Company News

Ballast Equity Awarded PSN Top Guns Designations for Q3 2022

Quarterly PSN Top Guns List published by Zephyr identifies best-in-class separate accounts,
managed accounts, and managed ETF strategies

Naperville, IL – November 21, 2022 – Ballast Equity Management announced today it has been
named to the celebrated PSN Top Guns List of best performing separate accounts, managed
accounts, and managed ETF strategies for Q3 2022. The list, published by Zephyr, remains one of
the most important references for investors and asset managers. Ballast was honored with 5 Star
Top Gun ratings for its Select Value strategy in the Small-Mid Value Universe and its Quality Value
Midcap strategy in the Mid Value Universe for Q3 2022, highlighting risk-adjusted results over the
trailing three-year periods.

“With the growing interest in separately managed accounts, the PSN Top Guns List has attracted
greater attention,” says Margaret Tobiasen, SVP of Data Distribution who cites PSN’s pioneering
efforts as the first SMA database as the reason for the list’s popularity. “Ballast Equity
Management has done remarkable work and we are pleased to include them as a top performer.”

“Markets had a stellar quarter ending September 30, but risks persist, and we believe an emphasis
on quality businesses with strong balance sheets and free cash flows is prudent,” noted Ballast cofounder and CEO Jeff Kautz. “These Top Guns ratings from Informa Financial Intelligence highlight
the long-term competitiveness and risk management of Ballast’s strategies that we continually
seek to deliver.”

Through a combination PSN’s proprietary performance screens, the PSN Top Guns List ranks
products in six proprietary categories in over 75 universes based on continued performance over
time.

Select Value, a portfolio of Ballast’s “best ideas” from its small and mid-cap strategies, and Quality
Value Midcap each received 5 Star ratings. To attain the 5 Star rating, products had an r-squared
of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the
strategy’s returns exceeded the style benchmark for the three latest three-year rolling periods.
Products are then selected which have a standard deviation for the five-year period equal or less
than the median standard deviation for the peer group. The top ten returns for the latest threeyear period then become the 5 Star Top Guns.

Ballast manages three fundamental strategies, Quality Value Smallcap, Quality Value Midcap and
Select Value, all of which seek to reward clients with performance that is above their benchmarks
and peers over a full market cycle with less volatility. Ballast’s investment team invests alongside
its clients in small and mid-cap businesses they believe can sustain high returns on invested capital
through durable competitive advantages. Markets currently present investors with elevated levels
of risk and Ballast believes that selectively owning durable businesses purchased at reasonable
valuations will be key to preserving and growing wealth.

The complete list of PSN Top Guns and an overview of the methodology can be located at
https://psn.fi.informais.com/. Registration is required.
For more details on the specific performance and characteristics of Ballast’s strategies, including
a fully GIPS compliant presentation, please visit www.ballastequity.com.

About Ballast Equity Management, LLC

Ballast Equity Management is an employee-owned asset management firm that invests alongside
its clients in high conviction portfolios of quality small and mid-capitalization businesses. Ballast
manages these portfolios of publicly traded companies for individuals, family offices and
institutions. Based in Naperville, Illinois, Ballast was founded in 2016 by Jeff Kautz and Randy
Hughes, investment professionals who previously held senior roles at Perkins Investment
Management and have invested together for 25 years.

About PSN

For nearly four decades, PSN has been a top resource for investment professionals. Asset
managers rely on Zephyr’s PSN to effectively reach institutional and retail investors rely. Over
2,800 firms, 285 universes, and more than 21,000 products comprise the PSN SMA database
showing asset breakdowns, compliance, key personnel, ownership diversity, ESG, business
objectives and strategy, style, fees, GIC sectors, fixed income ranges and full holdings. Unique to
PSN is its robust historical database of nearly 40 Years of Data Including Net and Gross-of-Fee
Returns. For more details on the methodology behind the PSN Top Guns Rankings or to purchase
PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com. Visit PSN
online to learn more.

Ballast Equity Management Rebrands to QSV Equity Investors

New brand highlights firm’s focus on the qualities delivered to clients and
differentiates from competitors.

