Top Micro Cap Fund Holdings And Performance

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Includes: FDM, IWC, IWM, PZI, WMCR
by: Ian Cassel

In 2012, companies with market caps $<150 million outperformed (+18.24%) every other market cap grouping. A year ago I listed some microcap fund managers and their performance relative to the Russell 2000 (NYSEARCA:IWM) and Russell Micro Cap (NYSEARCA:IWC) ETFs. I thought it would be good to update the performance of those funds, while also comparing them to a few of the other microcap ETFs. As I stated in my original article, some of the greatest money managers of all time first made their fortunes in the micro-small cap arenas, so it's good to pay attention to the best microcap fund managers and see where they are investing.

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Here is a little more information on each fund including their inception date, assets under management, average market cap, fund manager, and top holdings as of YE 2012:

TETON Westwood Mighty Mites Fund (MUTF:WEIMX), Inception Date: 1998: The fund manages $700 million in assets, investing in companies with an average market cap of $355 million. Mario Gabelli has managed the fund since inception. As of YE 2012, the top holdings were Ascent Media Corp (NASDAQ:ASCMA), Cantel Medical (NYSE:CMN), Epoch Holding Corp (NASDAQ:EPHC), Steel Excel (NASDAQ:SXCL), and GenCorp (GY). The fund has produced 5 year and 10 year annualized returns of 10.57% and 12.08%. [More Information]

Satuit Capital US Emerging Companies (MUTF:SATMX), Inception Date: 2000: The fund manages $172 million in assets, investing in companies with an average market cap of $286 million. Robert Sullivan has managed the fund since 2000. Satruit was recognized by Kiplinger as the Top Performing Small Cap Growth Fund for 2012. As of 2/28/2013, the funds top holdings were Albany Molecular Research (NASDAQ:AMRI), CAI International (CAP), Tutor Perini (NYSE:TPC), KEYW Holding (NASDAQ:KEYW), and Fiesta Restaurant Group (NASDAQ:FRGI). The fund has produced 5 year and 10 year annualized returns of 10.96% and 14.11%. [More Information]

Royce Micro Cap Fund (MUTF:RYOTX), Inception Date: 1991: The fund manages $861 million in assets, investing in companies with an average market cap of $363 million. Jennifer Taylor is the lead portfolio manager of the fund and has been at Royce for 12 years. As of YE 2012, the funds top holdings were Marten Transport (NASDAQ:MRTN), Graham Corporation (NYSEMKT:GHM), Perry Ellis (NASDAQ:PERY), and Anaren (NASDAQ:ANEN). The fund has produced 5 year and 10 year annualized returns of 3.33% and 11.43%. [More Information]

Perritt Micro Cap Opportunities Fund (MUTF:PRCGX), Inception Date: 1988: The fund manages $330 million in assets, investing in companies with an average market cap of $226 million. Michael Corbett has been managing the fund since 1999. As of YE 2012, the funds top holdings were Barrett Business Services (NASDAQ:BBSI), John B. Sanfilippo & Son (NASDAQ:JBSS), Bofi Holding (NASDAQ:BOFI), Global Cash Access (GCA), and Bioscrip Inc (NASDAQ:BIOS). The fund has produced 5 year and 10 year annualized returns of 4.8% and 10.96%. [More Information]

Heartland Value Fund (MUTF:HRTVX), Inception Date: 1984: The fund manages $1.1 billion in assets, investing in companies with an average market cap of $446 million. Will Nasgovitz, Bill Nasgovitz, and Brad Evans manage the fund. As of 4/15/2013, the funds top holdings were AuRico Gold (NYSE:AUQ), Newpark Resources (NYSE:NR), Accuray (NASDAQ:ARAY), Unit Corp (NYSE:UNT), and Golden Star Resources (NYSEMKT:GSS). The fund has produced 5 year and 10 year annualized returns of 4.27% and 10.33%. [More Information]

Wasatch Micro Cap Fund (MUTF:WMICX), Inception Date: 1995: The fund manages $271 million in assets, investing in companies with an average market cap of $600 million. Daniel Chace has been managing the fund since 2004. As of YE 2012, the funds top holdings were Gordman's Stores (NASDAQ:GMAN), Ultimate Software Group (NASDAQ:ULTI), Power Integrations (NASDAQ:POWI), DealerTrack Holdings (NASDAQ:TRAK), and DFC Global Corp (NASDAQ:DLLR). The fund has produced 5 year and 10 year annualized returns of 4.67% and 9.06%. [More Information]

Oberweis Micro Cap Fund (MUTF:OBMCX), Inception Date: 1996: The fund manages $20 million in assets, investing in companies with an average market cap of $422 million. James Oberweis manages the fund. As of YE 2012, the funds top holdings were Acacia (NASDAQ:ACTG), Amerigon (ARGN), Ellie Mae (NYSEMKT:ELLI), Bofi Holding , and Mistras Group (NYSE:MG). The fund has produced 5 year and 10 year annualized returns of 3.85% and 7.76%. [More Information]

Managers Micro Cap (MUTF:MMCFX), Inception Date: 1994: The fund manages $150 million in assets, investing in companies with an average market cap of $450 million. The fund is managed or advised by Lord Abbett, Next Century Growth Advisors, WEDGE Capital Management, and RBC Global Asset Management. As of 10/31/2012, the funds top holdings were Steinway Musical Instruments (NYSE:LVB), Columbus McKinnon (NASDAQ:CMCO), Universal Stainless & Alloy Products (NASDAQ:USAP), Tyler Technologies (NYSE:TYL), and AZZ Inc (NYSE:AZZ). The fund has produced 5 year and 10 year annualized returns of 8.31% and 9.71%. [More Information]

RBC Micro Cap Value Fund (MUTF:TMVAX), Inception Date: 2004: The fund manages $131 million in assets, investing in companies with an average market cap of $295 million. Lance James manages the fund. As of YE 2012, the funds top holdings were Cantel Medical Corp , American Pacific (NASDAQ:APFC), Pharmerica (NYSE:PMC), On Assignment (NASDAQ:ASGN), and Eplus (NASDAQ:PLUS). The fund has produced a 5 year annualized return of 7.01%. [More Information]

Perritt Ultra MicroCap (MUTF:PREOX), Inception Date: 2004: The fund manages $50 million in assets, investing in companies with an average market cap of $57 million. According to Morningstar, the fund has the lowest average market cap of all equity funds. Michael Corbett manages the fund. As of YE 2012, the funds top holdings were Addus Homecare Corp (NASDAQ:ADUS), Pacific Premier Bancorp (NASDAQ:PPBI), Napco Security Systems (NASDAQ:NSSC), Newtek Business Services (NASDAQ:NEWT), and Sparton Corporation (NYSE:SPA). The fund has produced a 5 year annualized return of 2.69%. [More Information]

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.