Our Commitment

At THB, we partner with our clients - investors including corporations, endowments, foundations, and family offices - to invest in stable, diversified equity products. We have a rich history managing allocations on behalf of large plan sponsors, while our range of pooled investment vehicles also makes THB ideal for smaller plans and high net worth investors seeking well-diversified and efficient exposure to the markets in which we invest.

Our sole focus is to provide excellent stewardship of our clients’ capital over full market cycles, and we are passionate about our disciplined process of investing in micro, small, and mid cap companies.

Experience

Founded in 1982, THB has been investing and trading in niche equity markets for over 35 years. Our accomplished team of investment professionals constantly strives to find the best investment ideas to produce outstanding results.

Focus

We are a boutique firm specializing in US Micro, Small, Mid Cap and International Microcap strategies. We maintain a disciplined, market-tested investment philosophy and an active investment approach to create broad diversification and efficient exposure in the respective asset classes.

Advantage

THB is an employee-owned investment management boutique with over 35 years’ experience, a time-tested investment process, and alignment with our clients through our equity ownership and investments in the strategies we manage. We pride ourselves on our entrepreneurial culture and commitment to innovation and improvement.


THB Principals

William W. Bryant, Jr.
Christopher N. Cuesta
William W. Bryant III
Keith E. Dickinson
Manish Maheshwari
Victoria Konstantinova
James M. Kennedy
Doug Henderson

History

In June 2018, we celebrated the 20th anniversary of our US Micro Cap strategy and are proud of the returns we have delivered to clients through the various markets, economic cycles and macro events. We believe our returns are reflective of what the combination of a sound philosophy, consistent investment approach, and an inefficient asset class can deliver to clients.

As we did in 1998 with the launch of one of the industry’s first US Micro Cap portfolios, we recently launched the THB International Opportunities strategy – a microcap strategy focused on the international developed markets. We anticipate a similar opportunity for alpha generation versus more efficient larger cap international stocks. The combination of the two microcap strategies allows our clients to create one of the first global micro cap portfolios focused solely on the developed markets.

We have a robust, systematic process that encompasses all facets of risk including ESG factors. We are a signatory of the Principles for Responsible Investment Initiative (UNPRI) and the Montreal Carbon Pledge.

We would greatly enjoy the opportunity to share our process and philosophy with you.


Investment Philosophy

THB believes that stocks of Micro Cap companies are relatively inefficient, and that a focused portfolio of high quality names can offer superior risk-adjusted returns.

THB takes a very long term view of the investment horizon, and seeks to outperform over full market cycles by seeking out investment opportunities trading below their intrinsic value. We think like owners and look to invest alongside proven management teams with sound alignment to us as shareholders. We aim to construct a portfolio of high quality, self-funded, low risk companies with valuation metrics similar to or lower than the benchmark, yet with superior long term characteristics. We believe the best companies are able to grow their businesses organically and via acquisitions using internally generated cash flows. Debt should be kept to a minimum with a preference for companies who retire shares outstanding.

Approach

We have an active approach which utilizes quantitative and qualitative screening to help focus our fundamental analysis on companies that fit our desired profile. Our goal is to find stocks of companies that are trading below their intrinsic value and have superior operating metrics. We also utilize a proprietary Quality Assessment and Risk Ranking during the research and portfolio construction process which allows our investment team to more universally evaluate, compare, size, and manage risk.


Investment Philosophy

THB believes that stocks of Mid Cap companies are relatively inefficient, and that a focused portfolio of high quality names can offer superior risk-adjusted returns.

THB takes a very long term view of the investment horizon, and seeks to outperform over full market cycles by seeking out investment opportunities trading below their intrinsic value. We think like owners and look to invest alongside proven management teams with sound alignment to us as shareholders. We aim to construct a portfolio of high quality, self-funded, low risk companies with valuation metrics similar to or lower than the benchmark, yet with superior long term characteristics. We believe the best companies are able to grow their businesses organically and via acquisitions using internally generated cash flows. Debt should be kept to a minimum with a preference for companies who retire shares outstanding.