Naperville, IL – March 21, 2023 – Ballast Equity Management announced today it will rebrand
immediately to QSV Equity Investors, LLC. This rebranding serves two purposes: highlighting the
attributes of quality, stability, and value the firm instills in each of its investment strategies and
setting the firm apart from competitors with brand names like its own. Commenting on this
change, Ballast CEO and Co-Founder Jeff Kautz noted “Our skillset is in researching, valuing, and
building portfolios of small and mid-cap stocks and not in branding, thus we find ourselves with a
corporate name, Ballast Equity Management, which is quite like that of other investment firms.
Our people, philosophy and process will not change, only our name will.”

Ballast Partner and Head of Business Development, Dave Mertens, added “We are fortunate to
have a loyal and growing client base and we listen to their input on our services and our corporate
image. Hearing their thoughts on how we might position our brand has been valuable as we
continue to differentiate our firm and our investment products.”

About Ballast Equity Management, LLC

QSV Equity Investors, LLC (formerly Ballast Equity Management, LLC) is an employee-owned asset
management firm that invests alongside its clients in high conviction portfolios of quality small and
mid-capitalization businesses. QSV manages these portfolios of publicly traded companies for
individuals, family offices and institutions. Based in Naperville, Illinois, QSV was founded in 2016
by Jeff Kautz and Randy Hughes, investment professionals who previously held senior roles at
JanusHenderson subsidiary Perkins Investment Management and have invested together for 25
years. For more details on the specific performance and characteristics of QSV’s strategies,
including a fully GIPS compliant presentation, please contact Dave Mertens at dmertens@qsvequity.com.

Ballast Equity Awarded Multiple PSN Top Guns Designations for Q2 2022

Quarterly PSN Top Guns List published by Zephyr identifies best-in-class separate accounts,
managed accounts, and managed ETF strategies

Oakbrook, IL – August 21, 2022 – Ballast Equity Management announced today it has been named
to the celebrated PSN Top Guns List of best performing separate accounts, managed accounts,
and managed ETF strategies for Q2 2022. The highly anticipated list, published by Zephyr, remains
one of the most important references for investors and asset managers. Ballast was honored with
6 Star Top Gun ratingsfor its Quality Value Midcap strategy in the Mid Value Universe for Q2 2022,
highlighting risk-adjusted results over the trailing five-year periods. Ballast also received 1 Star Top
Gun ratings for both its Quality Value Smallcap and Select Value strategies, recognized for attaining
top ten returns in Q2 2022 within the Small Cap Value and Small-Mid Cap Value universes,
respectively.

“With the growing interest in separately managed accounts, the PSN Top Guns List has attracted
greater attention,” says Margaret Tobiasen, SVP of Data Distribution who cites PSN’s pioneering
efforts as the first SMA database as the reason for the list’s popularity. “Ballast Equity
Management has done remarkable work and we are pleased to include them as a top performer.”

“Markets have clawed back some of the losses from the first half of 2022, but risks persist, and we
believe an emphasis on quality businesses with strong balance sheets and free cash flows is
prudent,” noted Ballast co-founder and CEO Jeff Kautz. “These Top Guns ratings by Informa
Financial Intelligence highlight the near- and long-term competitiveness of Ballast’s strategies as
we work to manage risk and deliver returns for our clients.”

Through a combination PSN’s proprietary performance screens, the PSN Top Guns List ranks
products in six proprietary categories in over 75 universes based on continued performance over
time.

Quality Value Midcap received the 6 Star rating. To attain this rating, the strategy had an r-squared
of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the
strategy’s returns exceeded the style benchmark for the three latest three-year rolling periods.
Products are then selected which have a standard deviation for the five-year period equal or less
than the median standard deviation for the peer group. The top ten information ratios for the
latest five-year period then become the 6 Star Top Guns.

