The fund seeks capital appreciation in the long term by investing in mid-and large-size companies in the United States.
The investment process is designed to highlight companies in the benchmark index that demonstrate positive momentum characteristics.
The investment team considers a security to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe.
Relative performance may be based on price momentum, earnings momentum, or other types of momentum.
Then the manager employs a systematic approach to construct the portfolio of stocks. The manager determines the weight of each security in the portfolio using a combination of the market capitalization of the security and an assessment of the security’s momentum.
The fund may also invest in or use financial futures contracts as well as exchange-traded funds and a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to short-term investment funds.
To increase its income or total return, the fund may lend its portfolio securities to certain types of eligible borrower