Active Insights Podcast With CS McKee Small Cap Value Portfolio Managers Mark Roach and Mario Tufano
CS McKee: “Biases are very strong here in the small-cap area, and narratives shift faster, and that creates more opportunity for active managers like us and more chances to turn behavioral inefficiencies into alpha.”
In this podcast, Mark Goodwin, Chief Executive Officer of North Square Investments will discuss CS McKee’s approach to equity investing with Portfolio Managers Mark Roach and Mario Tufano.
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This podcast was recorded September 17, 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.
Past performance does not guarantee of future results. Please click here to view standardized performance for the Fund.
Principal Risks of Investing: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Market Risk, Equity Risk, Value-Oriented Investment Strategies Risk, Management and Strategy Risk, Small-Cap Company Risk, Foreign Investment Risk, Valuation Risk, Sector Focus Risk (Financials Sector and Industrials Sector), Preferred Securities Risk, Convertible Securities Risk, Fixed Income Securities Risk, High Portfolio Turnover Risk, Cybersecurity Risk, and Reliance on Technology Risk Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.
The price to cash flow ratio (P/CF) is a common method used to assess the market valuation of publicly-traded companies to determine if a company is undervalued or overvalued. The P/CF ratio formula compares the equity value (i.e. market capitalization) of a company to its operating cash flows.
Momentum is the rate of acceleration of a security’s price—in other words the speed at which the price is changing.
A basis point is a unit of measure to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100 of a percent) or 0.0001 in decimal form.
Momentum is the rate of acceleration of a security’s price—in other words the speed at which the price is changing.
The CBOE Volatility Index, or VIX, is a real-time market index representing the market’s expectations for volatility over the coming 30 days. Investors use the VIX to measure the level of risk, fear, or stress in the market when making investment decisions.
Alpha represents the excess return of an investment strategy compared to its benchmark index, after accounting for risk.
The CPI, or Consumer Price Index, measures the average change over time in the prices of a fixed market basket of goods and services paid by urban consumers, serving as a key measure of inflation and economic health.
Compressed multiples in equity investing occur when a stock’s valuation multiple, such as its price-to-earnings (P/E) ratio, shrinks because the stock price doesn’t keep pace with or declines against earnings, or because the earnings decline faster than the stock price. This compression can signal changing investor sentiment, reduced confidence in future growth, or a shift in macroeconomic conditions that make investors less willing to pay a premium for growth.
The S&P SmallCap 600 Index (S&P 600) is a stock market index established by S&P Global Ratings. It covers roughly the small-cap range of American stocks.
The Russell 2000® Index is a market capitalization-weighted index that measures the performance of the smallest 2,000 companies in the Russell 3000 Index. It’s widely considered the benchmark for the U.S. small-cap market segment.
The Russell 3000® TR Index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equities.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521. Please read the prospectus carefully before you invest.
To view a list of North Square Small Cap Value Fund’s top holdings, prospectus and risks, please click here.
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