Description

The fund's primary objective is to achieve substantial long-term capital appreciation for its investors. Under typical market conditions, it commits at least 80% of its total assets (including any funds borrowed for investment purposes) to the equity securities of smaller U.S.-based enterprises. These companies must be incorporated within the United States, and their shares predominantly trade on major American stock exchanges. The portfolio typically maintains a focused selection, generally comprising 25 to 35 distinct equity holdings. Furthermore, the fund has the option to allocate capital to exchange-traded funds (ETFs), which are pooled investment vehicles designed to track the performance of specific market indices and are openly traded on exchanges.