international small-cap specialists


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 into investment process to minimize material investment risks and maximize opportunities

Conviction: Construct concentrated portfolios of our highest conviction ideas
Friendly engagement: Help improve business practices to unlock hidden value
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

Small- to Mid-Cap Equity

Emerging Markets
Small-Cap Equity



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.

Marcel Houtzager, CFA

Principal & Senior Portfolio Manager

Peter Zaldivar, JD, CFA

Principal & Senior Portfolio Manager

We have a singular focus on international small-cap equities with a dedicated team of 18 investment professionals and 17 operations professionals.


Employee Owned


Senior Management Represented by Minorities and Women


Employees Represented by Minorities and Women


Languages Spoken

All information as of December 20, 2019


Responsible Investment and UN PRI Compliance Statement

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Japanese Stewardship Code Compliance Statement

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Asian Corporate Governance Association