Fund Description

The fund invests primarily in a diversified portfolio of equity securities of small- to mid-cap U.S. companies, investing at least 80% of net assets in such companies as defined by a dynamic capitalization range that, at the time of investment, falls between the capitalization of the smallest company in the Russell 2500 Value Index and the greater of $5 billion or the capitalization of the largest company in that index, and the lower and upper limits change with the markets. Using fundamental and quantitative research, the adviser targets undervalued companies, updates expected-return rankings daily, and sizes trades at the portfolio level, selling when valuation criteria are no longer met. It manages volatility versus the lowest 20% of U.S. market cap, may overweight sectors, use derivatives, invest in non-U.S. issuers, and use ETFs.