Fund Description

The fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities of small-cap companies, defined by market capitalizations within the Russell 2000 Index range at purchase. It invests primarily in U.S.-traded equity securities, including domestically traded U.S. common stocks (including REITs and ETFs) and U.S.-traded equity stocks of foreign companies, and may invest in mid- and large-cap securities. The adviser uses behavioral finance principles to rank companies on factors such as valuation, price momentum, and earnings revisions, while managing market-cap, country, and sector exposures to build a diversified portfolio. Securities may be sold when rankings weaken or for liquidity, exposure, or diversification reasons.