Approach

We have an active approach which utilizes quantitative and qualitative screening to help focus our fundamental analysis on companies that fit our desired profile. Our goal is to find stocks of companies that are trading below their intrinsic value and have superior operating metrics. We also utilize a proprietary Quality Assessment and Risk Ranking during the research and portfolio construction process which allows our investment team to more universally evaluate, compare, size, and manage risk.


Investment Philosophy

THB believes that stocks of Small Cap companies are relatively inefficient, and that a focused portfolio of high quality names can offer superior risk-adjusted returns.

THB takes a very long term view of the investment horizon, and seeks to outperform over full market cycles by seeking out investment opportunities trading below their intrinsic value. We think like owners and look to invest alongside proven management teams with sound alignment to us as shareholders. We aim to construct a portfolio of high quality, self-funded, low risk companies with valuation metrics similar to or lower than the benchmark, yet with superior long term characteristics. We believe the best companies are able to grow their businesses organically and via acquisitions using internally generated cash flows. Debt should be kept to a minimum with a preference for companies who retire shares outstanding.

Approach

We have an active approach which utilizes quantitative and qualitative screening to help focus our fundamental analysis on companies that fit our desired profile. Our goal is to find stocks of companies that are trading below their intrinsic value and have superior operating metrics. We also utilize a proprietary Quality Assessment and Risk Ranking during the research and portfolio construction process which allows our investment team to more universally evaluate, compare, size, and manage risk.


Investment Philosophy

THB believes that stocks of international small and micro cap companies are relatively inefficient, and that a focused portfolio of high quality names can offer superior risk-adjusted returns.

THB takes a very long term view of the investment horizon, and seeks to outperform over full market cycles by seeking out investment opportunities trading below their intrinsic value. We think like owners and look to invest alongside proven management teams with sound alignment to us as shareholders. We aim to construct a portfolio of high quality, self-funded, low risk companies with valuation metrics similar to or lower than the benchmark, yet with superior long term characteristics. We believe the best companies are able to grow their businesses organically and via acquisitions using internally generated cash flows. Debt should be kept to a minimum with a preference for companies who retire shares outstanding.

Approach

We have an active approach which utilizes quantitative and qualitative screening to help focus our fundamental analysis on companies that fit our desired profile. Our goal is to find stocks of companies that are trading below their intrinsic value and have superior operating metrics. We also utilize a proprietary Quality Assessment and Risk Grade during the research and portfolio construction process which allows our investment team to more universally evaluate, compare, size, and manage risk.

Research

THB MicroCap Fund Daily Performance As Of

Fund Ticker Price Change
Institutional THBIX 18.12 0.44%
Investor THBVX 18.12 0.44%

For standard performance to the most recent quarter-end, please click here. Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent moth end please click here

Fund Facts as of 06/30/18

Institutional Investor
Ticker THBIX THBVX
CUSIP 00769G659 00769G642
Inception Date 3/30/2012 3/30/2012
Sales Charge No Load No Load
Net Expense Ratio* 1.25% 1.75%
Gross Expense Ratio 1.78% 2.29%
Minimum Initial Investment $100k $100
Subsequent Minimum Investments $2,500 No Miniumum

* Waivers are contractual until March 29, 2019

THB MicroCap Fund: Overview

The Fund seeks long term capital appreciation by using a disciplined, risk averse, time tested investment philosophy. We seek to identify and invest Fund assets in equity securities of smaller U.S. companies that, in our opinion, are undervalued in the market.

Our bottom up investment approach is “core” in nature and focuses on constructing a portfolio of companies that we feel meet our definition of higher quality, lower risk, and can self-finance their own growth through internally generated cash flow without expensing (i.e. diluting via share issuances or increased debt levels) us as equity owners These companies typically have strong management teams, trade below their intrinsic value, and possess the ability to generate superior operating metrics.

The following are the minimum investment requirements of our no load mutual funds. While it is no load, there may still be expenses associated with the fund:

THB MicroCap Fund (Investor Shares): $100
THB MicroCap Fund (Institutional Shares): $100,000

Check the background of SEI Investments Distribution Co. on FINRA's BrokerCheck


To determine if the THB Microcap Fund is an appropriate investment for you, carefully consider the fund's investment objective, risks, charges and expenses. This and other information can be found in the fund's prospectus, which can be obtained here. Please read the prospectus carefully before investing.

