Fund Description

The fund invests primarily in equity securities, typically common stock, of small- and micro-cap U.S. and foreign companies, generally with market caps of at least $100 million and up to $5 billion at purchase, or up to the market cap of the largest company in the MSCI ACWI Small Cap Index, whichever is greater; it may invest up to 90% in micro caps below $1 billion. It typically invests in at least three countries, including the U.S., and expects at least 40% outside the U.S. (or 30% if conditions are unfavorable), and may invest 5%-50% in emerging and frontier markets in the MSCI EFM Index. The strategy uses quantitative screening and bottom-up fundamental analysis, including management meetings, and may invest in IPOs, early-stage firms, and growth companies after temporary setbacks. The fund does not use allocation models to restrict investments by region, country, sector, or industry and may shift assets across sectors and geographic regions based on where it believes the best growth opportunities and valuations exist.