Fund Description

The fund invests at least 80% of its net assets in equity securities of smaller Japanese companies, typically those with market capitalizations in the bottom 20% of publicly traded Japanese companies. A Japanese company is one organized under Japanese law, with its principal securities trading market in Japan, or with a majority of its assets or business in Japan. Investments primarily include common stocks, and may also include preferred stocks, warrants and other rights, convertible or exchangeable securities, and Japan real estate investment trusts or other investment companies, including ETFs, that invest in Japanese equities. Portfolio managers use in-depth analysis and on-site research to identify small-cap stocks with a potential "value gap," building a best-ideas portfolio unconstrained by its benchmarks and selling when the investment thesis changes, valuation is full, fundamentals deteriorate, or a position becomes too large.