“Out of adversity comes opportunity” -Benjamin Franklin Summary for 2018 Q4 – Small Business Conditions Remain Strong For the year-to-date period ended December 31, 2018, the preliminary estimated investment results for the Uniplan micro cap portfolio are as follows: MTD QTD YTD Uniplan Micro Gross -10.82% -21.61% -14.08% Uniplan Micro Net -11.02% -22.11% -15.88% Russell Micro -12.05% -22.14% -13.09% Wilshire Micro -12.25% -22.13% -14.96% Micro cap … [Read more...]
Micro Cap Flash 2018 Q3
November 14, 2018 by
“May you live in interesting times” -Chinese Curse A “China Resistant” Portfolio The mid-term elections are over, and the dust is settling on the new political environment going forward. With control of Congress now divided, legislative gridlock seems near certain; and gridlock is generally good for stocks. The issues that will continue to overhang the market are interest rates and foreign trade. The answer on interest rates is simple—they are going up. The question is how much and how fast? This is something that can be monitored in real time and if rates are rising modestly as the result … [Read more...]
Micro Cap Flash 2018 Q2
July 13, 2018 by
“Notice the small things. The rewards are inversely proportional”.-Liz Vassey Summary for 2018 Q2For the year-to-date period ended June 29, 2018, the preliminary estimated investment results for the Uniplan micro cap portfolio are as follows: Micro cap stocks dramatically outperformed the broader market during the first half of the year with the micro cap indices up about +11% with the broader markets up approximately +3%. In our yearend 2017 Micro Cap Outlook Report we discussed the idea that the conditions could be primed for a “perfect storm” in the micro cap space. The interesting … [Read more...]
Micro Cap Flash Report 2017 Q4
January 22, 2018 by
"He was thunder, I was lightning, and we were seconds away from creating the perfect storm." — Brittainy C. Cherry, "The Air He Breathes" SUMMARY FOR 2017 Q4 For the year-to-date period ended December 31, 2017, the preliminary estimated investment results for the Uniplan micro cap portfolio are as follows: Portfolio as of 12/31/2017 QTD YTD Uniplan Micro Cap (Gross) 3.32% 20.71% Uniplan Micro Cap (Net) 2.80% 18.23% Russell Micro Cap 1.81% 13.17% We are pleased with the robust level of operating performance … [Read more...]
Micro Cap Flash 2017 Q1
May 3, 2017 by
"Things are not quite so simple always as black and white." — Doris Lessing SUMMARY FOR 2017 Q1 The Uniplan Micro Cap Portfolio is a low-turnover high-conviction micro-cap strategy designed to offer investors a quality alternative to private equity having a similar unlevered return while providing daily liquidity. The core investment thesis is focused on companies trading at a low multiple of cash flow or EBITDA, with little or no balance sheet debt. Further, we search for companies having meaningful smart money activity in the form of insider buying, or 13G/13D activity along with … [Read more...]
Micro Cap Flash 2016 Q4
February 6, 2017 by
"Genius is eternal patience." — Michelangelo "Genius is nothing but a great aptitude for patience." — Michelangelo SUMMARY FOR 2016 / OUTLOOK 2017 The Uniplan Micro Cap Portfolio is a low-turnover high-conviction micro-cap strategy designed to offer investors a quality alternative to private equity having a similar unlevered return while providing daily liquidity. The core investment thesis is focused on companies with little or no balance sheet leverage trading at a low multiple of cash flow or EBITDA, and having meaningful smart money activity in the form of … [Read more...]
Q1 2016 Flash Report
April 28, 2016 by
"A dollar picked up in the road is more satisfaction to us than the 99 which we had to work for, and the money won at Faro or in the stock market snuggles into our hearts in the same way." — Mark Twain A WILD START FOR 2016 It was an exciting start to 2016. With the risk-off trade taking center stage during January and February, the microcap sector turned lower, only to rebound strongly during March. For the period ended March 31, 2016, the Micro-Cap Portfolio results are as follows: Portfolio as of 3/31/2016 QDT YTD YIELD UniplanMicro … [Read more...]
Micro Cap Flash 2016 Q1
March 25, 2016 by
"Genius is nothing but a great aptitude for patience." — George-Louis de Buffon PORTFOLIO CHANGES CONTRIBUTING FOR 2016 The Uniplan Micro Cap Portfolio is a low-turnover high-conviction micro-cap strategy designed to offer investors a quality alternative to private equity having a similar unlevered return while providing daily liquidity. The core investment thesis is focused on companies with little or no balance sheet leverage trading at a low multiple of cash flow or EBITDA, and having meaningful smart money activity in the form of insider buying, or 13G/13D activity. During … [Read more...]
Micro Cap Flash 2015 Q2
August 4, 2015 by
"Genius is nothing but a great aptitude for patience." — George-Louis de Buffon STEADY IMPROVEMENT CONTINUES FOR 2015 The Uniplan Micro Cap Portfolio employs a low-turnover, high-conviction strategy designed to offer investors a quality alternative to private equity. It is designed to earn a similar unlevered return while providing daily liquidity. The core investment thesis is focused on companies with little or no balance sheet leverage, trading at a low multiple of cash flow or EBITDA, and having meaningful smart money activity in the form of insider buying, or 13G/13D … [Read more...]
Micro Cap Flash 2014 Q4
February 11, 2015 by
"Cleverness is good, patience is better." — Herman Hesse WILL 2015 PERFORMANCE FOR SMALL CAPS COME CLOSER TO 2014 --- OR 2013? During 2013 patience was rewarded as micro caps advanced 45% and the Uniplan Micro Cap Portfolio gained 52%. The returns were less spectacular during 2014. In a digital world where communication is instantaneous and markets are constant, the notion of waiting for return seems obsolete. In fact, according to the NYSE, the average holding period for common stocks has declined from 6.3 years in 1970, to about 10 months in 2013. In micro cap land, voluminous … [Read more...]
So It Begins – 2014; Can It Get Better?
December 30, 2013 by
"Genius is eternal patience." — Michelangelo Patience has been rewarded. In a digital world where communication is instantaneous and markets are constant, the notion of waiting for return seems obsolete. In fact, according to the NYSE, the average holding period for common stocks has declined from 6.3 years in 1970, to about 11 months in 2012. In micro-cap land, copious amounts of patience and long holding periods are often required for business plans to materialize and markets to recognize progress. During 2013, the patient micro cap investor was rewarded for staying in the … [Read more...]
Micro Cap Flash 2019 Q1
Download Q1 2019 Micro Flash Pdf “I’m not going to say I told you so. But I did.” -Nouriel Roubini Mean Reversion As Anticipated After an historically difficult Q4, with our benchmarks down over 22%, we penned our yearend report in January with an observation about rolling returns and mean-reversion within the micro cap sector. The key thought is reprinted below: “As what would be mathematically expected given mean reversion, each period of either return … [Read more...]