Equity Funds

VAM US Micro Cap Growth Fund

The VAM US Micro Cap Growth Fund seeks long-term capital appreciation by investing in high-quality US micro-cap companies at inflection points of transformational change. The fund employs a disciplined, bottom-up investment approach that targets companies generating earnings significantly above consensus expectations at attractive valuations. The strategy is grounded in the academically-proven Post-Earnings Announcement Drift (PEAD) phenomenon, where investors systematically underreact to positive earnings information, creating compelling investment opportunities. Managed by Oberweis Asset Management, the fund’s disciplined focus on valuation and quality, combined with rigorous risk management protocols and sophisticated monitoring processes, is designed to help manage downside risk during market stress periods.

Key Features

Proven Investment Philosophy: Exploits the PEAD anomaly – one of the most persistent market inefficiencies – to identify mispriced securities where market expectations lag true earnings power
Transformational Change Focus: Targets companies undergoing significant fundamental shifts including new product cycles, management changes, regulatory tailwinds, or strategic acquisitions that the market has yet to fully appreciate
Disciplined Risk Management: Maintains a diversified portfolio of 60-120 high conviction positions with robust monitoring processes, sector limits, and sophisticated risk analytics to provide downside protection
Experienced, Stable Team: Managed by seasoned professionals with over 80 years cumulative small-cap investing experience and zero team departures since 2015

The Fund is managed by Oberweis Asset Management, a US-based investment boutique established in 1989 and headquartered in Chicago. Oberweis specialises in small- and micro-cap equities, and is known for its disciplined, repeatable investment process grounded in fundamental research and behavioural finance, including the well-documented post-earnings announcement drift phenomenon. The firm is privately owned, with strong alignment between investment professionals and clients, and a long-standing, stable investment team.

The fund is managed by Kenneth S. Farsalas, CFA, Lead Portfolio Manager and Director of US Equities, who brings 32 years of industry experience including 21 years with Oberweis, and David I. Covas, CFA, Portfolio Manager, who has 28 years of industry experience entirely with Oberweis Asset Management. Both portfolio managers are principals and owners of the firm, ensuring strong alignment of interests with investors.