Several years ago, Capital Consultants Inc., a company based in Portland, Ore., designed its WestCap investment portfolio management plan that focused on companies largely ignored by Wall Street and thought to be under-capitalized.

Here it is 1991 and time for a report to local investors by Marcus W. Robins, vice president-equities, and Paul S. Clayson, director of corporate funds/brokerage services/marketing and client services. They were in Salt Lake City for an update.Their report showed that since December 1989, WestCap Equity Growth Portfolio dollars under management have doubled to more than $30 million. Among others, WestCap currently invests in companies like Geneva Steel, Boeing Inc., American Pacific Corp., Fred Meyer Inc., Western Bank and Airborne Freight.

Clayton said WestCap invests in companies in Utah, Idaho, Oregon and Washington with secondary investment in Arizona, Nevada, Alaska, Montana, Wyoming and California. He said WestCap is interested in stock with above-average growth potential for companies with strong management and under-capitalization.

The two men say WestCap is a chance for people to invest in their neighbor's companies and believe the companies in the investment portfolio stand a good chance of doing well in the near future.

Clayton said WestCap was formed when CCI officials noticed that regional companies in CCI's portfolio were consistently outperforming its regular holdings in the Standard & Poors 500, Russell 2000, Value Line and other investment barometers.

In addition to the Utah companies already in the WestCap portfolio, CCI officials are looking at Bonneville Pacific Corp., Merit Medical Systems Inc. and Gull Laboratories. CCI officials visit the companies, inspect equipment and examine the sale potential in their investigation for possible inclusion in the portfolio.

Why focus on the four states? Clayson was asked.

- Small capitalization stocks are at their lowest valuation in 20 years relative to the S & P 500 index. Small cap growth potential is very high.

- WestCap stocks are not followed extensively by Wall Street analysts because of fewer airline routes to the Northwest, and there are fewer financial centers to visit.

- WestCap stocks have a significantly lower percentage of ownership by large institutional investors.

- Diverse economic conditions within the region guard against "boom or bust" possibilities.