Fund Description

The fund invests mainly in common stocks of small- and mid-cap companies, defined as having market values of $50 million to $10 billion at initial purchase, and it may continue to hold or add to positions outside that range. Using a bottom-up, research-driven approach, it targets stocks available at market prices below the Portfolio Managers' estimate of intrinsic value, including complex, cyclical, or interrupted-growth companies. The process includes screening to identify companies with stock prices that are trailing the performance of the overall market and that the Portfolio Managers believe are attractive relative to current cash flows, intrinsic value estimation, and potential catalysts such as mergers, liquidations, spin-offs, or management changes. Managers typically visit companies, integrate governance and financially material environmental and social factors, may engage with companies, may invest in restricted securities, and may emphasize certain sectors at times.