Fund Description

The fund seeks its investment objective primarily by investing in equity securities of smaller companies believed to be undervalued relative to their underlying earnings potential. Under normal circumstances it invests at least 80% of assets in equity securities of small companies, defined as those with market capitalizations within the range of the Russell 2000 Value Index at the time of purchase. Using bottom-up fundamental analysis, it targets high-quality companies with sustainable returns trading below the adviser's intrinsic value assessment and potential for improving fundamentals. It may sell at fair value, for better opportunities, or if fundamentals deteriorate, and may invest in U.S.-traded foreign equities, including ADRs and GDRs, with sector weights that may vary.