Fund Description

The fund uses an integrated approach combining research, portfolio design, portfolio management, and trading to emphasize long-term drivers of expected returns while balancing risk through broad diversification across companies and sectors, and it is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe of U.S. operating companies. It invests in companies of all sizes, with strongly increased exposure to smaller-capitalization, lower relative price, and higher profitability companies, and may decrease allocations to or avoid larger-cap, higher relative price, or lower profitability companies. Under normal circumstances, it invests at least 80% of net assets in equity securities of U.S. companies, may adjust or exclude holdings based on shorter-term considerations, may use futures and options on futures to manage equity exposure, may lend securities, and seeks to reduce trading costs through flexible trading.