Ballast manages three fundamental strategies, Quality Value Midcap, Quality Value Smallcap and
Select Value, all of which seek to reward clients with performance that is above their benchmarks
and peers over a full market cycle with less volatility. Ballast’s investment team invests alongside
its clients in small and mid-cap businesses they believe can sustain high returns on invested capital
through durable competitive advantages. Markets currently present investors with elevated levels
of risk and Ballast believes that selectively owning durable businesses purchased at reasonable
valuations will be key to preserving and growing wealth.

The complete list of PSN Top Guns and an overview of the methodology can be located at
https://psn.fi.informais.com/. Registration is required.

For more details on the specific performance and characteristics of Ballast’s strategies, including
a fully GIPS compliant presentation, please visit www.ballastequity.com.

About Ballast Equity Management, LLC

Ballast Equity Management is an employee-owned asset management firm that invests alongside
its clients in high conviction portfolios of quality small and mid-capitalization businesses. Ballast
manages these portfolios of publicly traded companies for individuals, family offices, and
institutions. Based in Oakbrook Terrace, Illinois, Ballast was founded in 2016 by Jeff Kautz and
Randy Hughes, investment professional who previously held senior roles at Perkins Investment
Management and have invested together for 25 years.

About PSN

For nearly four decades, PSN has been a top resource for investment professionals. Asset
managers rely on Zephyr’s PSN to effectively reach institutional and retail investors rely on. Over
2,800 firms, 285 universes, and more than 21,000 products comprise the PSN SMA database
showing asset breakdowns, compliance, key personnel, ownership diversity, ESG, business
objectives and strategy, style, fees, GIC sectors, fixed income ranges, and full holdings. Unique to
PSN is its robust historical database of nearly 40 Years of Data Including Net and Gross-of-Fee
Returns. For more details on the methodology behind the PSN Top Guns Rankings or to purchase
PSN Top Guns Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com. Visit PSN
online to learn more.

Ballast Equity Management Awarded Top Guns Designation
by Informa Financial Intelligence

Oakbrook, IL – May 24, 2022 – Ballast Equity Management has been awarded multiple PSN Top Guns
distinctions by Informa Financial Intelligence’s PSN manager database, North America’s longest running
database of investment managers. Ballast was honored with 6 Star, 5 Star and 4 Star Top Gun ratings for
its Quality Value Midcap strategy in the Mid Value Universe for Q1 2022, highlighting risk-adjusted results
over the trailing three- and five-year periods.

“Volatile markets are currently a fact of life,” noted Ballast co-founder and Chief Investment Officer Randy
Hughes. “Ongoing Top Guns recognition by Informa Financial Intelligence is gratifying, as it highlights the
competitive risk-adjusted returns that Ballast has delivered for our clients.”

Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns
(*free registration to view Top Guns) ranks products in six proprietary categories in over 50 universes. This
is a well-respected quarterly ranking and is widely used by institutional asset managers and investors.
Informa Financial Intelligence is part of Informa PLC, a leading provider of critical decision-making solutions
and custom services to financial institutions.

Quality Value Midcap received the 4 Star rating, which is awarded to strategies with an r-squared of 0.80
or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s returns
must exceed the style benchmark for the three latest three-year rolling periods. The top ten returns for the
latest three-year period then become the 4 Star Top Guns. The Quality Value Midcap strategy received 5
Star recognition, awarded to those strategies that had an r-squared of 0.80 or greater relative to the style
benchmark for the recent five-year period. Additionally, the strategy’s returns must have exceeded the
style benchmark for the three latest three-year rolling periods. Products are then selected which have a
standard deviation for the five-year period equal or less than the median standard deviation for the peer
group. The top ten returns for the latest three-year period then become the 5 Star Top Guns. Lastly, the
Quality Value Midcap strategy received the 6 Star rating. To attain this rating, the strategy had an r-squared
of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s
returns exceeded the style benchmark for the three latest three-year rolling periods. Products are then
selected which have a standard deviation for the five-year period equal or less than the median standard
deviation for the peer group. The top ten information ratios for the latest five-year period then become
the 6 Star Top Guns.

