SPEECE THORSON CAPITAL GROUP INC

SPEECE THORSON CAPITAL GROUP INC is an independent investment management firm based in Minneapolis, Minnesota. Structured as a U.S. Securities and Exchange Commission–registered investment advisor, the firm is best known as a dedicated small- and mid-cap value equity manager serving institutional clients such as pension funds, endowments, foundations, and select high-net-worth investors. Founded by David Speece and Michael Thorson, the firm operates as a focused, research-driven boutique. Its mandates are typically offered as separately managed accounts and institutional portfolios that concentrate on U.S. small- and mid-cap equities, implemented with a long-term, fundamentally oriented value discipline. SPEECE THORSON CAPITAL GROUP INC files Form 13F with the SEC as an institutional investment manager under CIK #0000900169. These filings disclose the firm’s long positions in reportable U.S.-listed securities—primarily individual equities and, where used, certain equity-like instruments—over which it has investment discretion. The 13F reports do not capture any non-reportable holdings such as most fixed-income instruments, cash, or derivatives, and therefore represent the observable long U.S. equity sleeve of its strategies rather than the entirety of client exposures. On this platform, the firm’s 13F History can be reviewed across quarters to track how its disclosed small- and mid-cap holdings, sector weights, and issuer concentrations have evolved through different market environments, creating a fact-based complement to traditional manager due diligence.

SPEECE THORSON CAPITAL GROUP INC pursues a fundamentally driven small- and mid-cap value strategy. The firm seeks to identify businesses trading at a discount to a conservatively estimated intrinsic value, with a particular focus on balance-sheet strength, free-cash-flow generation, and management teams with disciplined capital-allocation records. Research is bottom-up and company-specific. Analysts and portfolio managers evaluate business models, industry structure, financial statement quality, and cash-flow dynamics to separate cyclical or short-term issues from structural impairment. Valuation work typically emphasizes normalized earnings and cash-flow power rather than near-term reported numbers, with a margin-of-safety overlay guiding purchase decisions. The investable universe centers on U.S. small- and mid-cap issuers, where the firm believes inefficiencies in coverage and investor attention can create mispricings for patient, research-intensive investors. Portfolios are diversified across sectors—often with meaningful exposure to industrials, financials, business services, and consumer-related companies—while selectively owning technology and healthcare names that meet stringent valuation and quality criteria. Portfolios are conviction-weighted but not excessively concentrated, typically holding a moderate number of positions. Turnover is moderate: holdings may remain in the portfolio for several years as long as the thesis remains intact and the price-to-value gap is attractive, but the firm is willing to reallocate capital when valuations converge on intrinsic value or fundamentals deteriorate. Within this platform, the 13F Portfolio Composition view allows allocators to dissect SPEECE THORSON CAPITAL GROUP INC’s disclosed holdings by sector, market-capitalization band, and issuer contribution, making its small-/mid-cap value orientation directly observable from the data. Using the Portfolio Simulator and Backtesting Service, users can build a rules-based historical replication of the reportable sleeve, examining how the firm’s stock selection and capital allocation choices have driven the evolution of its U.S. equity capital trajectory over time.

SPEECE THORSON CAPITAL GROUP INC is a Minneapolis-based, SEC-registered investment advisor specializing in fundamentally driven small- and mid-cap U.S. value equities. Its 13F filings under CIK #0000900169 reveal a conviction-weighted yet diversified portfolio that emphasizes balance-sheet strength, free-cash-flow resilience, and valuation discipline across industrial, financial, consumer, and select technology and healthcare names. From the 13F perspective, key observable attributes include: - A dedicated small-/mid-cap value focus, distinct from large-cap core or growth-oriented peers. - Broad sector diversification, with controlled issuer concentration consistent with institutional separate-account implementation. - Moderate turnover and multi-year holding periods that anchor outcomes to underlying business fundamentals rather than short-term trading. Within this platform, a reconstructed Historical Track Record based on 13F data allows allocators to study the capital trajectory of SPEECE THORSON CAPITAL GROUP INC’s reportable holdings over multiple market cycles. Combining 13F Portfolio Composition analytics with risk diagnostics such as Max Drawdown Depth and efficiency measures like Sharpe Ratio provides a structured, data-grounded view of how the firm’s small-/mid-cap value discipline has manifested in the portion of the portfolio visible through regulatory filings. The central analytical question for allocators is how this style—small- and mid-cap, value-tilted, and quality-aware—behaves across different market regimes, including extended growth leadership, value recoveries, liquidity-driven sell-offs, and credit-sensitive downturns, and whether that regime sensitivity is aligned with the role they intend SPEECE THORSON CAPITAL GROUP INC to play within a broader, multi-manager allocation.

The risk profile of SPEECE THORSON CAPITAL GROUP INC, as seen through its 13F-reported holdings, reflects that of a concentrated but diversified small- and mid-cap value manager. Portfolios are fully exposed to equity market risk and, given the capitalization focus, typically experience higher volatility than broad large-cap benchmarks. Several dimensions characterize the firm’s risk profile: - Size exposure: Emphasis on small- and mid-cap companies introduces greater sensitivity to economic cycles, funding conditions, and liquidity stresses than is typical for large-cap-focused strategies. - Style exposure: A clear value tilt means that the strategy can face headwinds in prolonged growth-led or momentum-driven markets, but can benefit during periods when valuation discipline and balance-sheet strength are rewarded. - Sector pattern: Recurrent allocations to industrials, financials, and economically sensitive consumer and business-services franchises concentrate exposure in areas tied to the business cycle, while selective use of technology and healthcare can add idiosyncratic innovation risk. - Concentration: While diversified, a finite number of core holdings often account for a significant share of aggregate reported value, so company-specific events—earnings surprises, corporate actions, or sector-specific shocks—can meaningfully influence short- and medium-term capital paths. Turnover that is active but not high-frequency means that the portfolio’s risk characteristics evolve over time, but without rapid trading. This supports alignment with medium-term fundamental views while leaving the book somewhat slower to adjust in very abrupt factor rotations or liquidity shocks. On this platform, allocators can apply risk diagnostics to a 13F-based replication of SPEECE THORSON CAPITAL GROUP INC’s equity sleeve. Metrics such as Max Drawdown Depth quantify the most severe peak-to-trough declines realized by the reconstructed holdings over chosen horizons, while a Sharpe Ratio lens helps relate realized variability to the excess compounding achieved versus a cash proxy. Scenario analysis and stress tests—implemented via Performance Backtests Online—allow users to explore how the observable book might have behaved during episodes such as small-cap bear phases, value-to-growth rotations, or credit-driven downturns. Because Form 13F excludes non-reportable holdings and any derivatives or hedging overlays, all such analytics should be interpreted as a view of the long, U.S.-listed equity component of the firm’s mandates rather than of total economic exposure.