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Private company

Global Alpha Capital Management Ltd.

Last updated Oct 21, 2026.

Overview

  • HeadquartersZ41

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Corporate structure

Global Alpha Capital Management Ltd. is part of a group headed by Global Alpha Capital Management Partnership. 11 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Global Alpha Capital Management Ltd.

  • Connor, Clark & Lunn Financial Owns 25% to 50% of Global Alpha Capital, since 02/2009 (Form ADV)

Built from major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (9 companies); owners and owned firms from Form ADV, the registration investment advisers file with the SEC. Each entity in the chart links to its source.

Investment adviser

Global Alpha Capital Management Ltd. is registered with the SEC as an investment adviser. This is what it reports on Form ADV, the registration every adviser files and keeps current.

  • Assets it manages$6.3B2 139 accounts, $6.3B with discretion
  • Employees24 21 in investment advice or research
  • ClientsState or municipal government entities (including government pension: 8 ($1.4B); Pension and profit sharing plans (but not the plan participants or: 34 ($1.4B); Other investment advisers: 12 ($1.3B); Pooled investment vehicles (other than investment companies and: 1 ($1.1B); Corporations or other businesses not listed above: 57 ($614.9M); Insurance companies: 19 ($405.0M); Other: NON-PROFIT & MODEL PORTFOLIOS: 6 ($72.2M)
  • How it is paidA percentage of assets under its management; Performance-based fees
  • What it doesPortfolio management for individuals and/or small businesses; Portfolio management for pooled investment vehicles (other than investment companies); Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles)
  • Holds client assetsYes: cash and securities
  • RegistrationSEC 801-75679, CRD 161512 IAPD record

Who owns it

Owners of 5% or more as the firm lists them (Schedule A), and the owners of those owners up the chain (Schedule B).

  • GLOBAL ALPHA CAPITAL MANAGEMENT PARTNERSHIPowns 50% to 75%, since 09/2009
  • CONNOR, CLARK & LUNN FINANCIALowns 75% or more of CONNOR, CLARK & LUNN, since 05/2026
  • CONNOR, CLARK & LUNN FINANCIALowns 25% to 50% of GLOBAL ALPHA CAPITAL, since 02/2009

Disciplinary record

The firm answered yes to 1 of the disciplinary questions on Form ADV (Item 11). A yes can concern the firm itself or an affiliate.

  • Any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority has found the firm or an advisory affiliate to have been involved in a violation of investment-related regulations or statutes.

Each event as the firm describes it on its Disclosure Reporting Pages:

AUSTRIAN FINANCIAL MARKET AUTHORITY · Jun 30, 2025 · fine $120,000 · final

Allegations: GLOBAL ALPHA CAPITAL MANAGEMENT LTD. FAILED TO COMPLETE ALL THE STEPS REQUIRED FOR SECURITIES DISCLOSURE WITH THE AUSTRIAN FINANCIAL MARKET AUTHORITY (FMA) IN JANUARY 2023. THE REPORTING WAS DUE ON JANUARY 26, 2023. GLOBAL ALPHA CAPITAL MANAGEMENT LTD. FILED THE SECURITIES DISCLOSURE POSITION TO THE FMA ON JANUARY 25, 2023, BUT ONLY FILED SECURITIES DISCLOSURE POSITION TO THE ISSUER (SCHOELLER BLECKMANN OILFIELD EQUIPMENT) AND THE EXCHANGE ON FEBRUARY 1, 2023. THE DELAY WAS A RESULT OF A CLERICAL ERROR AND HAS BEEN RESOLVED.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Decision

Detail: BY A DECISION MADE ON JULY 23, 2025 THE FMA HAS DECIDED THAT GLOBAL ALPHA CAPITAL MANAGEMENT LTD. SHALL PAY A PENALTY FEE OF EUR 120,000. AN INVOICE FOR THE PENALTY FEE HAS BEEN RECEIVED AND PAID.

Summary: ON JUNE 30, 2025, THE FMA OFFERED THE FIRM THE OPTION TO PAY A FINE OF EUR 120,000 PLUS 10% COSTS RELATED TO THE PROCEEDINGS, ALONG WITH REIMBURSEMENT OF CASH EXPENSES. THUS, IN TOTAL EUR 132,288.60. THE FMA HAS ALSO PROVIDED THE DRAFT VERDICT IT INTENDS TO ISSUE SHOULD THE FIRM DECLINE THE OPTION TO PAY. THE FIRM ACCEPTED THE OPTION TO PAY ON JULY 11, 2025. THE PENALTY DECISION IS FINAL. AN INVOICE FOR THE PENALTY FEE HAS BEEN RECEIVED AND PAID. No Information Filed

Resolved: Jul 23, 2025

In its own words: the client brochure

Form ADV Part 2A, the plain-English document an adviser must give its clients, quoted as filed 3/31/2026.3 It covers the firm’s services, fees, investment strategies and their risks, and its conflicts of interest.

