Adirondack Small Cap Fund
ADKSX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 2390 Western Avenue Guilderland NY United States of America 12084
- IPO Date
- Apr 8, 2005
- CIK
- 0001311981
- Website
- adirondackfunds.com
- Similar Companies
- Business
- Adirondack Small Cap Fund (ADKSX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in a diversified portfolio of undervalued common stocks of small-capitalization companies with market capitalizations below $7 billion at the time of initial purchase; under normal circumstances, at least 80% of its assets are invested in such equities, including up to 15% in sponsored American Depositary Receipts issued by foreign companies, employing a contrarian value strategy focused on out-of-favor securities screened by metrics such as price-to-book, price-to-cash flow, price-to-revenue, and price-to-earnings, with positions sold upon reaching price targets or when investment rationale no longer holds. The fund's portfolio typically comprises 50-53 holdings across sectors like financial services, technology, healthcare, industrials, and energy, with top holdings including Conduent Inc., Antero Resources Corp., Kyndryl Holdings Inc., Genworth Financial Inc., and SiriusPoint Ltd.; it maintains low turnover around 33-39%, holds short-term investments for liquidity, and has a net expense ratio of 1.48% after advisory waivers. Established in April 2005 as the sole series of Adirondack Funds, an Ohio business trust, the fund is headquartered at 2390 Western Avenue, Guilderland, New York 12084, and managed by Adirondack Research & Management Inc., with portfolio managers Matthew P. Reiner (since 2005) and Gregory A. Roeder (since 2006); it primarily serves U.S. investors through no-load shares with a $3,000 minimum initial investment, available via brokers, financial intermediaries, or direct purchase. In recent years, the fund has strategically shifted its sector allocations amid interest rate dynamics, reducing insurance exposure by 28% (from overweight positions in CNO Financial, Genworth Financial, SiriusPoint, Tiptree, and United Fire Group) while more than doubling real estate investment trust (REIT) holdings to 4.4% (including Brixmor Property Group, Healthcare Realty Trust, and JBG Smith Properties) in anticipation of Federal Reserve rate cuts; it added Healthcare Realty Trust post its 2022 merger with Healthcare Trust of America to capitalize on medical office space demand from an aging population. The advisor extended its contractual expense limitation to 1.48% through August 1, 2026, filed a post-effective prospectus amendment effective August 1, 2025, and changed its broad-based benchmark from the Morningstar US Small Cap Broad Value Extended Index to the S&P 500 Index while retaining comparisons to the iShares Russell 2000 Value ETF.