International Small-Cap Specialists


International Small-Cap Equity Opportunity
  • We believe the international small-cap universe is inefficient due to often poor management disclosure practices, sparse analyst coverage, and a natural institutional preference for larger companies in well-known industries
  • Though international companies make up almost 90% of all listed companies worldwide (and growing), the majority of the buy- and sell-side research is focused on the US market1
  • Structural changes like MiFID II in Europe have reduced the number of sell-side analysts, resulting in declining coverage of non-US small-cap companies
  • Kabouter is willing to invest the time and energy to find these undiscovered gems and then pushes to get them discovered by the rest of the investment community.


Singular focus: Invest in sustainable, structurally growing international micro-, small-, and mid-cap equities
Methodical process: Seek to uncover mispriced equities and conduct deep fundamental company research
ESG analysis: Fully integrated to minimize material investment risks and maximize opportunities
Conviction: Construct concentrated portfolios of our highest conviction ideas

Friendly engagement: Help improve visibility and business practices to promote discovery

Aligned and diverse team: 100% employee-owned, minority firm that champions diversity of thought
Capacity discipline: Proactively close strategies to preserve alpha opportunities for existing clients


Micro-Cap Equity

Small-Cap Equity

International Small- to Mid-Cap Equity

Emerging Markets Small-Cap Equity

Micro-Cap Equity

  • Launched 2004
  • Closed (due to capacity) 2012
  • Limited Capacity

Small-Cap Equity

  • Launched 2006
  • Open to new capital

Small- to Mid-Cap Equity

  • Launched 2013
  • Open to new capital

Emerging Markets
Small-Cap Equity

  • Launched 2018
  • Open to new capital


Headquartered in Chicago with a satellite office in the San Francisco Bay Area, Kabouter is a minority-owned investment adviser registered with the United States Securities and Exchange Commission (SEC). Kabouter was founded in 2003 by Marcel Houtzager and Peter Zaldivar, who each have over 25 years’ experience investing in international markets. Prior to forming Kabouter, the founders were principals at Wanger Asset Management, where they co-managed international equities portfolios beginning in 1996.

Singular focus on international small-cap equities with a dedicated team of 11 investment professionals and 15 operations professionals


Employee Owned


Senior Management
Represented by Minorities and Women


Investment Team
Represented by Minorities and Women


Represented by Minorities and Women


Languages Spoken

All information as of December 1, 2022


Asian Corporate Governance Association
We are a supporter of the Task Force on Climate-related Financial Disclosures