# Rutabaga Capital Management

Rutabaga Capital Management is a Private Equity based in Boston, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** Boston, MA, United States
- **Founded:** 1999
- **Assets under management:** Undisclosed
- **Website:** www.rutabagacapital.com
- **LinkedIn:** https://www.linkedin.com/company/rutabaga-capital-management

## Regulatory record

- **Reports private funds:** No

## About

Rutabaga Capital Management is a registered Investment Advisor based in Boston, MA that focuses exclusively on actively-managed, concentrated Small Cap Value and Micro Cap Value portfolios.

## People

- Peter C. Schliemann — Portfolio Manager, Analyst, Founder
- Dennis J. Scannell, Jr. — Portfolio Manager, Analyst, Lead Partner
- N. Carter Newbold — Portfolio Manager, Analyst
- Eugene H. Gardner, Jr. — Senior Advisor

## Questions

### Who runs investment decisions at Rutabaga Capital Management?

Three portfolio managers jointly run the book: founder Peter Schliemann, lead partner Dennis Scannell, and Carter Newbold. Senior advisor Eugene Gardner—a former Babson colleague who also works at Gardner, Russo & Quinn—provides additional input. All four joined within the firm's first year of operation.

### What does Rutabaga actually invest in?

Rutabaga runs concentrated, long-only equity portfolios in US Small Cap Value and Micro Cap Value. The firm targets publicly traded companies with market capitalizations small enough to fall outside most institutional screens. It does not operate in private equity, venture, credit, or real assets.

### Why is the firm named Rutabaga?

Morningstar once described Peter Schliemann's Babson Enterprise Fund as unearthing rutabagas—uncommon, unloved stocks that are good for you. When Schliemann founded his own firm on the same philosophy in 1999, the name followed.

### How does Rutabaga's small-cap focus affect liquidity?

The firm openly acknowledges that its strategy requires tolerating illiquidity. Micro-cap names rarely have deep trading volume, which forces longer holding periods and makes third-party performance benchmarking difficult. Rutabaga presents this as a feature, not a bug, arguing that the best value emerges where coverage is thinnest.

## Related profiles

- [Rustic Canyon Partners](https://altss.com/profile/rustic-canyon-partners)
- [Rutgers University Foundation](https://altss.com/profile/rutgers-university-foundation)

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Last updated: 2026-06-03T20:00:00.000Z

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