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U.S. Small-Cap Core Equity Strategy

The strategy seeks long-term risk-adjusted returns through investment in high-quality, niche, small-cap U.S. companies with improving earnings and solid balance sheets available at attractive valuations.

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Philosophy

The team believes that fundamentals matter over a market cycle and that high-quality companies will provide superior risk-adjusted returns over the long term. To that end, they invest primarily in the stocks of small-cap companies with durable, niche business models that they believe are undervalued and offer the potential for high returns on capital.

 

Documents

Managed by

Bill J. Talbot, CFA

Senior Portfolio Manager, Head of U.S. Small-Cap Equities

Bill is a senior managing director, senior portfolio manager, and head of U.S. small-cap equities for Manulife Investment Management, responsible for the construction of U.S. small-cap core and value portfolios and the integrity of the research process for small-cap equity team. Bill focuses exclusively on U.S. small-cap investing, and his responsibilities include fundamental and industry-level research for consumer discretionary and utilities. Prior to joining the company, Bill spent 15 years investing in U.S. small-cap equities at UBS Global Asset Management. Prior to that, he invested in private debt and equity for the Travelers Companies, where he financed expansion, buyouts, recapitalizations, and spin-offs. He initiated some of Traveler’s earliest non-U.S. investments, and represented the company on two private equity fund advisory boards. Bill holds the Certified Financial Analyst designation.

  • Education: B.S., Trinity College (U.S.); M.B.A., Tuck School at Dartmouth College (U.S.)
  • Joined the company: 2013
  • Began career: 1986
Bill J. Talbot, CFA

Joseph Nowinski

Senior Portfolio Manager, U.S. Small Cap Equity Team

Joe focuses exclusively on small- and mid-cap investing, and his responsibilities include portfolio construction and fundamental research on companies in the energy, material, industrials, and real estate investment trust (REIT) sectors. Prior to joining the firm, he spent eight years with UBS Global Asset Management as both a portfolio manager and senior investment analyst. Previously, Joe spent six years with Citigroup Global Asset Management as a senior equity analyst, where his responsibilities included covering the retail, healthcare services, and REIT sectors.

Education: B.S., DePaul University

Joined the company: 2013

Began career: 1992  

Joseph Nowinski

Ryan Davies, CFA

Portfolio Manager, U.S. Small Cap Equity Team

Ryan focuses exclusively on small- and mid-cap investing, and his responsibilities include portfolio construction and fundamental research on companies in the technology and communication services sectors. Prior to joining the firm, Ryan spent nearly 14 years as a small-cap senior analyst at Cortina Asset Management, focused on technology stocks, and before that, he was an analyst at U.S. Bank and Montgomery Asset Management. Ryan began his career as an accountant at Pricewaterhouse Coopers. He holds the Chartered Financial Analyst designation.

  • Education: B.S., Accounting, Indiana University
  • Joined the company: 2018
  • Began career: 1996
Ryan Davies, CFA

Vehicles

At Manulife Investment Management, we offer investment strategies through a variety of vehicles to suit a broad range of client needs. Contact our institutional sales or consultant relations team to find out if this strategy/vehicle is offered in your region. 

Separate accounts

Our separate accounts and separately managed accounts (SMAs) are designed for institutions and high-net-worth clients seeking tailored investment solutions and direct ownership of securities. 

CITs

Our professionally managed collective investment trusts (CITs) are available in certain qualified retirement plans.

Mutual funds

Mutual funds are liquid, professionally managed portfolios which are available to both institutional and retail investors.

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Related

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September 24, 2021

What does healthy consumer spending mean for the U.S. economic recovery?

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While there are countless factors that affect the equity markets and the economy as a whole, it’s undeniable that the U.S. consumer is one of the largest. We believe that the strength of the U.S. consumer will continue to power the economy and the markets forward.
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Important information

The material contains information regarding the investment approach described herein and is not a complete description of the investment objectives, risks, policies, guidelines or portfolio management and research that supports this investment approach. Any decision to engage Manulife Investment Management should be based upon a review of the terms of the prospectus, offering documents or investment management agreement, as applicable, and the specific investment objectives, policies and guidelines that apply under the terms of such agreement. There is no guarantee investment objectives will be met. The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. Client portfolios are managed according to mutually agreed upon investment guidelines.

This information has been provided by Manulife Investment Management. All material is compiled from sources believed to be reliable and correct but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instrument nor does it constitute an offer or invitation to invest in any fund managed by Manulife Investment Management and has not been prepared in connection with any such offer. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.


References to securities, transactions or holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities remain in the portfolio. Additionally, it is noted that the securities or transactions referenced do not represent all of the securities purchased, sold or recommended during the period referenced and there is no guarantee as to the future profitability of the securities identified and discussed herein.


The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset classes, and represent non managed investment portfolio.