The fund seeks capital appreciation in the long term 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 long and short positions of domestic equity and equity-related securities.

The fund seeks capital appreciation in the long term 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 long and short positions of domestic equity and equity-related securities.

The team utilizes a proprietary evaluation process to generate an estimated return for individual stocks that considers market risk factors and company-specific risks.

Market risk factors include company size, enterprise value, and sector.

The process utilizes fundamentally-based, forward-looking forecasts of equity cash flows to generate return expectations for individual stocks.

Then, the estimated returns for the universe of stocks is further evaluated using quantitative techniques to estimate the market’s implied valuation of broad market risk factors as well as the company-specific risks.

Finally, the team buys long the stocks that are estimated to trade below their fair values and sells short stocks for which those characteristics are perceived to be overpriced.

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 also may invest in derivative instruments, including swaps on selected baskets of equity securities.

Also, the fund may invest in derivatives, such as options and futures contracts, to hedge or gain leveraged exposure to a particular sector, industry, market risk factor, or company and/or to obtain or replicate market exposure depending on market conditions.

The fund will often invest in instruments traded in the over the-counter market.

Under adverse or unstable market conditions or abnormal circumstances, the fund could invest some or all of its assets in cash, derivatives, fixed-income instruments, government bonds, money market instruments, repurchase agreements or securities of other investment companies.