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 invests in companies exhibiting above-average growth potential that are trading at attractive prices.

The team utilizes a combined approach of top-down analysis and bottom-up stock sele

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 invests in companies exhibiting above-average growth potential that are trading at attractive prices.

The team utilizes a combined approach of top-down analysis and bottom-up stock selection.

As part of the top-down approach, the team takes into consideration factors such as long-term economic, demographic and geopolitical themes.

These include such macroeconomic factors as interest rates, inflation, the regulatory environment and the global competitive landscape.

Also, in the top-down analysis, the team identifies sectors, industries and companies that would benefit from the overall themes.

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 earnings growth not yet recognized by the market.

The team also focuses on a company’s specific market expertise or dominance, its competitive durability and pricing power, solid fundamentals, capable and ethical management, apparent commitment to shareholder interests and reasonable valuations.

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 generally holds between 30 and 40 common stocks.

The fund invests to a lesser extent in equity REITs, common stocks of foreign companies and American Depositary Receipts.