Item 9: Disciplinary information

well as clarify risks previously listed.

3.

TABLE OF CONTENTS

1.

COVER PAGE.................................................................................................................................... 0

2.

MATERIAL CHANGES ....................................................................................................................... 2 Annual Update ................................................................................................................................................... 2

3.

TABLE OF CONTENTS ...................................................................................................................... 3

4.

ADVISORY BUSINESS ........................................................................................................................ 5 Firm Description ................................................................................................................................................. 5 Principal Owners ................................................................................................................................................ 5 Types of Advisory Services .................................................................................................................................. 5 Tailored Relationships ......................................................................................................................................... 5 Wrap Fee Programs ............................................................................................................................................. 6 Types of Agreements .......................................................................................................................................... 6 Investment Management Agreement or Managed Account Agreement ............................................................... 6 Termination of Agreement .................................................................................................................................. 6

5.

FEES AND COMPENSATION ............................................................................................................. 6 Description......................................................................................................................................................... 6 Fee Billing........................................................................................................................................................... 7 Other Fees .......................................................................................................................................................... 7 Past Due Accounts .............................................................................................................................................. 7

6.

PERFORMANCE-BASED FEES............................................................................................................. 7 Performance-Based Fees ..................................................................................................................................... 7

7.

TRANSACTION COSTS ..................................................................................................................... 8 Description......................................................................................................................................................... 8

8.

TYPES OF CLIENTS ........................................................................................................................... 9 Description......................................................................................................................................................... 9 Investor Requirements/Account Minimums ......................................................................................................... 9

9.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS .......................................... 9 Methods of Analysis ............................................................................................................................................ 9 Investment Strategies ....................................................................................................................................... 10 Risk of Loss ....................................................................................................................................................... 10

10.

DISCIPLINARY INFORMATION .................................................................................................... 16

Legal and Disciplinary ....................................................................................................................................... 16

11.

OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ..................................................... 17

Financial Industry Activities ............................................................................................................................... 17

12.

CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL

TRADING ............................................................................................................................................... 19 Code of Ethics .................................................................................................................................................. 19 Participation or Interest in Client Transactions ................................................................................................... 19

Personal Trading ............................................................................................................................................... 19 Gifts and Entertainment .................................................................................................................................... 19

13.

BROKERAGE PRACTICES ............................................................................................................. 20

Selecting Brokerage Firms ................................................................................................................................. 20 Soft Dollars ....................................................................................................................................................... 20 Best Execution .................................................................................................................................................. 21 Trade Allocations .............................................................................................................................................. 21

14.

REVIEW OF ACCOUNTS .............................................................................................................. 21

Periodic Reviews ............................................................................................................................................... 21 Review Triggers ................................................................................................................................................ 22 Regular Reports ................................................................................................................................................ 22

15.

CLIENT REFERRALS AND OTHER COMPENSATION ...................................................................... 22

Client Referrals and Other Compensation .......................................................................................................... 22

16.

CUSTODY .................................................................................................................................. 23

Account Statements .......................................................................................................................................... 23

17.

INVESTMENT DISCRETION ......................................................................................................... 23

Discretionary Authority for Trading ................................................................................................................... 23

18.

VOTING CLIENT SECURITIES ....................................................................................................... 23

Proxy Votes ...................................................................................................................................................... 23

19.

FINANCIAL INFORMATION ......................................................................................................... 24

Financial Condition ........................................................................................................................................... 24

4.

ADVISORY BUSINESS

FIRM DESCRIPTION Global Alpha Capital Management Ltd., (“Global Alpha”) is a discretionary asset manager registered as an investment adviser with the SEC under the U.S. Investment Advisers Act of 1940. Global Alpha was founded in 2004. Registration as an investment adviser does not imply a certain level of skill or training. Global Alpha is strictly a fee-only investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds and limited partnerships. As of the date of this Brochure, the Adviser renders advisory services to clients both within and outside of the United States. Consistent with prior SEC precedent, the substantive provisions of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”) generally will not apply to the Adviser’s relationship with its non-U.S. clients, except to the extent otherwise required by applicable law.

