Fund Description

The fund uses quantitative analysis to invest, under normal market circumstances, at least 80% of net assets (including borrowings for investment purposes) in long and short positions in equity securities of public companies tied economically to the U.S. Companies are considered tied to the U.S. if they are organized under U.S. laws, have a principal place of business in the U.S., trade principally in the U.S., or are included in an S&P or FTSE Russell U.S. equity index at purchase. Security selection uses proprietary multifactor computer models and fundamental analysis, with models ranking valuation, profitability, earnings-related measures, and material sustainability-related criteria, plus risk and portfolio characteristics. The fund takes long positions in securities identified as undervalued and short positions in those identified as overvalued, with position sizing managed for overall risk. It generally targets 60-140 long positions (75%-100% of net assets) and 40-120 short positions (50%-95%), and may actively trade; short-sale frequency and size may vary.