Managed by Joe Jugovic and Ian Cooke of Calgary based QV Investors, this small cap fund is virtually identical to the IA Clarington Canadian Small Cap Fund. The biggest difference between the two is the management team submits investment ideas to Ethical Funds who put the prospective company through their rigorous environmental, social and governance screens. Assuming it passes, it is allowed into the fund. Performance, particularly on a risk-adjusted basis, has been impressive, although, this fund has begun to lag the Clarington offering. Still, with its value approach, I expect performance to lag in a sharply rising market, but will hold up nicely in periods of high volatility and in down markets, making it one of my top small cap picks.