Ballast manages three fundamental strategies, Quality Value Midcap, Select Value, and Quality Value
Smallcap, all of which seek to reward clients with performance that is above their benchmarks and peers
over a full market cycle with less volatility. Ballast’s investment team invests alongside its clients in small
and mid-cap businesses they believe can sustain high returns on invested capital through durable
competitive advantages. Markets currently present investors with elevated levels of risk and Ballast
believes that selectively owning durable businesses purchased at reasonable valuations will be key to
preserving and growing wealth.

“Congratulations to Ballast Equity Management for being recognized as a PSN Top Gun,” said Ryan Nauman,
Market Strategist at Informa Financial Intelligence’s Zephyr. “This highly esteemed designation allows us to
recognize success, excellence and performance of leading investment managers each quarter.”

The complete list of PSN Top Guns and an overview of the methodology can be found on
https://psn.fi.informais.com/

For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns
Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com.

For more details on the specific performance and characteristics of Ballast’s strategies, including a fully
GIPS compliant presentation, please visit www.ballastequity.com.

About Ballast Equity Management, LLC

Ballast Equity Management is an employee-owned asset management firm that invests alongside its clients
in high conviction portfolios of quality small and mid-capitalization businesses. Ballast manages these
portfolios of publicly traded companies for individuals, family offices and institutions. Based in Oakbrook
Terrace, Illinois, Ballast was founded in 2016 by Jeff Kautz and Randy Hughes, investment professionals who
previously held senior roles at Perkins Investment Management and have invested together for 25 years.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of
products and services helping financial institutions around the world cut through the noise and take
decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market
opportunity, competitive performance and customer segment behavioral patterns and performance
through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset
allocation, investment analysis, portfolio construction, and client communications that combine to help
advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit
https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed
Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-andtools/psn-sma.

Ballast Equity Management Awarded Top Guns Designation
by Informa Financial Intelligence

Oakbrook, IL – February 22, 2022 – Ballast Equity Management has been awarded multiple PSN Top Guns
distinctions by Informa Financial Intelligence’s PSN manager database, North America’s longest running
database of investment managers. Ballast was honored with 5 Star, 4 Star, and 3 Star Top Gun ratings for
its Quality Value Midcap strategy in the Mid Value Universe for Q4 2021.

“Top Guns ratings provide a proof statement of the smoother ride we seek to offer investors through
volatile markets,” noted Ballast co-founder and CEO Jeff Kautz. “Ongoing recognition by Informa
Financial Intelligence for multiple time periods is gratifying, as it underscores the consistency with which
Ballast seeks to deliver results for its clients.”

Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top
Guns (*free registration to view Top Guns) ranks products in six proprietary categories in over 50
universes. This is a well-respected quarterly ranking and is widely used by institutional asset managers
and investors. Informa Financial Intelligence is part of Informa PLC, a leading provider of critical decisionmaking solutions and custom services to financial institutions.

Ballast’s Quality Value Midcap received the 3 Star rating, noting the strategy’s standing as one of the top
ten returns for the three-year period in its respective universe. Quality Value Midcap also received the 4
Star rating, which is awarded to strategies with an r-squared of 0.80 or greater relative to the style
benchmark for the recent five-year period. Moreover, the strategy’s returns must exceed the style
benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year
period then become the 4 Star Top Guns. Lastly, the Quality Value Midcap strategy received 5 Star
recognition, awarded to those strategies that had an r-squared of 0.80 or greater relative to the style
benchmark for the recent five-year period. Additionally, the strategy’s returns must have exceeded the
style benchmark for the three latest three-year rolling periods. Products are then selected which have a
standard deviation for the five-year period equal or less than the median standard deviation for the peer
group. The top ten returns for the latest three-year period then become the 5 Star Top Guns.

Ballast manages three fundamental strategies, Quality Value Midcap, Select Value, and Quality Value
Smallcap, all of which seek to reward clients with performance that is above their benchmarks and peers
over a full market cycle with less volatility. Ballast’s investment team invests alongside its clients in small
and mid-cap businesses they believe can sustain high returns on invested capital through durable
competitive advantages. Markets currently present investors with elevated levels of risk and Ballast
believes that selectively owning durable businesses purchased at reasonable valuations will be key to
preserving and growing wealth.

