The fund seeks capital appreciation 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 trading at discounts to their estimated intrinsic value based on discounted cash flow models.

The research process is driven by fundamental analysis of

The fund seeks capital appreciation 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 trading at discounts to their estimated intrinsic value based on discounted cash flow models.

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 that are earning a positive return on capital with stable-to-improving returns, and with an attractive and sustainable dividend level.

In addition, the team also favors companies that are lagging in market price and whose future earnings power is not reflected in their current valuations, or companies that are misunderstood by investors.

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 portfolio is made up of 60 to 80 securities of quality companies with the potential to provide significant increases in share price over a three year period.

The fund may invest in convertible preferred stock and convertible debt securities, foreign securities, including emerging market securities, REITs, as well as securities offered in initial public offerings.

The fund may, however, invest in companies with large capitalizations.