PRINCIPAL OWNERS Global Alpha is owned 100% by the Global Alpha Capital Management Partnership, which is itself owned by the management team at Global Alpha and the Connor, Clark & Lunn Financial Group LP (“CC&LFG”). CC&LFG is the only partner that holds greater than 25% of the Partnership.

TYPES OF ADVISORY SERVICES Global Alpha provides investment advice and management on primarily a discretionary basis and on an ad hoc basis, non-discretionary management service, to a variety of clients, including pension and profitsharing plans, trusts and endowments, financial institutions, charitable organizations, corporations, or business entities. Global Alpha also provides investment advice to various comingled investment vehicles. The firm specializes in small cap equity investments. As of December 31, 2025, Global Alpha provides continuous management services for USD $6.336 billion in client assets on a discretionary basis, and USD $6,407,143 in client assets on a non-discretionary basis.

TAILORED RELATIONSHIPS Global Alpha acts primarily as a discretionary investment adviser to private investment funds, the fund’s investment strategy is not customizable. In addition to managing private funds (the “Global Alpha Funds”), Global Alpha also offers discretionary advisory services to managed accounts (the “Client Accounts”), which may be owned by private investment funds sponsored by third party or affiliated advisers or other clients. The goals and objectives for each client are documented in our client relationship management system. The terms, nature and scope of such advisory services may be negotiated by Global Alpha and the applicable client, based on the client’s specific financial and investment objectives, risks and goals.

WRAP FEE PROGRAMS Global Alpha participates as a model portfolio provider to a wrap fee managed account programs sponsored by a third-party financial institution that is not affiliated with Global Alpha. In these cases, Global Alpha provides a model portfolio to third-party financial institutions on a regular basis, and such financial institution will implement the model portfolio for client accounts participating in the program. Global Alpha does not accept discretion over, and is not responsible for executing trades in, the client accounts participating in such wrap fee managed account programs. Global Alpha is compensated for its services to such wrap fee program clients with a fee based on the amount of assets of clients participating in the program that are invested according to the model Global Alpha delivers.

TYPES OF AGREEMENTS The following agreements define the typical client relationships.

INVESTMENT MANAGEMENT AGREEMENT OR MANAGED ACCOUNT AGREEMENT An Investment Management Agreement or Managed Account Agreement is executed between Global Alpha and its clients. The annual fee for an Investment Management Agreement or Managed Account Agreement is negotiable, and depends on the investment mandate for which Global Alpha is retained.

TERMINATION OF AGREEMENT A Client may terminate any of the aforementioned agreements at any time by notifying Global Alpha in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment. Global Alpha may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, Global Alpha will refund any unearned portion of the advance payment.

5.

FEES AND COMPENSATION

DESCRIPTION Global Alpha charges an “investment management fee” based on a percentage of assets under management. All client contracts will include a fee schedule agreed to by the client and Global Alpha. Clients are charged according to a fee schedule. Subject to negotiation. Clients with different mandates may have a different fee schedule. Fees are negotiable, but may be subject to contractual restrictions on Global Alpha from existing clients. In addition, performance fees or allocations may be charged to Global Alpha Funds or Client Accounts, in accordance with the governing documents of the applicable Global Alpha Fund and/or the written agreement between Global Alpha and the client for Client Accounts, as applicable.

Read the rest in the brochure

Filings

23 filings to the SEC since October 2021: 23 other. The latest 20:

  1. Aug 25, 2026N-PX EDGAR
  2. Aug 13, 202613F-HR EDGAR
  3. May 11, 202613F-HR EDGAR
  4. Feb 11, 202613F-HR EDGAR
  5. Nov 13, 202513F-HR EDGAR
  6. Aug 27, 2025N-PX EDGAR
  7. Aug 7, 202513F-HR EDGAR
  8. May 12, 202513F-HR EDGAR
  9. Feb 7, 202513F-HR EDGAR
  10. Nov 8, 202413F-HR EDGAR
  11. Aug 28, 2024N-PX EDGAR
  12. Aug 9, 202413F-HR EDGAR
  13. May 8, 202413F-HR EDGAR
  14. Feb 9, 202413F-HR EDGAR
  15. Nov 13, 202313F-HR EDGAR
  16. Aug 10, 202313F-HR EDGAR
  17. May 9, 202313F-HR EDGAR
  18. Feb 10, 202313F-HR EDGAR
  19. Nov 10, 202213F-HR EDGAR
  20. Aug 5, 202213F-HR EDGAR

The 23 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Stakes it holds

Global Alpha Capital Management Ltd. has told the SEC it owns more than 5% of 9 companies, latest first (Schedules 13D and 13G).

Sources

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