There are risks involved with investing. Including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, form differences in generally accepted accounting principles or from social, economic or political instability in other nations.

The THB Microcap Fund is distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456). The Fund is managed by Thomson Horstmann & Bryant, Inc. SIDCO is not affiliated with Thomson Horstmann & Bryant.

THB MicroCap Fund Daily Performance As Of

Fund Ticker Price Change
Institutional THBIX 18.12 0.44%
Investor THBVX 18.12 0.44%

For standard performance to the most recent quarter-end, please click here. Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent moth end please click here

Fund Facts as of 06/30/18

Institutional Investor
Ticker THBIX THBVX
CUSIP 00769G659 00769G642
Inception Date 3/30/2012 3/30/2012
Sales Charge No Load No Load
Net Expense Ratio* 1.25% 1.75%
Gross Expense Ratio 1.78% 2.29%
Minimum Initial Investment $100k $100
Subsequent Minimum Investments $2,500 No Miniumum

* Waivers are contractual until March 29, 2019

THB MicroCap Fund: Performance

Month-End Performance as of 06/30/2018

FUND TICKER INCEP/START MTD QTD YTD 1 YEAR 3 YEAR** 5 YEAR** SINCE INCEP**
Institutional THBIX 03/30/2012 1.29% 8.64% 10.83% 18.64% 14.71% 11.14% 13.70%
Investor THBVX 03/30/2012 1.27% 8.59% 10.64% 18.15% 14.19% 10.61% 13.20%
Russell Microcap Index RMC 03/30/2012 1.30% 9.97% 10.71% 20.21% 10.49% 12.78% 13.78%
S&P 500 SPX 03/30/2012 0.61% 3.43% 2.64% 14.37% 11.94% 13.42% 13.46%

** Annualized

Quarter-End Performance as of 06/30/2018

FUND TICKER INCEP/START QTD YTD 1 YEAR 3 YEAR** 5 YEAR** SINCE INCEP**
Institutional THBIX 03/30/2012 8.64% 10.83% 18.64% 14.71% 11.14% 13.70%
Investor THBVX 03/30/2012 8.59% 10.64% 18.15% 14.19% 10.61% 13.20%
Russell Microcap Index RMC 03/30/2012 9.97% 10.71% 20.21% 10.49% 12.78% 13.78%
S&P 500 SPX 03/30/2012 3.43% 2.64% 14.37% 11.94% 13.42% 13.46%

** Annualized

Year End Performance as of 12/31/2017

YEAR THBIX THBVX Russell Microcap Index S&P 500
2017 10.97% 10.46% 13.17% 21.83%
2016 33.04% 32.31% 20.37% 11.95%
2015 -9.75% -10.14% -5.16% 1.38%
2014 -7.36% -7.84% 3.65% 13.68%
2013 52.07% 51.41% 45.62% 32.38%

For standard performance to the most recent quarter-end, please click here. Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent moth end please click here

The Russell Microcap Index is a market capitalization weighted index of 2,000 stocks that captures the smallest 1,000 companies in the Russell 2000 and 1,000 smaller US based listed stocks. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

The Standard & Poor's 500 Index - S&P 500 is a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

To determine if the THB Microcap Fund is an appropriate investment for you, carefully consider the fund's investment objective, risks, charges and expenses. This and other information can be found in the fund's prospectus, which can be obtained here. Please read the prospectus carefully before investing.

There are risks involved with investing. Including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, form differences in generally accepted accounting principles or from social, economic or political instability in other nations.

The THB Microcap Fund is distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456). The Fund is managed by Thomson Horstmann & Bryant, Inc. SIDCO is not affiliated with Thomson Horstmann & Bryant.

