SINCE 2003 · CHICAGO · SAN FRANCISCO
Finding the world's overlooked companies
Our approach is to scour overlooked international small-cap markets, where we believe analyst coverage is sparse, disclosure is limited, and mispriced businesses are plentiful.
FIRM FOUNDED,
PMs INVESTING IN INTERNATIONAL SMALL CAPS SINCE THE 1990s
DISTINCT STRATEGIES,
ALL OPEN TO NEW CAPITAL
%
EMPLOYEE OWNED
LANGUAGES SPOKEN FIRMWIDE
WHY KABOUTER
How we find what others miss
Kabouter builds concentrated, high-conviction portfolios in international markets with the goal of maximizing long-term, risk-adjusted returns for clients.
01
FOCUSED ON INTERNATIONAL
Experienced professionals with diverse backgrounds who focus exclusively on structurally inefficient international small-cap markets.
02
DRIVEN BY IN-DEPTH FUNDAMENTAL RESEARCH
Labor-intensive, research-driven process to identify hidden gems that we believe are overlooked and mispriced by the market.
03
EMPOWERED BY ENGAGEMENT
We engage with portfolio companies to encourage greater transparency, increase sell-side coverage, and promote sound governance and operational best practices.
INVESTMENT PHILOSOPHY
The case for international small cap
We believe the opportunity in international small cap is structural, not cyclical. We've built our entire firm around the belief that persistent neglect creates persistent mispricing.
01
Quality companies, systematically mispriced
International small caps include high-quality businesses that can receive less investor attention than larger companies. We believe this creates opportunities to identify strong companies before they are more broadly recognized.
02
A broad, underfollowed universe
The international small-cap universe offers a wide range of businesses across countries and industries, many with limited research coverage. For fundamental investors willing to do the work, that can create opportunities for differentiated insights.
03
Attractive relative valuations
We believe international small caps offer attractive valuations relative to US equities, creating a compelling backdrop for long-term, fundamental stock selection.
04
Neglect can create opportunity
Investor attention can become concentrated in certain markets, sectors, and companies, leaving others overlooked. We believe today’s relative neglect of international small caps creates an attractive environment for patient, fundamental stock selection.
"Kabouter is willing to invest the time and energy to find these undiscovered gems, and then push to get them discovered by the rest of the investment community."
STRATEGIES
One team.
One philosophy.
Four strategies.
01
International Micro-Cap Equity
Launched 2004 · Open to new capital
02
International Small-Cap Equity
Launched 2006 · Open to new capital
03
International Small-Cap Tax-Managed Equity
Launched 2021 · Open to new capital · Diversified
04
JAPAN EQUITY
Launched 2026 · Open to new capital
THE TEAM
Investors who know these markets from the inside
MH
Marcel Houtzager, CFA
Principal & Senior Portfolio Manager
Dutch · English · French · German · Portuguese
PZ
Peter Zaldivar, JD, CFA
Principal & Senior Portfolio Manager
English · Japanese · Korean · Mandarin · Spanish
NR
Nikhil Rastogi, CFA
Portfolio Manager & Head of Trading
English · Hindi
SM
Satoshi Matsunaga, CFA
Portfolio Manager – Japan Strategy & Senior International Equity Analyst
English · Japanese
MP
Marco Priani, CFA, CPA, FRM
Senior International Equity Analyst
English · French · German · Italian · Spanish
JP
Jennifer Park
Senior International Equity Analyst
English · Japanese · Korean
A genuinely diverse team
%
EMPLOYEES
MINORITIES AND WOMEN
%
INVESTMENT TEAM
MINORITIES AND WOMEN
%
SENIOR MANAGEMENT
MINORITIES AND WOMEN
LANGUAGES SPOKEN
FIRMWIDE
All information as of September 30, 2026
AFFILIATIONS
