international small-cap specialists

Philosophy 

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 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

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 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

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/

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

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

All information as of January 31, 2020

Affiliations

Responsible Investment and UN PRI Compliance Statement

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Japanese Stewardship Code Compliance Statement

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Asian Corporate Governance Association

We are a supporter of the Task Force on Climate-related Financial Disclosures

Kabouter Management Responsible Investment and Engagement Policy

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