Fund Description

The fund is managed with the goal of outperforming the long-term returns of the Russell 2000 Value Index. It normally invests at least 80% of investable assets (net assets plus borrowings for investment purposes) in equity and equity-related securities of small-cap companies within the Russell 2000 Index market-cap range, including common and preferred stock, convertibles, and instruments such as rights, warrants, or options. Using a quantitatively driven, bottom-up process, it targets attractively priced stocks based on measures such as P/E, price-to-cash flow, and price-to-book, while also considering factors like earnings quality, external financing, and earnings outlook trends. Quantitative techniques and internal guidelines guide portfolio construction and limit certain exposures. Most assets are typically in U.S. equity and equity-related securities, including up to 25% in REITs, and it may at times hold a significant portion in a single economic sector.