Pacific Ridge Capital Partners

Brian Cheney serves as Chief Investment Officer and is the primary decision-maker for the firm's micro-cap value strategy, supported by Portfolio Manager Mike Manion. Cheney founded the firm in 2007 after earlier roles that immersed him in small-cap fundamental research. The concentrated investment team structure means the two named portfolio managers directly conduct company due diligence and make all buy-sell decisions without a top-heavy analyst layer.

Pacific Ridge targets US-listed equities with market capitalizations generally below $500 million, a space the firm believes is structurally underserved by sell-side research and institutional capital. This micro-cap segment tends to exhibit wider valuation dispersions and longer re-pricing lags, which a patient fundamental manager can exploit. The firm's thesis is that buying quality micro-cap businesses at deep discounts to intrinsic value and holding them for three to five years generates alpha that is hard to replicate in more efficient small-cap and large-cap markets.

No. Pacific Ridge is a public-equities-only manager. The firm runs concentrated, long-only portfolios of US micro-cap stocks and does not allocate to private equity, venture capital, direct real estate, or private credit vehicles. This purity of mandate is central to its pitch to institutional clients seeking dedicated, unhedged micro-cap equity exposure without asset-class drift.

Since its 2007 inception, Pacific Ridge's flagship micro-cap value strategy has produced annualized net returns that have materially outperformed the Russell Microcap Index over full market cycles, according to the firm's public communications. The firm benchmarks itself against the Russell Microcap Index and the Russell 2000 Index but emphasizes absolute, cycle-adjusted returns over relative performance in any single year. Individual yearly return dispersion can be wide given the concentrated portfolio construction and the illiquidity of underlying holdings.