Ranger Micro Cap Growth Strategy
Ranger Micro Cap Composite – Performance Results
As of December 31, 2019
|Ranger Micro Cap (Gross)||Ranger Micro Cap (Net)||Russell Microcap Growth Index|
|Since Inception August 1, 2014||16.10%||14.68%||6.84%|
For comparison purposes, the Composite is measured against the Russell Microcap Growth Index (the “Index”), a widely recognized index which seeks to capture the performance of the microcap growth segment of the U.S. equity universe. The Index includes companies with higher price-to-book ratios and higher forecasted growth values. The Index is provided for illustration purposes only for the convenience of the reader. Unlike the Index, Composite portfolios are actively managed and invest in a relatively concentrated group of 30 to 50 holdings. Accordingly, comparing or contrasting the Composite results with those of the Index may be of limited use. Performance results of the Index includes the reinvestment of dividends and income. Gross performance returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. Actual performance results of client accounts may differ substantially. Ranger makes no representation, and it should not be assumed, that future investment performance will conform to past performance. Additionally, there is the possibility for loss when investing in a Composite separate account. Composite returns are presented gross and net of management fees and include the reinvestment of all dividends and income. Net of fee performance was calculated using the highest management fee equal to an annual rate of 100 basis points (1.00%) of the capital account balance. Ranger’s advisory fees are also described in Part 2A of the firm’s Form ADV, which may be obtained by clicking here. Investment advisory fees incurred by clients may vary substantially. Valuations are computed and performance is reported in U.S. dollars. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request by e-mail at email@example.com or by calling Ranger Client Relations at (214) 871-5200. The performance returns presented above represent the gross and net of fees results of the Ranger Micro Cap Composite (the “Composite”) and should be read in conjunction with the Composite’s GIPS disclosure presentation, which may be obtained by clicking here. Ranger Investment Management, LP (“Ranger”) manages the accounts in the Composite, which is comprised of institutional separately managed accounts.