Fund Description

The fund invests primarily in common stocks of mid-sized companies viewed as undervalued or that have fallen out of favor with the market. Under normal circumstances, it invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of companies whose market capitalizations at purchase fall within the 12-month capitalization range of the Russell Midcap Value Index. It may invest in IPOs, foreign securities, REITs, and similar REIT-like entities. Management weighs downside risk, favoring strong management teams, stable balance sheets, solid cash flows, attractive valuations, favorable risk/reward, sustainable competitive advantages that are trading at attractive valuations, and long-term prospects, while considering financially material ESG factors alongside other fundamentals.