The fund seeks capital appreciation in the long term by investing in small-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in directly or indirectly in small cap companies.

The team invests primarily in ETFs (Underlying ETFs) that invest in equity securities of small cap companies listed on a U.S. or international exchange (including in emerging markets).

In addition, the team invests in Underlying ETFs that track an index of small cap companies in a particular country or geographic region (U.S., developed markets, or emerging markets) or style (growth, core, or value).

Also, the team considers valuation multiples on the basis of earnings, sales, and book value of companies in various small cap styles relative to historic trends.

Additionally, the team focuses on the relative performance of such styles, to determine whether a style is overvalued or undervalued.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.