ENTERPRISE GROUP OFFERS A NEW SMALL COMPANY FUND WITH A UNIQUE 'VALUE TWIST'
/ADVANCE/ ATLANTA, Sept. 30 /PRNewswire/ -- The Enterprise Group of Funds announced today it will now offer a new fund that uses a unique value style of investing in small companies whose market capitalization is less than $1 billion. The new Enterprise Small Company Fund, as with all of The Enterprise Funds, is managed by a prominent outside institutional money manager who, through Enterprise, will provide special access to retail investors for their investment expertise at an investment minimum substantially below their usual minimum. The new fund will be managed by Kenneth L. Fisher, of Fisher Investments of Woodside, Calif. According to Victor Ugolyn, president and CEO of The Enterprise Group, The Enterprise Small Company Fund differs from the traditional small-cap fund in that it will emphasize company value over company growth in its stock selection. The portfolio manager will be seeking companies with "low expectations" -- that is low price to book, earnings, sales or fundamental measures of value. "Small cap stocks have outperformed 'big cap' stocks during five of the past seven decades. Many investors assume that all small company stocks are growth stocks. Although this may be true for many stocks in this group, as with large cap issues, there are 'values' to be had at any market cap level. Superior returns are often derived by identifying stocks whose true value is greater than the price that Wall Street places on it. Investors limiting themselves to only those stocks that the market thinks very highly of, often miss opportunities by ignoring a value approach to small cap," Ugolyn said. Using a proprietary analytical model, Fisher Investments, Inc. identifies companies, in the $100 million to $1 billion range in capitalization, whose pricing suffers from inefficiencies in the stock market's valuation of its stock. Its founder, Ken Fisher, is a well- known author and regular Forbes Magazine columnist. Fisher describes a three-step process through which the company is first valued by a multi- factor valuation tool. The initial list is then screened for companies with the potential for easily exceeding its current price with an improvement in the economic climate. Finally, a rigid set of hold/sell disciplines governs the maintenance of the portfolio. Fisher Investments, Inc. has managed large institutional portfolios since 1973, and is one of the nation's leading institutional management firms that has concentrated solely in the small cap area. The firm's clients include many of the nation's top pension plans such as Shell Oil, The International Monetary Fund, and The University of Pittsburgh. Based in Atlanta, The Enterprise Group of Funds' other managers include such prominent firms as TCW, Provident Investment Counsel, Morgan Stanley, and Baring International Investment, Ltd among others. Collectively these firms manage over $100 billion in assets for major institutions. While their typical minimum investment requirements range from $1 million to $25 million (Fisher's usual minimum investment is $5 million), through The Enterprise Group, retail investors can gain special access to this new fund, and all of the Enterprise funds, for only $1,000. The Enterprise Group of Funds is a subsidiary of Mutual of New York. -0- 10/1/93 /CONTACT: Sandy Jones, 800-432-4320, or Don Clark, 813-891-1097, both of The Enterprise Group/
CO: The Enterprise Group ST: Georgia IN: FIN SU: PDT
RA-BN -- AT002 -- 5864 09/27/93 10:44 EDT
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|Date:||Sep 27, 1993|
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