Fund Description

The fund invests primarily in equity securities of foreign and domestic companies the adviser believes are undervalued, principally common stocks, preferred stocks and ETFs that invest primarily in equities. Under normal circumstances, it invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies, defined by market capitalizations no larger than those in the VettaFi US Equity Small-Cap 2000 TR Index; micro caps are included. It invests across sectors, with sector weights that may vary. A disciplined sell process considers fundamentals, relative valuation, management or control changes, cash needs, and regulatory or economic shifts.