Fund Description

The fund invests primarily in equity securities of U.S. companies with market capitalizations within the range of the Russell 2500 Index at the time of initial purchase, while it may invest a portion of the portfolio outside that range and may continue to hold companies whose market capitalizations change. Its contrarian approach emphasizes Active Patience, Independent Thinking, Focused Expertise, and Bold Teamwork, seeking differentiated, undervalued businesses with traits such as strong cash flows, low debt, barriers to entry, and potential for double-digit earnings growth at purchase. It generally holds investments three to five years and typically owns 25-45 securities, may concentrate in fewer sectors than its benchmark, integrates ESG considerations, and excludes companies primarily tied to tobacco, firearms, or for-profit prisons.