Fund Description

The fund invests its assets primarily in equity securities of small-cap companies, defined as those with market capitalizations 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. The portfolio manager uses an intensive value approach combining classic value analysis, identification of good businesses, and accounting cynicism, rooted in the teachings of Benjamin Graham and Abraham Briloff. It generally focuses on U.S. companies but may invest up to 10% in foreign-headquartered companies, and may sell holdings to secure gains, limit losses, redeploy assets, or manage cash levels.