THB MicroCap Fund Daily Performance As Of

Fund Ticker Price Change
Institutional THBIX 18.12 0.44%
Investor THBVX 18.12 0.44%

For standard performance to the most recent quarter-end, please click here. Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent moth end please click here

Fund Facts as of 06/30/18

Institutional Investor
Ticker THBIX THBVX
CUSIP 00769G659 00769G642
Inception Date 3/30/2012 3/30/2012
Sales Charge No Load No Load
Net Expense Ratio* 1.25% 1.75%
Gross Expense Ratio 1.78% 2.29%
Minimum Initial Investment $100k $100
Subsequent Minimum Investments $2,500 No Miniumum

* Waivers are contractual until March 29, 2019

THB MicroCap Fund: Portfolio

Portfolio Characteristics as of 06/30/2018

THB MicroCap Fund Russell Microcap Index
Weighted Market Cap (Billions) $621 $595
Number of Holdings 101 1,548

The Russell Microcap Index is a market capitalization weighted index of 2,000 stocks that captures the smallest 1,000 companies in the Russell 2000 and 1,000 smaller US based listed stocks. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

Top Portfolio Holdings as of 06/30/2018 **

Holdings
Old Second Bancorp Inc
Mesa Laboratories Inc
Insteel Industries Inc
Graham Corp.
Allied Motion Technologies
Heritage Financial Corp.
Johnson Outdoors Inc-A
First Busey Corp.
U.S. Physical Therapy Inc
UFP Technologies

** Holdings are subject to change. Holdings are provided as of June 30, 2018, and represent the most recent information available to the public. The above listed top holdings represent 19.28% of the Fund's portfolio (as of 06/30/2018)


To determine if the THB Microcap Fund is an appropriate investment for you, carefully consider the fund's investment objective, risks, charges and expenses. This and other information can be found in the fund's prospectus, which can be obtained here. Please read the prospectus carefully before investing.

There are risks involved with investing. Including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, form differences in generally accepted accounting principles or from social, economic or political instability in other nations.

The THB Microcap Fund is distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456). The Fund is managed by Thomson Horstmann & Bryant, Inc. SIDCO is not affiliated with Thomson Horstmann & Bryant.

THB MicroCap Fund Daily Performance As Of

Fund Ticker Price Change
Institutional THBIX 18.12 0.44%
Investor THBVX 18.12 0.44%

For standard performance to the most recent quarter-end, please click here. Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent moth end please click here

Fund Facts as of 06/30/18

Institutional Investor
Ticker THBIX THBVX
CUSIP 00769G659 00769G642
Inception Date 3/30/2012 3/30/2012
Sales Charge No Load No Load
Net Expense Ratio* 1.25% 1.75%
Gross Expense Ratio 1.78% 2.29%
Minimum Initial Investment $100k $100
Subsequent Minimum Investments $2,500 No Miniumum

* Waivers are contractual until March 29, 2019

THB MicroCap Fund: Literature

Annual Report dated October 31, 2017
Prospectus
IRA Application — Institutional Class
IRA Application — Investor Class
IRA Asset Transfer/Direct Rollover Request
New Account Application — Institutional Class
New Account Application — Investor Class

To determine if the THB Microcap Fund is an appropriate investment for you, carefully consider the fund's investment objective, risks, charges and expenses. This and other information can be found in the fund's prospectus, which can be obtained here. Please read the prospectus carefully before investing.

There are risks involved with investing. Including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, form differences in generally accepted accounting principles or from social, economic or political instability in other nations.

The THB Microcap Fund is distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456). The Fund is managed by Thomson Horstmann & Bryant, Inc. SIDCO is not affiliated with Thomson Horstmann & Bryant.

Address

501 Merritt 7, Penthouse Level
Norwalk, CT 06851

Phone

(203) 653-7060

Directions

Rt 15 CT 15S / Merritt Parkway South

Exit right At exit 40B, take ramp right toward Danbury
Go straight Keep straight onto Creeping Hemlock Dr
Bear right Bear right onto Main Ave
Shell on the corner
Arrive at 501 Merritt 7, Norwalk, CT on left
If you reach Glover Ave, you've gone too far

Rt 15 CT 15N / Merritt Parkway North

Exit right At exit 40B, take ramp right and follow signs for Main Ave North
Bear right Bear right onto Main Ave
Arrive at 501 Merritt 7, Norwalk, CT on left
If you reach Glover Ave, you've gone too far

I 95 I 95 Rt 7 Rt 7

Rt 7 At exit 15, take ramp right for US-7 toward Danbury / Norwalk
Turn right Turn right onto US-7 / Grist Mill Rd
Trun right Turn right onto Main Ave
Arrive at 501 Merritt 7, Norwalk, CT on right
If you reach Odonnell Rd, you've gone too far