Fund Description

The fund seeks to outperform the long-term returns of the Russell 2000 Value Index and normally invests at least 80% of its investable assets (net assets plus any borrowings for investment purposes) in equity and equity-related securities of small-cap companies, including common and preferred stock, convertible securities, securities with common stock characteristics, and rights, warrants, or options based on common stock. Using a quantitatively driven, bottom-up process, it builds a diversified portfolio emphasizing attractive valuations while considering earnings quality, external financing, and earnings outlook trends. Quantitative techniques and internal guidelines guide construction and limit exposures, with team judgment applied to model outputs. Most assets will be invested in U.S. equity and equity-related securities, including up to 25% of total assets in real estate investment trusts (REITs), and at times, the fund may have a significant portion of its assets invested in the same economic sector.