U.S. Small CapBuilt one company at a time.
A long-only portfolio of U.S. small-cap companies selected through fundamental research, management engagement, and disciplined valuation. Managed by the team responsible for every investment decision.
A Focused Small-Cap Portfolio
The BAM U.S. Small Cap strategy is a long-only portfolio of U.S.-listed companies managed by Brian Arena and a four-person investment team. It is built from individual company research rather than an attempt to track the shape of an index.
We look for understandable businesses, capable and aligned management teams, sound balance sheets, and valuations that leave room for the investment case to work.
Active security selection
Approximately 85 holdings and active share of roughly 97% since inception.
Small-cap exposure
Weighted average market capitalization of approximately $3.6 billion and median market capitalization of approximately $1.9 billion.
Diversified, not index-like
Sector exposure is diversified, while position size reflects conviction and downside risk.
Characteristics are approximate and may change. See the current tear sheet for complete information and disclosures.
Research First. Portfolio Second.
Each position must work as an individual investment and as part of the full portfolio.
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1
Understand the business
We study the company’s economics, industry structure, competitive position, and sources of durable growth.
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2
Evaluate management
We assess management’s record, incentives, capital allocation, communication, and alignment with shareholders.
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3
Test the financial case
Balance-sheet strength, cash-flow durability, returns on capital, valuation, and downside scenarios are reviewed before purchase.
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4
Build and monitor the position
Position size reflects conviction and risk. The team continually reviews company developments, valuation, sector exposure, and the original thesis.
What we are trying to avoid
Small-cap portfolios can drift upward in market capitalization or become benchmark replicas. We monitor both. The goal is a genuinely active small-cap portfolio whose results are driven by company selection, not by quietly becoming something else.
The People Doing the Work
Research, portfolio decisions, and client conversations stay with the same small team.
Brian Arena
Brian leads the U.S. Small Cap strategy, including research, security selection, and portfolio construction.
He previously managed the State of New Jersey’s approximately $30 billion U.S. equity portfolio and its approximately $2.5 billion small-stock portfolio.
BAM is employee-owned and claims compliance with the Global Investment Performance Standards (GIPS®).
Tom Byrne
Firm leadership, governance, and institutional client stewardship.
Mike Chen
Quantitative research, portfolio analytics, and risk review.
Brendan Byrne
Fundamental company research and institutional communications.
Current Performance and Portfolio Detail
The June 2026 tear sheet includes performance, benchmark comparisons, portfolio characteristics, and complete disclosures. For institutional due diligence, contact the investment team directly.
Past performance is not a guarantee of future results. Please review the tear sheet for complete performance information and disclosures.