The fund seeks primarily capital appreciation in the long term and secondarily income 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.

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 trading at disco

The fund seeks primarily capital appreciation in the long term and secondarily income 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.

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 trading at discounts to their estimated intrinsic value for temporary reasons, but have significant potential for stock price appreciation.

The team reviews a company’s financial statements, visits company facilities, and meets with executive management, suppliers and customers.

In addition, the team categorizes companies as Undiscovered Gems, Fallen Angels, and Quality Value.

Undiscovered Gems are attractive companies with good growth potential not yet discovered by investors.

Fallen Angels are high quality growth companies that are trading at attractive valuations for temporary reasons relative to their long-term growth potential.

Quality Value focuses on quality companies with earnings potential that is not fully reflected in their stock prices.

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 may invest up to 20% of its net assets in securities issued by foreign companies in developed markets, emerging markets, or frontier markets.

Additionally, the fund may also invest in growth companies that are trading at a discount to their projected long-term earnings growth rate which is not reflected in their current valuations.

The fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, health care, industrials, information technology, materials and real estate.