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

The sub-adviser’s 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 invests in companies that are estimated to trade below their fair values.

The research process is driven by fundamental analysis of one stock at a time. In selecting

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

The sub-adviser’s 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 invests in companies that are estimated to trade below their fair values.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies with durable earnings growth, and management teams focused on enhancing value for shareholders.

In addition, the team favors quality companies with excellent management teams and durable growth over the long-term.

Also, the team emphasizes companies with key attributes such as experienced, tenured, high-quality management, as well as business models that deliver consistent long-term growth.

Additionally, the team looks for leading companies in attractive and defensible niche markets, superior financial characteristics, and, appropriate valuation.

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.

The fund also may invest in securities of foreign issuers, including foreign issuers located in emerging markets, either directly through investments in foreign currency-denominated securities traded outside of the U.S. or indirectly through depositary receipts.

Also, the fund may invest in real estate investment trusts, initial public offerings, and master limited partnerships.