Small Cap Growth Product Information 2015 Q1

1. ORGANIZATION
KAMG was established in 2000 by Kip
Knelman upon the conclusion of his 20-year
tenure at the large institutional money
management firm, Investment Advisers Inc.,
where he retired as CEO. Over a five-year
period KAMG grew its asset and investor base
and was ultimately acquired by Lazard Asset
Management to be the cornerstone of their
growth equity platform. In December of
2008, Kip reacquired the firm from Lazard
and currently manages growth equities for
institutional and taxable clients.
CORE BELIEFS
There are always investment opportunities in
small companies generating above-average
revenue and earnings growth. By applying a
consistent, disciplined approach to
fundamental research with a keen focus on
management execution, we believe we can
identify attractive relative growth
opportunities in the small cap universe.
PROCESS
Our Relative Growth process identifies
companies that we believe will grow revenues
and earnings above their respective peer
groups over our foreseeable investment
horizon. This relative approach allows us to
invest in virtually all economic sectors. Our
research identifies what factors are
contributing to a company’s sustainable
growth prospects, such as secular tailwinds,
innovation, industry structure or competitive
advantages. Importantly, having a sustainable
growth opportunity is only half of the
equation – executing upon the opportunity is
the other, more difficult half. Our research
analyzes and judges a company’s ability to
execute to their business plan. Valuation is
the final step in our process. Unlike others,
we do not use one consistent methodology in
appraising stocks. Our experience in valuing
companies across all sectors and industries is
a key component to our strategy and allows
us to provide a diversified, relative growth
portfolio for our clients.
WHY KAMG
• Proven investment process that has been
successful over the long term
• Founder has a successful track record of
building and growing businesses
• Small boutique firm that can leverage its
growth without compromising the integrity of
their investment process
• The firm values client service as a key
element of its success
SMALL CAP GROWTH
Average market capitalization in the portfolio will be less than $2
will consist of 50-70 holdings. The relative growth strategy identifies growth
if not all, economic sectors.
Portfolio Characteristics
As of 3/31/15
Median Market Cap
NTM P/E
EPS Growth - F12M
ROE
Sales Growth F12M
Number of Holdings
% in Top 10 Holdings
Source: KAMG
Top 10 Holdings
As of 3/31/15
Company Name % of Portfolio Company Name
Burlington Stores 5.2% Heska Corp.
Proto Labs 4.1% Kate Spade
Mednax 3.2% Manhattan Associates Inc.
Acuity Brands 3.1% Cardtronics
Signature Bank 2.9% SPS Commerce
* Partial list of holdings in porfolio by percent. These are absolute weights and not relative to benchmark.
Sector Allocation versus Russell 2000 Growth
As of 3/31/15
Sector allocation is subject to change at any time.
-10 -5 0
Consumer Staples -1.4
Financials 0.5
Healthcare -1.4
Industrials -4.32
Information Technology -3.1
Utilities -1.5
portfolio will be less than $2 billion. Portfolio construction
strategy identifies growth stocks from most,
R2000
KAMG Growth Index
$2.5B $2.0B
29.4X 21.5X
21.7% 14.8%
34.7% 13.0%
18.3% 9.9%
61 1188
31.6% 6.0%
Company Name % of Portfolio
Heska Corp. 2.8%
Kate Spade 2.8%
Manhattan Associates Inc. 2.7%
Cardtronics 2.5%
SPS Commerce 2.5%
* Partial list of holdings in porfolio by percent. These are absolute weights and not relative to benchmark.
000 Growth
5 10
Consumer Discretionary 5.6
Energy 2.1
Financials 0.5
Materials 2.5

2. Performance
INVESTMENT PROFESSIONAL
I.P. (Kip) Knelman
Senior Managing Partner, CEO
39 Years Experience
DISCLOSURE
The composite represents the returns all fully discretionary, fee-paying, portfolios with a small cap growth investment mandate and a minimum of
$200,000 in assets under management.
KAMG’s account inclusion policy is the first full month or the end of the month in which the account is fully invested. The returns of the individual
portfolios within the composite are time-weighted, use trade date accounting, are based upon monthly portfolio valuations, and include the
reinvestment of all earnings as the payment date. The composite returns are asset-weighted based upon beginning period market value. A complete
list and description of all composites is available upon request. Additional information regarding policies for calculating and reporting returns is
available upon request. The composite returns presented represent past performance and do not indicate future results, which may vary.
Composite returns are shown both gross and net of fees.
Small Cap Growth Composite creation date 6/30/11.
Periods Inception (6/30/11) Annualized
Ending 3/31/15 to date (3/31/15) Periods Ending 12/31/14
KAMG Small Cap Growth QTD YTD 5-Year 3-Year 1-Year
(Gross of fees) 6.3% 6.3% 13.5% N/A 17.5% 5.5%
(Net of fees) 6.0% 6.0% 12.5% N/A 16.3% 4.5%
Russell 2000 Growth Index 6.6% 6.6% 14.3% N/A 20.1% 5.6%