Fund Description

The fund invests mainly in small- to medium-capitalization companies (generally under $7 billion market cap at initial purchase) listed or traded on a national securities exchange or association. Under normal market conditions, it invests 80% of net assets in common stocks, including common stocks of foreign companies primarily through ADRs or ADSs, which are dollar-denominated U.S.-traded securities; it may use sponsored or unsponsored ADRs. The fund uses fundamental analysis to seek good businesses at value prices, weighing business and valuation factors case by case, and may sell when value potential is reached, diversification is needed, fundamentals deteriorate, or better value opportunities arise.