Last April, we interviewed Steve Scruggs, portfolio manager of Queens Road Small Cap Value (QRSVX). Scruggs’ investment approach is to try to estimate the earnings power of a company over a full business cycle, while also looking at its past performance. Here is how his two recommendations have fared.

Steris Corp’s (NYSE: STE) latest quarterly revenue climbed 7 percent, as all three of its segments— Healthcare, Life Sciences and Isomedix Services—contributed to growth.

Management noted that the 2012 acquisitions of US Endoscopy, Total Repair Express and Spectrum have all exceeded expectations, contributing $35 million to the top line during the latest quarter.

The company recently raised its guidance for fiscal 2013, ending this March. It now expects sales growth of 5 percent (up from 3 percent to 4 percent previously). It also raised its adjusted earnings per share estimate to between $2.25 and $2.35, up from $2.15 to $2.35.

Steris Corp has returned 28.5 percent since recommended.

Hilltop Holdings’ (NYSE: HTH) recent acquisition of PlainsCapital for $700 million in December 2012 is a big step for the company. PlainsCapital is a highly profitable $1 billion banking firm that benefits from the current low-interest rate environment. It will help Hilltop fortify its position in Texas, Oklahoma, Georgia, Tennessee and Arizona—its primary operating markets.

This is Hilltop’s most significant purchase to date, and the company continues to sit on roughly $574 million in cash for additional acquisitions.

Shares of Hilltop Holdings are up 50 percent since recommended.