Fund Description

The fund primarily invests in equity securities of U.S. companies with market capitalizations within the range of the Russell Midcap Index at initial purchase, though it may invest outside that range and may hold companies whose market caps later move beyond it. Using a contrarian approach, it seeks undervalued, differentiated businesses with strong cash flows, low debt, quality offerings, barriers to entry, predictable fundamentals and potential for double-digit earnings growth at purchase, typically holding 3-5 years. It buys out-of-favor names based on proprietary research and sells when value is reached, better opportunities arise, fundamentals deteriorate, or positions fall outside its mid-cap range. The diversified portfolio generally holds 25-45 securities, may concentrate in fewer sectors than its benchmark, integrates ESG in assessing risks and opportunities, and excludes tobacco, firearms, and for-profit prisons.