The fund seeks capital appreciation in the long term by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on companies that are trading at discounts to their estimated intrinsic value.

The team assesses a company’s estimated intrinsic value based on factors such as earnings, c

The fund seeks capital appreciation in the long term by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on companies that are trading at discounts to their estimated intrinsic value.

The team assesses a company’s estimated intrinsic value based on factors such as earnings, cash flow generation, and/or asset value of the underlying business.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

From time to time, the fund may invest more than 20% of its net assets in any market sector, such as the health care sector.

The fund may invest up to 10% of its net assets in fixed-income securities.

Also, the fund may invest up to 10% of its net assets in securities of companies located outside of the United States.

Additionally, the fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions.