Commentary | September 29 , 2026

Mario Tufano Discusses Small-Cap Opportunities on InvestmentNews

CS McKee Portfolio Manager Mario Tufano joined InvestmentNews anchor Gregg Greenberg for the "IN the Nasdaq" video series to discuss his outlook for small- and mid-cap stocks. Mario explains why he sees relative value in smaller companies, how spending on AI infrastructure may benefit businesses beyond the largest technology firms, and how our process narrows a universe of roughly 2,500 companies through quantitative screening and fundamental research. He also shares his view of a divided consumer heading into 2027.

Watch The Interview

The views expressed are those of Mr. Tufano as of the date of recording and are subject to change. They are not a recommendation to buy or sell any security. All investing involves risk, including loss of principal.

Important Disclosures:

InvestmentNews "IN the Nasdaq" Interview with Mario Tufano, Portfolio Manager (Published September 29, 2026)

1. About CS McKee

CSM Advisors, LLC ("CS McKee") is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC) and located in Pittsburgh, Pennsylvania. Registration with the SEC does not imply a certain level of skill or training. More information about CS McKee, including its services, fees, and conflicts of interest, is available in its Form ADV Part 2A at https://www.csmckee.com/adv/ or at adviserinfo.sec.gov.

2. About This Video

This interview was produced by InvestmentNews, an independent media company, and was recorded on 9/29/2026. CS McKee is sharing it by linking to InvestmentNews's publicly available post.

CS McKee did not pay for Mr. Tufano's appearance or for this segment.

The title of the segment was written by InvestmentNews. It reflects Mr. Tufano's opinion about the potential relative performance of small-cap stocks and is not a guarantee of any future result.

3. For Informational Purposes Only

This video is provided for informational and educational purposes only. It is not investment, legal, or tax advice, and it is not an offer to sell or a solicitation of an offer to buy any security or investment service. The information does not take into account the investment objectives, financial situation, or needs of any particular person. You should consult a qualified professional before making any investment decision.

4. Opinions and Forward-Looking Statements

The views expressed are those of Mr. Tufano as of the date of recording and may not reflect the views of other investment professionals at CS McKee. These views are subject to change at any time without notice, and CS McKee has no obligation to update them.

The video contains forward-looking statements, including expectations about the relative performance of small- and mid-cap stocks, spending on artificial intelligence and data center infrastructure, the movement of capital from private equity to public markets, interest rates, and consumer spending. These statements are based on assumptions and current conditions that may change. They may not come true, and actual results could differ materially.

5. Market Data

Market data cited in the video reflects conditions at the time of recording and has likely changed since then.

Information from third-party sources is believed to be reliable, but CS McKee does not guarantee its accuracy or completeness.

6. Index References

References to the performance of small-cap stocks relative to large-cap stocks, and to the market-cap-weighted and equal-weighted S&P 500, refer to broad market indexes and not to any CS McKee account, strategy, or portfolio. The S&P 500 Index measures the performance of 500 large U.S. companies; the S&P 500 Equal Weight Index includes the same companies, each given the same weight. Indexes are unmanaged, do not reflect fees or expenses, and cannot be invested in directly.

7. No Performance Presented

This video does not present the performance of any CS McKee account, composite, or strategy. Past performance does not guarantee future results. Performance information for CS McKee's strategies is available upon request.

8. Sector and Security References

References to sectors and industries, including energy, industrials, materials, construction, and consumer-facing retail such as discount and dollar stores, are for illustration only. They are not recommendations to buy, sell, or hold any security or to invest in any sector. CS McKee and its clients may hold, buy, or sell securities in the sectors discussed, and holdings change over time. It should not be assumed that investments in these sectors will be profitable.

9. Investment Process

The description of CS McKee's investment process in the video, including the use of quantitative screening to narrow a research universe of approximately 2,500 companies to approximately 250 before fundamental analysis, is a general summary. The process involves judgment, may change over time, and is not applied identically to every account. Quantitative models depend on data and assumptions that may be incomplete or incorrect and may not perform as intended. There is no guarantee that the process will identify successful investments or that any strategy will achieve its objectives.

10. Risks

All investing involves risk, including the possible loss of principal.

Small- and mid-cap stocks may be more volatile and less liquid than large-cap stocks. Smaller companies may have more limited product lines, markets, or financial resources, and may be more sensitive to economic conditions and changes in interest rates. As Mr. Tufano notes in the interview, small-cap stocks have trailed large-cap stocks for long periods of time, and they may do so again.

Sector concentration. Portfolios that emphasize particular sectors may be more volatile than the broad market. Energy companies can be affected by commodity prices, regulation, and geopolitical events. Industrial and materials companies can be affected by economic cycles, commodity prices, and supply chain disruptions. Consumer-facing companies can be affected by changes in consumer spending, inflation, and employment.

Investment themes such as artificial intelligence and data center construction may not develop as expected, and companies expected to benefit may not do so.

Interest rates. Rising interest rates can reduce stock valuations and increase borrowing costs for companies, particularly smaller companies that rely more on financing.

11. Social Media

CS McKee does not endorse or adopt comments, likes, or shares made by third parties on its social media posts. Links to third-party websites are provided for convenience, and CS McKee is not responsible for their content.

Contact

For questions about this video or CS McKee's services, contact Ulf Skreppen, Chief Compliance Officer at uskreppen@csmckee.com.

Last updated: 9/30/2026

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