The fund seeks capital appreciation in the long term by investing in mid-size companies in 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 equity securities.

The research process is driven by fundamental analysis of More

The fund seeks capital appreciation in the long term by investing in mid-size companies in 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 equity securities.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on high-quality companies with attractive valuations.

The team prefers industry leading companies in niches with superior growth prospects.

In addition, the team employs a three-step process when evaluating companies.

First, when evaluating the business model, the team looks for sustainable competitive advantages, high levels of profitability, stable and growing earnings, and balance sheet strength.

Second, when assessing management, the team evaluates its operational and capital allocation track records and the nature of its accounting practices.

The final step in the process is assessing the proper valuation for the company.

The team seeks to buy securities trading at a discount to their estimated intrinsic value as determined by discounted cash flows modeling and additional valuation methodologies.

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.

Generally, the portfolio holds between 25 and 40 securities at any given time.

The fund may also invest up to 25% of its net assets in foreign securities (including American Depositary Receipts and emerging market securities).