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 whose future earnings power is not reflected in their current valuations.< More

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 whose future earnings power is not reflected in their current valuations.

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 that are trading at significant discounts to their estimated intrinsic value for temporary reasons.

The team reviews a company’s financial statements, visits company facilities, and meets with executive management, suppliers and customers.

In addition, the team categorizes companies as Undiscovered Gems, Fallen Angels, and Value Momentum.

Undiscovered Gems are attractive companies with good growth potential not yet discovered by investors.

Fallen Angels are high quality growth companies that are trading at attractive valuations for temporary reasons relative to their long-term growth potential.

Value Momentum refers to valuation that is inexpensive relative to a company’s history, but a catalyst for future growth has been identified.

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 securities issued by foreign companies in developed markets, emerging markets, or frontier markets.

While the fund primarily invests in value companies, it may also invest in growth companies.

Also, the fund may invest a large percentage of its net assets in a particular region or market, including Europe and the United Kingdom.

The fund may invest a large percentage of its assets in a few sectors, including communication services, consumer discretionary, financials, health care, industrials, and information technology.

Additionally, the fund may invest in initial public offerings.