Fund Description

The fund is a fund of funds that invests primarily in affiliated mutual funds managed by the adviser and its affiliates. Under normal conditions, through the underlying funds it is expected to indirectly invest in equity securities of U.S. and foreign micro-cap, small, and mid-sized companies, among others. It uses a blend strategy to gain exposure to both growth and value stocks, or stocks with characteristics of both. Underlying funds may invest in common and preferred stocks, international securities (including emerging and developed markets) via ETFs and ADRs, and similar instruments. The team generally uses a bottom-up approach emphasizing long-term value and may temporarily adopt defensive positions.