Small Cap Update
April 27, 2021
Small-Cap Outperforms Benchmark
Small-cap securities outperformed for the quarter, although performance was hurt by the growing number of negative earners in the Russell 2000, particularly biotech stocks. The Glenmede Small Cap Equity Strategy, with little representation in biotech securities, returned 14.1% (gross of fees) and 13.8% (net of fees), outperforming the benchmark’s 12.7% gain. Portfolio Manager Jordan Irving discusses this outperformance and reviews the top five contributors and detractors to the portfolio’s results.