For more information contact: emailus@marcusevans.com Jane M. White, Granahan Investment Management, Inc., an investment management firm at the marcus evans European Pensions & Investments Summit 2014 talks about her experience on small cap equity investing. Join the 2015 Summit along with leading regional pension investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today. For more information contact: emailus@marcusevans.com

1. Interview with: Jane M. White, Co-
Founder, President & Chief Execu-
tive Officer, Granahan Investment
Management, Inc.
“Small cap companies have outper-
formed large caps in almost every
market cycle,” highlights Jane M. White,
Co-Founder, President & Chief Executive
Officer, Granahan Investment
Management, Inc. “There are many
innovative small cap companies with
compelling products and services that
do not need a positive macro environ-
ment in order to grow,” according to
White. “For instance, in the 2009
recession, over half of the companies in
our funds grew their top line by over 15
per cent. These companies are problem
solvers. Their products are innovative
and help other companies increase
productivity or reduce costs, so they are
not as dependent on the macro
economy.”
However, there are a large number of
US small cap companies, many of which
are immature or low-growth businesses,
so close scrutiny is required, she adds.
Granahan Investment Management,
Inc., an investment management firm
that specializes in small cap equities,
will be present at the marcus evans
European Pensions & Investments
Summit 2014 in Montreux, Switzer-
land, 28 - 30 April.
What long-term value would small
cap funds add to an investment
portfolio?
It is simply a matter of scale. It is a lot
easier to grow a company from USD
100 million to USD 1 billion in sales,
than to grow a USD 1 billion company to
USD 10 billion in sales. There are risks
involved, but when you understand the
companies that you are invested in, the
risks can be limited, and the upside
attractive.
Given the potential for long-term
returns – compared to private equity,
real assets, and other asset classes that
pension fund investors are interested
in today – the small cap equity market
can provide good capital appreciation
with little liquidity risk.
What level of diversification is
required to minimise investment
risk?
We diversify our portfolio in several
ways, including by company lifecycle.
We own Pioneers, companies –
frequently without earnings – that are
creating new markets, Core Growth
companies, organisations that are more
established with good earnings visibility,
and Special Situations, companies with
major dynamic changes, such as a new
product, new management or a cyclical
factor that could drive the company’s
growth.
We also diversify by sector, and we
believe it is critical to have sector
experts guiding stock selection for their
respective areas. To identify opportuni-
ties, it is important to know the
companies well, to meet the manage-
ment and competitors and industry
insiders, and understand the value add
to their customer. A sector expert is in
the best position to understand a
company, and in turn to know when to
hold the underlying stock.
What are the opportunities in the
small cap space today?
We are in the middle of a technological
revolution that is driving small company
growth, including advances in mobile
computing, social media, cloud
computing, electric vehicles and
genomic research. It has taken ten
years to digest the innovation from the
1990s, and now companies are
capitalizing on that research. Our
mission is to find companies with open-
ended opportunities, follow them closely
and use our disciplined valuation
methodology to guide us to own their
stocks when risk/reward is attractive.
What qualities do you look for in
these companies?
We look for companies that are in a
market leadership position, with quality
management and strong balance
sheets. Ideally, the company would be
in a position to improve profitability and
have a favourable competitive land-
scape. We talk to the suppliers,
competitors and customers of the
company, to make sure that the
company has a strong value proposition
for its product or service. We believe
that investing in strong companies can
mitigate downside risk.
We are in the
middle of a
technological
revolution
that is
driving small
company
growth
Finding Small Cap Equities that
Grow in All Macro Environments

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About Granahan Investment Management, Inc.
Granahan Investment Management is a small cap equity specialist. GIM is an independent, employee-owned investment
management boutique whose sole focus is to provide quality small cap equity investment services to institutional investors and
family offices. Since its inception in 1985, the firm has grown to $3.5bn in assets representing several large institutional clients.
www.granahan.com
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