Fund Description

The fund invests at least 80% of net assets in equity securities of medium-capitalization companies, defined as those with market capitalizations within the range of the Russell Midcap Index at the time of purchase. It seeks undervalued companies believed to offer potential for above-average capital appreciation with below-average risk, using rigorous fundamental research to identify favorable reward-to-risk ratios and competitive advantages supported by durable asset bases, strong balance sheets, and sustainable, superior cash flows. Holdings may include out-of-favor stocks or companies undergoing reorganization or other corporate actions, and may be sold near price targets, if downside risks rise, fundamentals deteriorate, or better opportunities emerge.