Fund Description

The fund invests at least 80% of assets in equity securities of small- to mid-cap companies, generally those with market capitalizations similar to companies in the Russell 2500 Index at the time of purchase, and invests primarily in common stocks. It may use derivatives as substitutes for securities and, when used, primarily employs futures contracts to gain targeted equity exposure from cash positions. The adviser uses a fundamental bottom-up process, seeking attractively valued companies with leading competitive positions, predictable and durable business models, and management with a track record of prudent capital allocation, while assessing ESG factors for financially material issues and engagement priorities. Securities may be sold due to changes in fundamentals, valuation, or to pursue better opportunities.