The fund seeks capital appreciation in the long term by investing in micro-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 companies that demonstrate above-average potential for long-term growth of capital.

In addition, the team utilizes a three-step process to identify potential investment opportunities.

The first step in the process involves narrowing the investable universe through scouring the Web, reading analyst reports, running quantitative screens, attending conferences, and speaking to executives.

In the second step, the team combines qualitative and quantitative techniques to evaluate an investment opportunity 

Next, the team focuses on companies that operate in large markets with significant barriers to entry, have an excellent competitive position with growing market share, and are operated by capable management teams with proven track records.

The team emphasizes companies having proprietary technologies or unusually loyal customers, and positive near-term catalysts to unlock value.

Other aspects of the process include evaluation of a company’s cash flows, income statement and balance sheet items.

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 in companies across various industry groups.

Also, the fund may gain exposure to foreign markets, including emerging markets, through the global operations of U.S. companies, by purchasing depositary receipts or securities of foreign companies traded on U.S. exchanges, or through direct investment in foreign companies.

However, the fund will not invest more than 25% of its net assets directly in foreign companies.

The fund seeks capital appreciation in the long term and current income by investing in companies in the United States.

The investment process is designed to highlight companies that utilize the unique and ever-growing possibilities presented by the Internet.

Then the research team focuses on companies with durable competitive advantages having the ability to generate excellent returns on capital over the long term. The team looks to purchase these companies at reasonable prices.

In addition, the team utilizes a three-step process to identify potential investment opportunities.

The first step in the process involves narrowing the investable universe through scouring the Web, reading analyst reports, running quantitative screens, attending conferences, and speaking to executives.

In the second step, the team combines qualitative and quantitative techniques to evaluate an investment opportunity 

Next, the team focuses on companies that operate in large markets with significant barriers to entry, have an excellent competitive position with growing market share, and are operated by capable management teams with proven track records.

Also, the team emphasizes companies having proprietary technologies or unusually loyal customers, and positive near-term catalysts to unlock value.

Other aspects of the process include evaluation of a company’s cash flows, income statement and balance sheet items.

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

Finally, the third step of the process is monitoring the security on a regular basis.

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 invests in companies that demonstrate above-average potential for long-term growth of capital.

In addition, the team utilizes a three-step process to identify potential investment opportunities.

The first step in the process involves narrowing the investable universe through scouring the Web, reading analyst reports, running quantitative screens, attending conferences, and speaking to executives.

In the second step, the team combines qualitative and quantitative techniques to evaluate an investment opportunity 

Next, the team focuses on companies that operate in large markets with significant barriers to entry, have an excellent competitive position with growing market share, and are operated by capable management teams with proven track records.

The team emphasizes companies having proprietary technologies or unusually loyal customers, and positive near-term catalysts to unlock value.

Other aspects of the process include evaluation of a company’s cash flows, income statement and balance sheet items.

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 in companies across various industry groups.

Also, the fund may gain exposure to foreign markets, including emerging markets, through the global operations of U.S. companies, by purchasing depositary receipts or securities of foreign companies traded on U.S. exchanges, or through direct investment in foreign companies.

However, the fund will not invest more than 25% of its net assets directly in foreign companies.