Fund Description

The fund's investment adviser invests the fund's assets primarily in equity securities of small-cap companies that it believes are trading below its estimate of their current worth, defining small-cap as having a market capitalization not greater than that of the largest company in the Russell 2000 Index at its most recent reconstitution. Under normal circumstances, it invests at least 80% of net assets in small-cap equities. It uses multiple disciplines-High Quality, Emerging Quality, Traditional Value, and Quality Value-with managers overseeing segments and a Co-Chief Investment Officer monitoring and adjusting allocations. It generally focuses on U.S. companies but may invest up to 25% in foreign-headquartered issuers, may invest in other investment companies, and may sell securities to secure gains, limit losses, redeploy assets, or manage cash.