Will Muggia
President, Chief Executive Officer & Chief Investment Officer
Growth Equity
Small Cap Growth Equity
Inception Date:
July 1, 1989
Strategy AUM:
$4.3B
BENCHMARK:
Russell 2000® Growth Index
Status:
Open to new investors
Vehicles:
Strategy Overview
A high-conviction small cap growth strategy targeting businesses with strong fundamentals and underappreciated earnings potential. We aim to deliver consistent performance across cycles through deep research and disciplined execution.
Investment Approach
Small Cap Growth Equity is built on the belief that stock prices ultimately follow earnings growth. We seek to identify businesses with strong fundamentals, underappreciated earnings potential, and durable competitive advantages — the companies we believe are best positioned to outperform over time.
The strategy is managed by Westfield’s Investment Committee — a tenured group of sector specialists with deep domain expertise across the market cap spectrum. Their focus on both secular and cyclical growth opportunities enables us to build a portfolio that is not only diversified across end markets, but also positioned to capture multiple drivers of earnings acceleration across market cycles.
Key attributes of our approach include:
- Bottom-up stock selection grounded in fundamental due diligence
- Balanced exposure for resilience across market cycles
- Concentrated portfolio of 60–80 holdings, reflecting our best thinking
- Disciplined risk framework guiding portfolio construction
Chart source: FactSet as of 12/31/24. Based on 5-Year excess returns since the inception of Small Cap Growth (7/1/89), rolling monthly. All data is net of fees. Past performance is not indicative of future results. Returns are annualized.
Performance and Exposures
Investment Performance
Preliminary Rates of Return (%) - Periods Ending September 30, 2025
Composite - Gross:
QTD
7.76
YTD
8.71
1-Year
5.91
3-Year
15.69
5-Year
8.89
10-Year
12.13
SI (JUL-89)
13.80
Composite - Net:
QTD
7.61
YTD
8.27
1-Year
5.34
3-Year
15.05
5-Year
8.27
10-Year
11.45
SI (JUL-89)
13.02
Russell 2000® Growth:
QTD
12.19
YTD
11.65
1-Year
13.56
3-Year
16.68
5-Year
8.41
10-Year
9.91
SI (JUL-89)
8.16
Key Characteristics
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Characteristic | Portfolio | Benchmark |
|---|---|---|---|---|---|---|---|
| 8 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Number of Holdings | 74 | 1,105 |
| 9 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Active Share | 86% | -- |
| 10 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | 1-Year Asset Turnover | 97% | -- |
| 11 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Wtd. Avg. Market Cap ($M) | $9,827 | $5,364 |
| 12 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Cal Yr P/E 2026 ¹ | 23.3x | 19.7x |
| 13 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Forward EPS Growth 2026 ¹ | 25.70% | 21.50% |
| 14 | nhoyt | 10/10/2025 03:30 PM | nhoyt | 10/10/2025 03:30 PM | Tracking Error (5 Yr gross) ² | 7.09% | -- |
Top 10 Active Weights
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Security | Active Weight (%) | GICS Sector |
|---|---|---|---|---|---|---|---|
| 11 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Comfort Systems USA, Inc. | 5.53 | Industrials |
| 12 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Ascendis Pharma A/S Sponsored ADR | 5.24 | Health Care |
| 13 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | FTAI Aviation Ltd. | 3.13 | Industrials |
| 14 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | ITT, Inc. | 2.15 | Industrials |
| 15 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Karman Holdings Inc. | 2.12 | Industrials |
| 16 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Merus N.V. | 1.94 | Health Care |
| 17 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | TopBuild Corp. | 1.85 | Cons. Disc. |
| 18 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Dynatrace, Inc. | 1.81 | Info. Tech. |
| 19 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Birkenstock Holding plc | 1.80 | Cons. Disc. |
| 20 | nhoyt | 10/10/2025 03:31 PM | nhoyt | 10/10/2025 03:31 PM | Houlihan Lokey, Inc. Class A | 1.77 | Financials |
Sector Exposure
As of September 30, 2025
Source: FactSet. Representative Portfolio data shown as of 9/25/25 unless otherwise stated. Past performance is not indicative of future results - Please click here for GIPS® Compliant Presentation. Returns are annualized for periods greater than one year. Any third party data contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. ¹Cal Yr P/E 2025 and EPS Growth (2025 est.) for the portfolio is sourced from FactSet Street estimates for the current portfolio holdings and is subject to change. ²Strategy Composite data gross of fees. Active weights represent the top 10 active longs relative to the benchmark. Dual share classes are combined when calculating active weights. The holdings and percentages may not represent the current or future portfolio composition. Due to rounding and cash, sector weights may not sum to 100%. Portfolio characteristics may differ depending on specific client guidelines and restrictions.
Meet The Team
Our Investment Team.
