Global Alpha Capital Management home
Who We Are
About Us An overview of our organization
People Our teams, personnel and biographies
Affiliates Access our affiliates
Contact Us How to contact us directly
What We Do
Expertise Information about our experience and capabilities
Philosophy Our approach to investment management and to delivering consistent added value
Approach Our approach to investment management, research, opportunities and risk
Investing with Global Alpha Our approach and commitment to servicing our clients
Commentaries Access our commentaries on relevant issues to our portfolios.

Small Cap. Global. Alpha.

Global Alpha International Small Cap Strategy


  • Small Cap Specialist: Exclusively focused on the small cap market
  • Experienced & Stable Team: Seasoned partners with proven investment results
  • Rigorous Research: Detailed fundamental research supported by management meetings and secular themes
  • Robust Portfolio Construction: High conviction portfolios driven by security selection and designed to mitigate factor risks


  • Added Value: MSCI EAFE Small Cap Index (Net) +3% per year over a full market cycle
  • Tracking Error: 3% - 6% per year over a full market cycle
  • Portfolio Turnover: 20% - 40% of names per year


  • Earnings growth per share drives stock prices
  • Secular growth themes support outperformance
  • Identify good companies with unrecognized growth potential
  • Long-term investment horizon for value realization

Investment Process

  • Research Prioritization of 7,000 names
    • Engage with companies, including around 1,000 management meetings per year
    • Analyze the universe based on capitalization and quality metrics
  • Fundamental Research
    • Rigorous bottom-up analysis on 250-300 names
    • Seek undiscovered value in companies with strong earnings growth
    • Forecast intrinsic value using a range of valuation tools
  • Investment Themes
    • Find companies expected to benefit from secular growth themes
  • Environment, Social & Governance
    • ESG factors integrated into investment analysis
    • Utilize proprietary scoring system designed for the small-cap universe
  • Portfolio Construction & Risk Management
    • Build high conviction portfolios of 50-70 stocks
    • Focus on adding value from security selection and minimizing factor risk
Quick Facts
Inception Date December 31, 2009
All data as at: Apr 25, 2018
Geographic Mix
% of Portfolio
Japan 27.74%
United Kingdom 17.94%
France 8.84%
Germany 5.54%
Australia 5.51%
Italy 4.85%
Israel 4.79%
Hong Kong 4.54%
Sweden 3.70%
Norway 3.68%
Austria 3.28%
Luxembourg 2.61%
Spain 2.26%
United States 1.68%
Switzerland 1.21%
Finland 1.20%
Singapore 0.63%
Sector Allocation
% of Portfolio
Industrials 25.11%
Consumer Discretionary 19.01%
Information Technology 10.50%
Real Estate 8.71%
Materials 8.37%
Financials 7.59%
Consumer Staples 7.57%
Health Care 6.43%
Energy 2.40%
Cash 2.03%
Utilities 1.65%
Telecommunication Services 0.63%
Top 10 Securities
% of Portfolio
IWG Plc 3.80%
Rothschild & Co 3.19%
Lisi 3.13%
Jardine Lloyd Thompson Group 2.82%
Fuji Seal International Inc 2.81%
Internet Initiative Japan 2.70%
Hemfosa Fastigheter AB 2.62%
L'Occitane 2.56%
Nice Ltd 2.52%
Greencross Ltd 2.50%
Connor, Clark & Lunn Financial Group home page