Active Insights Podcast: CS McKee Micro Cap Equities Strategies
CS McKee: “With so many attractive stocks within the investable universe, we don’t want to speculate. We want to focus on investing for our clients.”
In this podcast, Mark Goodwin, Chief Executive Officer of North Square Investments will discuss micro-cap equity investing with CS McKee’s Director of Micro and Small Cap Equities Eric Holmes, CFA. CS McKee is a partner firm in the North Square platform and manages the Micro Cap Value and Micro Cap Value Plus Portfolios, which are separately managed account investment strategies offered by North Square.
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For more information on the CS McKee Micro Cap Value and Micro Cap Value Plus Portfolios, please visit csmckee.com.
This podcast was recorded December 2, 2025. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.
The securities mentioned are for illustrative purposes only and do not represent all securities purchased, sold, or recommended for clients. Past performance of these securities does not guarantee future results.
Definitions of terms used in this podcast:
The Russell Microcap® Value Index measures the performance of the microcap value segment of the US equity market. It includes Russell Microcap companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).
Standard Deviation measures an asset’s volatility or risk by showing how much its returns typically vary from the average return; a high standard deviation means bigger price swings and higher risk, while a low one indicates more stable, consistent returns. The Standard Deviation metric assists investors in determining their risk tolerance.
The Downside Capture Ratio measures how well an investment manager performs relative to a benchmark index during periods of market decline. A ratio below 100 indicates the manager outperformed the index during downturns.
Cash flow refers to the movement of cash into and out of a company over a specific period, indicating its financial health and ability to generate returns. It is used to assess a company’s liquidity, profitability, and investment quality.
Alpha represents the excess return of an investment strategy compared to its benchmark index, after accounting for risk.
Important Disclosures
- Past performance is not indicative of future results. Investment return and principal value will fluctuate, and it is possible for an investor to lose money. There is no assurance that any strategy will achieve its objectives.
- The strategy is benchmarked to the Russell Microcap® Value Index. Indexes are unmanaged and do not incur fees; investors cannot invest directly in an index.
- Risks associated with the strategies include, but are not limited to, equity risk, value investment style risk, liquidity risk, and risks associated with small- and micro-cap companies. These securities may be more volatile and less liquid than those of larger companies.
- For additional information – including composite performance, characteristics, and methodology – please refer to the official strategy fact sheet available at csmckee.com.
- CS McKee claims compliance with the Global Investment Performance Standards (GIPS®). Composite characteristics, including the number of accounts, assets under management, and dispersion measures, are provided in the GIPS® Composite Report. Please refer to the report for additional important information or to view a list of composite descriptions by visiting: https://csmckee.com/gips/
- Some historical performance data may reflect that of a predecessor fund prior to its reorganization into the current vehicle. Refer to official materials for inception dates and performance methodology.
- Investments are not FDIC insured, may lose value, and are not bank guaranteed.
2025 North Square Investments, LLC.
North Square Investments, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request. Past performance is not indicative of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Nothing discussed herein constitutes and offer to buy or sell a particular security or investment strategy. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved, Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future.