Small Growth Avg 15.61 14.38 19.86

©2017 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Morningstar Small Growth Category measures the performance of the small capitalization stocks that are growing faster than the rest of the market. Russell 2000® Index is an unmanaged total return index of the smallest 2000 companies in the Russell 3000® Index, as ranked by total market capitalization. Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The indices mentioned here-in are unmanaged and not available for direct investment.  Unlike a mutual fund, the performance of these indices assumes no taxes, transaction costs, management fees or other expenses.

Standard Deviation shows the degree of variation in the Fund’s returns and can serve as a useful measure of the Fund’s risk. It is measured using monthly observations, but expresses the result on an annualized basis. Higher standard deviation represents higher volatility.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus. To obtain a free prospectus, please call 800-282-2319 or visit www.kalmarinvestments.com. Please read the prospectus carefully before investing.



Shares of the Kalmar Pooled Investment Trust are distributed by Foreside Funds Distributors LLC, Berwyn, PA., not an adviser affiliate.

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