The fund seeks capital appreciation 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 that are trading at significant discounts to their estimated intrinsic value.

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

The fund seeks capital appreciation 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 that are trading at significant discounts to their estimated intrinsic value.

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 estimated to trade below their fair values and are experiencing positive change.

In addition, the team meets with management teams to identify companies with increasing returns on capital that are selling at attractive valuations.

Other factors in consideration are companies who have demonstrated an ability to generate high return on invested capital, and which provide solid cash flows with appropriate capital.

The team also prefers companies with potential catalysts such as new products, cyclical upturns and changes in management.

Additionally, the team looks for companies with low market valuations relative to earnings forecast, book value, cash flow and sales.

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 in depositary receipts and equity securities of foreign companies.