Fund Description

The fund is a small-cap equity portfolio managed primarily as a core strategy, with the flexibility to shift between growth and value based on market conditions and the adviser's convictions; allocations to either style may range from 30% to 70%. Under normal circumstances, it invests at least 80% of assets (net assets plus borrowings for investment purposes) in equity securities of small-cap companies within the Russell 2000 Index universe at purchase, primarily common stocks and REITs. It may use derivatives, mainly futures, to gain targeted equity exposure from cash. The adviser uses a fundamental bottom-up process combining research, valuation and stock selection, and seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers, based on an analysis of key opportunities and risks across industries to identify financially material issues and issues that merit engagement.