Fund Description

The fund seeks to meet its investment objective by investing primarily in equity securities of companies the adviser believes are undervalued relative to the company's underlying earnings potential. Under normal circumstances, at least 80% of assets are invested in equity securities of companies whose market capitalizations at purchase are within the range of companies in the Russell Midcap Value Index. It may invest a portion of assets in equity securities of foreign companies traded in the United States, including ADRs and GDRs. The adviser uses bottom-up fundamental analysis to invest in companies it believes to be of high quality and to identify companies that have sustainable returns trading below the adviser's assessment of intrinsic value, and may sell when fair value is reached, a better opportunity arises, or fundamentals deteriorate.