
international small-cap specialists
Philosophy
- We believe the international small-cap universe is inefficient due to often poor management disclosure practices, sparse analyst coverage, and a natural institutional bias towards 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 “discover” these companies and take advantage of structural changes and inefficiencies
Approach
Strategies
International
Micro-Cap Equity
International
Small-Cap Equity
International
Small- to Mid-Cap Equity
Emerging Markets
Small-Cap Equity
International
Micro-Cap Equity
- Launched 2004
- Closed (due to capacity) 2012
- Waitlist to replace outflows
International
Small-Cap Equity
- Launched 2006
- Closed (due to capacity) 2017
- Waitlist to replace outflows
International
Small- to Mid-Cap Equity
- Launched 2013
- Open to new capital
Emerging Markets
Small-Cap Equity
- Launched 2018
- Open to new capital
About
/ˌkaːˈbɑu̯.tər/

Marcel Houtzager, CFA
Principal & Senior Portfolio Manager

Peter Zaldivar, JD, CFA
Principal & Senior Portfolio Manager
Singular focus on international small-cap equities with a dedicated team of 18 investment professionals and 17 operations professionals
100%
Employee Owned
67%
Senior Management Represented by Minorities and Women
69%
Employees Represented by Minorities and Women
13
Languages Spoken
Affiliations




