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

The investment process is designed to highlight companies in the benchmark index that demonstrate superior risk/return opportunities.

Next, the research team prefers companies that display superior potential for capital appreciation, have capable and focused management and balance sheet strength.

The team also focuses on companies that exhibit characteristics such as evidence of financial stren

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

The investment process is designed to highlight companies in the benchmark index that demonstrate superior risk/return opportunities.

Next, the research team prefers companies that display superior potential for capital appreciation, have capable and focused management and balance sheet strength.

The team also focuses on companies that exhibit characteristics such as evidence of financial strength, pricing flexibility, competitive advantage, disciplined management, and attractive valuation.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a portfolio that holds 25 to 30 stocks. Typically the position sizes start in the 2% to 3% range with an overweight in high-conviction ideas.

The fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund.

At times, the fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors.

The fund may also invest in special situation companies that have fallen out of favor with the market but are believed to offer favorable risk-adjusted returns.

Special situations may include significant changes in a company’s allocation of its existing capital or a restructuring of assets.

Other special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure.

In addition, the fund may invest in shares of ETFs or may invest up to 30% of its net assets in securities of foreign issuers.

The fund emphasizes investments in securities of medium and small capitalization companies but is not limited to any particular market capitalization.