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

The investment process is designed to focus on companies displaying strong capital appreciation potential, have strong and focused management, solid balance sheets and a history of proven results.

In evaluating a company’s potential for appreciation, the research team focuses on criteria such as market leadership, wide business moats, financial flexibility, global reach, and consistent growth.

The fund at times may emphasize a particular business sector, and may invest a portion of its assets in small, unseasoned companies.

The fund has the flexibility to invest up to 30% of its net assets in securities of foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that demonstrate superior risk/return opportunities.

Next, the research team prefers companies that display superior potential for capital appreciation, have capable and focused management and balance sheet strength.

The team also focuses on companies that exhibit characteristics such as evidence of financial strength, pricing flexibility, competitive advantage, disciplined management, and attractive valuation.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a portfolio that holds 25 to 30 stocks. Typically the position sizes start in the 2% to 3% range with an overweight in high-conviction ideas.

The fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund.

At times, the fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors.

The fund may also invest in special situation companies that have fallen out of favor with the market but are believed to offer favorable risk-adjusted returns.

Special situations may include significant changes in a company’s allocation of its existing capital or a restructuring of assets.

Other special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure.

In addition, the fund may invest in shares of ETFs or may invest up to 30% of its net assets in securities of foreign issuers.

The fund emphasizes investments in securities of medium and small capitalization companies but is not limited to any particular market capitalization.

The fund seeks capital appreciation in the long term by investing in small-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 prefers companies that exhibit the potential to achieve above average earnings growth over the long term.

In addition, the team also focuses on companies that are estimated to trade below their fair values.

Also, the team considers companies that are lagging in market price and underfollowed by investors.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates companies on the basis of factors such as rate of earnings growth or earnings growth potential, valuation, management and balance sheet strength.

Other factors in consideration are free cash flow generation, effective capital allocations, and returns on invested capital.

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.

At times, the fund may emphasize investment in one or more particular issuers or business sectors that are believed to have favorable prospects.

Also, the fund may invest up to 30% of its net assets in stocks of foreign issuers.

The fund may invest in foreign markets that are considered to be emerging markets.

Additionally, the fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery.

Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spinoffs, mergers or acquisitions) or a restructuring of assets.

The fund may invest in registered investment companies (RICs), including shares of mutual funds and shares of exchange-traded funds.

The fund seeks capital appreciation in the long term and current income by investing in companies across any size 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 companies that have established business models, attractive valuations, a track record of dividend payment and growth, and/or dividend growth potential.

The team also focuses on companies that are lagging in market price for temporary reasons and are trading at a discount to their estimated intrinsic value.

In addition, the team assesses the durability of a company’s dividend payments by analyzing its dividend history, its competitive position and industry dynamics.

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 companies with attractive valuation, dividend yield, and business model.

Other factors in consideration would be companies with a track record of growing dividends with the likelihood of sustainable dividend growth.

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.

The fund may invest up to 30% of its net assets in common stocks of foreign issuers.

Additionally, the fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery.

Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spinoffs, mergers or acquisitions) or a restructuring of assets.

The fund may invest in shares of exchange-traded funds.