Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of medium-sized companies, defined at initial purchase as those in the S&P MidCap 400 or Russell Midcap Index, or with market capitalizations within the Russell Midcap Index range. It seeks capital appreciation by investing mainly in common stocks selected through a fundamental bottom-up process focused on individual company analysis, aiming for a diversified portfolio trading at discounts to estimated intrinsic values. Position sizes are generally limited to 5% of total assets, and each of five major sectors is capped at 25%. Securities may be sold upon reaching fair value or when the investment thesis changes.