Clarkston Partners Fund Institutional Class
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- Clarkston Partners Fund Institutional Class (CISMX) is a non-diversified open-end mutual fund that seeks long-term capital appreciation by investing primarily in U.S.-traded equity securities of small- and medium-market capitalization companies, defined as those below the market cap of the largest company in the Russell 2500 Index; it employs a Quality Value investment philosophy, targeting high-quality firms with favorable profitability metrics, sustainable competitive advantages, capable management teams, and undervaluation relative to expected long-term free cash flows. The fund may invest in common stock, preferred stock, convertible securities, and foreign equities via American Depositary Receipts (ADRs), with top holdings as of mid-2025 including Post Holdings Inc. (8.92%), Clarivate PLC (7.53%), Affiliated Managers Group Inc. (7.43%), LPL Financial Holdings Inc. (6.57%), and US Foods Holding Corp. (5.25%); sector allocations emphasize consumer defensive (26.19%), financial services (19.28%), industrials (17.52%), and healthcare (15.19%). It is advised by Clarkston Capital Partners LLC, a boutique investment management firm founded in 2007 and headquartered in Bloomfield Hills, Michigan, with additional offices in Rochester, Michigan, and serving institutional and high-net-worth individual clients focused on U.S. small- and mid-cap value opportunities. Launched on September 15, 2015, the Institutional Class shares (CUSIP not specified in public data, minimum initial investment $25,000) feature a net expense ratio of 1.00% (with a contractual waiver to 0.85% through January 31, 2026, excluding certain costs), daily pricing, and an annual turnover rate of approximately 12-22%; the fund maintains total net assets of around $954-958 million, with the Institutional Class comprising about $523 million. Geographically, it focuses on U.S. equities (86.58% allocation), with minor non-U.S. exposure (7.53%, primarily United Kingdom), and operates within the mid-cap value category per Morningstar classification. Recent developments include a year-end distribution announced for December 16, 2025, estimated at $0.59 per Institutional Class share ($0.06 ordinary income, $0.17 short-term capital gain, $0.36 long-term capital gain); the adviser, Clarkston Capital Partners LLC, went live on the Ridgeline investment management platform in 2025 to modernize front-, middle-, and back-office operations, replacing legacy systems; portfolio adjustments in Q3 2025 featured new positions such as $34.4 million in BellRing Brands Inc. (BRBR) and $50.3 million in Primo Brands Corp. (PRMB), alongside increases in holdings like Gartner Inc. (IT) by 125,184 shares.