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Small Cap Value Portfolio

The portfolio for Azzad’s small cap value strategy is managed by Tributary Capital Management.

Part of the Azzad Ethical Wrap Program

A comprehensive halal wealth management solution for high net worth clients, organizations, and business owners.


Quarter and year-to-date returns are not annualized.
Performance inception date is 8/14/2012. 

Performance inception date is 8/14/2012. The performance is reported in U.S. dollars. The performance quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Net returns are reduced by all fees, transaction costs and are gross of foreign withholding taxes. Performance includes reinvestment of dividends and other earnings. Gross returns are gross of all fees and transaction costs. For more recent quarter-end performance information, call 888.862.9923. The Russell 2000® Value Index measures the performance of the Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged, and does not reflect the deduction of expenses, which have been deducted from the model’s returns. The index’s return assumes reinvestment of all distributions and dividends; you cannot invest directly in an index.


as a percentage of the total portfolio

Permian Resources Corp Class A3.91
ICF International Inc3.89
CSW Industrials Inc3.88
Comfort Systems USA Inc3.87
Onto Innovation Inc3.70


As of 9/30/2023.  For illustrative purposes only; subject to change. Model portfolio holdings and allocations are subject to change and are not a recommendation to buy or sell any security.


as a percentage of the total portfolio

As of 9/30/2023.  For illustrative purposes only; subject to change. Figures may not equal 100% due to rounding.


Small cap stocks are shares of companies with relatively small market capitalization (the total market value of all their shares).

Different managers use different dollar amounts in their definitions of small cap, but in general small caps are companies with a market cap between $300 million and $2 billion.

Small cap companies tend to be more risky and volatile than their large cap counterparts, but they also have more room to grow, which could mean bigger returns.

Small cap value stocks are companies in this category that analysts believe to be under-valued, meaning its stock price is lower than what it could be based on the fundamentals of the company.


Tributary Capital Management is a boutique investment management firm registered with the Securities & Exchange Commission and located in Omaha, Nebraska.

Established in 2010 from the merger of two investment management teams with roots dating back to 1929, Tributary managed more than $2.4 billion for institutional, retail, and mutual fund clients as of December 31, 2020.

Their investment team consists of investment professionals who hold the CFA® credential.

History of the manager was provided by Tributary.

Mark Wynegar, CFA®
President, Portfolio Manager

Mike Johnson, CFA®
Portfolio Manager


Azzad’s small cap value portfolio seeks to achieve a return equal to or greater than its benchmark, the Russell 2000® Value Index after screening for Azzad’s ethical screens.

The portfolio was created on August 14, 2012 with the objective to achieve long-term, above average performance with below-average risk (as measured by standard deviation).

The managers try to identify quality companies that they believe will enhance shareholder value over time. Using a fundamentally, research-driven process, their focus is primarily on stock selection.

They analyze and value stocks as partial ownership interests in businesses and their long-term investment time horizon reflects this mindset. They believe that a bottom-up stock selection is the highest quality source of excess return.


Portfolio Facts

Inception date: August 14, 2012

Asset class: Small cap value

Portfolio manager: Tributary Capital Management

Investment approach: Bottom-up

Benchmark: Russell 2000® Value Index

Azzad Ethical Wrap Program minimum investment: $500,000

For more information: 888-862-9923


Tributary manages Azzad’s small cap value model using an investment process driven primarily by qualitative analysis. Investments are chosen from a universe of securities passing Azzad’s ethical screens.

The managers identify stocks that have been mispriced by the market and purchase or sell those investments to take advantage of eventual re-pricing. By owning quality companies in such situations, the strategy attempts to generate above-average returns with below-average risk.

The strategy seeks to ensure downside protection through strong financial position and valuation analysis, while identifying upside catalysts with management interviews, company visits, and competitive position/industry analysis.


Our small cap value portfolio is offered through the Azzad Ethical Wrap Program.

The minimum initial investment for the program is $500,000.

If you’d like to learn more, please contact us and one of our financial advisors can help you decide if the wrap program is a good fit for your needs.


Investing involves risk, including the possible loss of principal. Please read the following important disclosures.

Small-cap stocks may be very sensitive to changing economic conditions and market downturns. Small, less seasoned companies and medium-size companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. They are also more sensitive to purchase/sale transactions and changes in the issuer’s financial condition.

Moreover, to the extent that a portfolio favors a growth style, the risk is that the values of growth securities may be more sensitive to changes in current or expected earnings than the values of other securities. To the extent a portfolio uses a value style, the risk is that the market will not recognize a security’s intrinsic value for a long time, or that a stock judged to be undervalued may actually be appropriately priced.

Investments in securities involve risks and there is no guarantee that a strategy will achieve its objectives. As with all stock investments, you may lose money investing in a portfolio. Azzad’s portfolios generally avoid companies in certain economic sectors and businesses due to Azzad’s socially responsible investment restrictions. Therefore, their performance may suffer if these sectors and/or businesses outperform the overall stock market.

Each portfolio is nondiversified and may invest a larger percentage of its assets in fewer companies exposing it to more volatility and/or market risk than a diversified portfolio. Each portfolio is generally available only through one of Azzad’s asset allocation strategies and is not designed by itself to be a comprehensive, diversified investment plan.

All of Azzad’s models are actively managed. Active trading of securities may increase your account’s short-term capital gains or losses, which may affect the taxes you pay. Short-term capital gains are taxed as ordinary income under federal income tax laws. When reviewing your actual performance, holdings and asset allocation, note that different accounts, even though they are traded pursuant to the same strategy, can have varying results. The reasons for this include: i) the period of time in which the accounts are active; ii) the timing of contributions and withdrawals; iii) the account size; iv) the minimum investment requirements and/or withdrawal restrictions; and v) the actual fees charged to an account. There can be no assurance that an account opened by any person will achieve performance returns similar to those provided on this page.

You should consider investing in the Ethical Wrap Program if you are looking for long-term returns and are willing to accept the associated risks. The Ethical Wrap Program is made available through a Wrap Brochure which contains important information about our firm, strategies, risks and conflicts of interest. Please request a copy of our Wrap Brochure, Part 2A of the firm’s Form ADV and your representative’s Part 2B by calling 888.862.9923 before investing in the Wrap Program or opening an account with us.

Azzad Asset Management is an independently registered investment adviser. Azzad Asset Management claims compliance with the Global Investment Performance Standards (GIPS®). To obtain GIPS-compliant performance information including a GIPS Composite Report for the firm’s strategies and products, please call 888.862.9923 or send an email to

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