Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of companies with total operating revenues of $500 million or less at initial investment, defining "small" by revenue rather than market capitalization. It typically invests in common stocks and holds about 40 to 65 securities selected for growth potential. The adviser uses in-depth fundamental research, incorporates valuation discipline, and manages in a benchmark-agnostic manner, which may result in sector exposure. The portfolio is generally kept at no more than 5% cash, and holdings are typically sold if the thesis changes, a better idea emerges, or valuation no longer meets expectations.