Composite Returns

Investment Results

Equity Composite

Period Ending September 30, 2018

Speece Thorson Capital Group (%) ANNUALIZED RETURNS
3rd Qtr YTD 1 Year 3 Years 5 Years 10 Years 15 Years
Composite gross of fee 5.6% 9.8%
13.5% 9.9% 10.9% 11.5%
Composite net of fees 5.4 9.3
12.8 9.2 10.2 10.8
Russell Midcap Value (%) 3.3 3.1 8.8 13.1 10.7 11.3 10.9
S&P 500 (%) 7.7 10.6 17.9 17.3 14.0 12.0 9.7


1. Speece Thorson Capital Group (“Speece Thorson”) is defined as an institutional investment management firm specializing in mid to small cap value equity account management. Speece Thorson is an SEC-registered investment adviser under the Investment Advisers Act of 1940 and is unaffiliated with any organization.

2. The Speece Thorson Capital Group Equity Composite (“Composite”) was created on March 1, 1992 and is asset-weighted.  Valuations are computed and performance is reported in US dollars. The Composite includes all fee-paying, fully discretionary equity accounts and the equity portion of qualifying balanced accounts. The minimum amount for inclusion is $1.5 million.

3. Performance results are presented gross-of-fees and net-of-fees. Returns reflect the reinvestment of dividends and interest. Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are gross-of-fees returns reduced by the weighted average of actual investment management fees. The fee schedule is 0.7% on the first $10 million of assets, 0.5% on the next $20 million, 0.3% on the next $20 million and 0.2% on assets over $50 million. The Speece Thorson Capital Group Value Fund is in the composite and its fee schedule is 1.0%. The fee schedule is also described in detail in Form ADV Part 2.

4. The benchmarks used are the Russell Mid Cap® Value Index and the Standard & Poor’s 500 Index (S&P 500®). The Russell Mid Cap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe and includes those Russell Mid Cap Index companies with lower price-to-book ratios and lower forecasted growth values. The S&P 500 is an unmanaged, market capitalization weighted index of 500 widely held stocks, with dividends reinvested, and is often used as a proxy for the stock market.

5. Speece Thorson claims compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of Speece Thorson’s composites and/or a presentation that complies with the GIPS standards, contact Judy Haeg or Beth Hickey at 612-338-4649.

6. Past performance is not an indicator of future results.