Fund Description

The fund invests at least 80% of net assets in equity securities of U.S. and non-U.S. small companies, primarily common stocks the adviser believes can deliver rapid revenue growth and above-average earnings growth. The adviser characterizes small capitalization companies as those with total common stock market values of $3 billion or less at the time of investment. It seeks issuers with dominant market share or niche franchises in growing or consolidating industries, emphasizing experienced management, strong balance sheets, and rising free cash flow and earnings, and aims to invest long term at reasonable valuations relative to perceived economic worth.