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A distinct edge in understanding how company leaders drive change to create value.


Co-portfolio managers Mark Dickherber and Shaun Nicholson are small-cap investors who seek to identify companies that have the potential for significant improvement in return on invested capital (ROIC).

The idea being that as ROIC improves, each dollar invested in the business earns an incrementally higher return. Importantly, Dickherber and Nicholson disaggregate a company’s ROIC down to the business segment level to understand the drivers (and detractors) of a company’s profitability. Armed with segment-level return data they seek to identify companies with low embedded expectations that have company-specific returns-improving catalysts. (They do not buy stocks simply because they are cheap.)

Dickherber and Nicholson require that management is ROIC-focused, financially incentivized to improve returns through appropriate capital allocation, and able to articulate an appropriate returns-based strategy to improve profitability. They track management’s progress via quarterly financials and quarterly management contact. As management demonstrates a commitment and ability to appropriately improve returns, Dickherber and Nicholson will build the position.

The co-managers pride themselves on identifying the building blocks of improved (and diminishing) profitability before it is recognized by the market. As improved returns are reflected in the stock price, portfolio holdings are trimmed, and ultimately sold when they reach the team’s estimate of fair value.

A Focus on Return on Invested Capital
Bottom-up research focuses on companies with improving ROIC
Strong Management Teams
Skilled managements that are financially incentivized through appropriate capital allocation
Risk Mitigation
Attractive Risk/Rewards, low embedded expectations, and conviction-weighted portfolio



As of 05/16/2024



As of 05/16/2024



As of 05/16/2024




Polen Capital

Target Manager Allocation: 50%

Stock-Picking Style: Growth

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Rayna Lesser Hannaway

Head of Team, Portfolio Manager & Analyst
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Rayna heads the Small Company Growth Team, is lead Portfolio Manager of Polen Capital’s U.S. Small Company Growth and U.S. SMID Company Growth strategies, and is co-Portfolio Manager of Polen Capital’s Global SMID Company Growth strategy. Prior to joining Polen Capital in 2017, Rayna spent nine years in portfolio management and two years as a Research Analyst at Fidelity Investments in Boston, evaluating small and mid-cap companies. She also spent nine years working in small-cap research for Jennison Associates and Lord Abbett & Company. Rayna received a B.A. in Economics from Barnard College, a division of Columbia University, where she graduated summa cum laude in 1996. Rayna is a CFA® charterholder and holds a CFA Institute Certificate in ESG Investing. In 2021 Rayna launched Polen’s WISE employee resource group, with a goal to support and promote an inclusive and supportive culture for women and their allies across the asset management industry.  Rayna is a current member of the Board of Directors at Big Brothers Big Sisters of Massachusetts Bay, and Board Chair at RAW Artworks.

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Whitney Young Crawford

Portfolio Manager & Analyst
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Whitney is co-Portfolio Manager for Polen Capital’s U.S. Small Company Growth and U.S. SMID Company Growth strategies. Prior to joining Polen Capital in 2019, Whitney was a Senior Analyst at Manulife Asset Management in Boston, where she worked for four years. Before Manulife, she was an Analyst at Fidelity Investments in Boston focusing primarily on small-cap companies. Whitney received a B.A. in Economics (magna cum laude) from the College of William & Mary and an M.B.A. from Duke University Fuqua School of Business.

Polen Capital is a team of experienced investment industry professionals who share an unwavering commitment to its clients, investors, community and each other. They have been dedicated to serving investors by managing active, high-conviction portfolios for more than three decades. At Polen Capital, they have built a culture of results, and in this, an inherent belief in going beyond what’s expected for the people and communities they serve.

  • They adhere to a time-tested process driven by rigorous fundamental research
  • They invest for the long haul and with a business owner’s mindset
  • They remain passionate about their mission to protect and grow capital

Segall Bryant & Hamill

Target Manager Allocation: 50%

Stock-Picking Style: Value

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Mark T. Dickherber

Principal, Director of Small Cap Strategies
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Mark Dickherber is a Principal and the Senior Portfolio Manager of Segall Bryant & Hamill’s Small Cap Core and Small Cap Value portfolios and is also responsible for equity research in the Small Cap and Small/Mid Core equity portfolios. Mr. Dickherber is a specialist in the healthcare sector. Prior to joining SBH, Mr. Dickherber served as Director of Research for Kennedy Capital Management, where he had worked since 1996. Mr. Dickherber graduated magna cum laude from the University of Missouri-St. Louis with a B.S. in Accounting. He served as Treasurer for the CFA Society of St. Louis from 2004-2006 and as a Director from 2006-2008. Mr. Dickherber has been in the investment industry since 1996 and has earned Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

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Shaun P. Nicholson

Principal, Senior Portfolio Manager
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Shaun Nicholson is a Principal and Senior Portfolio Manager for Segall Bryant & Hamill’s Small Cap strategies. He is the lead Portfolio Manager for our Small Cap Value Concentrated strategy and the Co-Portfolio Manager for our Small Cap Value strategy. Nicholson is also responsible for research related to materials, autos/transports, industrials and regional banks within the respective portfolios. He joined SBH in 2011 after having spent more than six years at Kennedy Capital Management. Prior to Kennedy, Nicholson’s experience was as an Associate Portfolio Manager at U.S. Bancorp Asset Management and as a Financial Analyst at The Boeing Company. Nicholson earned a B.S. from Seton Hall University and earned an MBA from the University of Missouri-St. Louis. He has been in the investment industry since 2002.

Segall Bryant & Hamill (SBH) is an independent investment firm based in Chicago, Illinois, with offices in Denver, Colorado; St. Louis, Missouri; Philadelphia, Pennsylvania; and Naples, Florida. Founded in 1994, SBH believes in a client-first approach while providing investment management of equity, fixed income, alternative, and asset allocation portfolios. Known for generating performance through proprietary investment research for clients across the country, our experienced team seeks the most attractive investments offered through our various strategies. Our portfolio managers work directly with clients to help maximize investment return while aligning with client goals and specific risk constraints. Our substantial employee ownership and partnership culture results in the continuity of our investment teams, long-term relationships, and the alignment of our interests with those of our clients. We foster an inclusive work environment, enabling us to attract and develop diverse thinkers and talent.



The value of a hypothetical $10,000 investment in the iMGP Small Company Fund compared with the Russell 2000 Value TR USD, Russell 2000 TR USD, and US Fund Small Value.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

Select the set of performance tables to view.


Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Short term performance is not a good indication of the fund’s future performance and should not be the sole basis for investing in the fund. Indexes are unmanaged, do not incur fees, and cannot be invested in directly. Returns less than one year are not annualized.

Fund Data

The gross and net expense ratios can be found in the most recent Summary Prospectus (4/30/2024). There are contractual fee waivers in effect through 4/30/2025. While the fund is no-load, management and other expenses still apply.

Portfolio Holdings

  • To view our most recent portfolio holdings, please click here.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.


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iMGP Funds emails provide investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into our investment team’s processes, and commentary on various aspects of investing.


The fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the investment company, and it may be viewed here or by calling 1-800-960-0188. Read it carefully before investing. Mutual fund investing involves risk. Principal loss is possible. Investing in small companies subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Though not an international fund, the fund may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. These risks are greater for investments in emerging markets. Past performance does not guarantee future results.  Index performance is not illustrative of fund performance.  An investment cannot be made directly in an index.  This fund is new and performance information is not available. Once performance is available, it may be obtained by calling 1-800-960-0188 or by visiting Index Definitions | Industry Terms and Definitions The iMGP Funds are distributed by ALPS Distributors, Inc.