“Congratulations to Ballast Equity Management for being recognized as a PSN Top Gun,” said Ryan
Nauman, Market Strategist at Informa Financial Intelligence’s Zephyr. “This highly esteemed designation
allows us to recognize success, excellence and performance of leading investment managers each
quarter.”

The complete list of PSN Top Guns and an overview of the methodology can be found on
https://psn.fi.informais.com/

For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns
Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com.

For more details on the specific performance and characteristics of Ballast’s strategies, including a fully
GIPS compliant presentation, please visit www.ballastequity.com.

About Ballast Equity Management, LLC

Ballast Equity Management is an employee-owned asset management firm that invests alongside its
clients in high conviction portfolios of quality small and mid-capitalization businesses. Ballast manages
these portfolios of publicly traded companies for individuals, family offices and institutions. Based in
Oakbrook Terrace, Illinois, Ballast was founded in 2016 by Jeff Kautz and Randy Hughes, investment
professionals who previously held senior roles at Perkins Investment Management and have invested
together for over 20 years.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of
products and services helping financial institutions around the world cut through the noise and take
decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market
opportunity, competitive performance and customer segment behavioral patterns and performance
through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset
allocation, investment analysis, portfolio construction, and client communications that combine to help
advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit
https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed
Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-andtools/psn-sma.

Ballast Equity Management, LLC Investment Strategies
Offered on the Vestmark Manager Marketplace

Oakbrook Terrace, IL – December 20, 2021 – Ballast Equity Management, LLC, a registered
investment advisor, today announced their investment strategies are now available on Vestmark
Manager Marketplace.

The relationship will offer Ballast’s Quality Value Smallcap, Select Value and Quality Value Midcap
strategies to wealth advisors utilizing the Vestmark Manager Marketplace. The mission of
Vestmark, Inc., a leading provider of portfolio management tools and trading software, is to
provide personalized investment solutions to retail investors, equipping wealth management
firms to address individual preferences and to help improve financial outcomes for investors
across the wealth spectrum.

“The Ballast investment team has a core competency of serving advisors and their clients through
the management of small and mid-cap equity portfolios. Vestmark enables us to deliver our
investment strategies to those investors in a way that lowers their costs and administrative
burdens” said Jeff Kautz, CEO of Ballast.

With over 20 years of investment experience, Ballast has helped its clients navigate a wide variety
of market environments. In that time, its investment team has come to believe that opportunities
exist in the market for small- and mid-cap value equities that allow patient investors to
experience risk-adjusted returns that outperform the market over a full market cycle. Ballast
serves these clients by building portfolios of quality businesses that possess durable competitive
advantages. In today’s environment, with inflationary pressures and global uncertainty, Ballast
believes these businesses are best positioned to meet the needs of equity investors.

The addition of Ballast Equity Management on the Vestmark Manager Marketplace positions the
firm to continue its path of significant recent growth. Ballast’s assets under management and
administration have experienced a twofold increase during 2021, with significant growth in
institutional client assets.

About Ballast Equity Management, LLC

Ballast Equity Management is an employee-owned asset management firm that invests alongside
its clients in high conviction portfolios of quality small and mid-capitalization businesses. Ballast
manages these portfolios of publicly traded companies for individuals, family offices and
institutions. Based in Oakbrook Terrace, Illinois, Ballast was founded in 2016 by Jeff Kautz and
Randy Hughes, investment professionals who previously held senior roles at Perkins Investment
Management and have invested together for over 20 years. More information may be found at
www.ballastequity.com.

About Vestmark

Headquartered outside of Boston, MA and founded in 2001, Vestmark is a leading provider of
portfolio management/trading solutions and outsourced services for financial institutions and
their advisors, enabling them to efficiently manage and trade customized client portfolios
through an innovative SaaS platform. Supporting over $1.5 trillion in assets and 5.5 million
accounts, Vestmark is a trusted partner to some of the largest and most respected wealth
management firms. For more information about Vestmark’s solutions, call (781) 224-3640 or
visit www.vestmark.com.