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The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, which cover a broad range of financial products the world over. There were 195 other funds under consideration for this particular honor.

A "small cap" fund is a great option for a small team like Adirondack Small Cap's. These funds target their investments in smaller companies, not the bigger, "blue chip" stocks. Investors try to target undervalued stocks that have fallen since their public offering or are in sectors about to experience growth. This can make small cap investment a risky proposition, but also one a smart manager can cull serious gains from.

It's also a corner of the market where the big firms don't necessarily have an advantage.

"We decided to launch a small cap fund. It was a niche, so it was a place where we could compete against bigger, more well-funded organizations and still do well," Roeder said.

Kerry Mayo, of Capital Financial in Clifton Park, said he often recommends Adirondack Funds as a small cap investment to his clients not only because of the strong rate of return, but because he has confidence in the managers.

"It's good to have people you can speak with face to face. You can call the portfolio managers of Adirondack and ask them what they're thinking," he said. "The way they've gone about building their business I think should be respected."

The Lipper recognition should translate into some increased interest in the Adirondack Small Cap Fund, and already the team is receiving calls from all over the country. But the fund managers want to keep things simple and stick with what has worked: focusing on one fund and doing that as well as possible.

"We have upwards of $2 million of our own money invested in the fund, so we care a great deal about what happens in the fund," Gonick said.""

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