Fund Description

The fund, under normal market conditions, invests at least 80% of net assets plus any borrowings for investment purposes in equity securities of companies with market capitalizations comparable to those in the Russell 2500 Value Index. It is not forced to sell a stock if its market capitalization later moves outside that range. The sub-adviser seeks under-valued companies with catalysts to unlock value or improve profitability, taking a long-term view focused on potential appreciation over an extended time. Positions may be sold or reduced if risk/reward, valuation, or catalysts deteriorate. The fund invests primarily in U.S. equities, but may invest up to 35% in non-U.S. equities, including up to 10% in emerging markets.