Description

This fund aims to achieve its financial objectives primarily by allocating capital to the common shares of smaller enterprises. Its portfolio managers specifically identify and invest in companies whose stock valuations are, in their judgment, understated by the market. Under typical market conditions, a minimum of 80% of the fund's net assets, including any funds borrowed for investment, will be channeled into equity securities of these small companies. A small company is characterized as one whose market capitalization, at the moment of initial acquisition, is lower than the 12-month average of the highest market capitalization among businesses included in the Russell 2000® Value Index. The fund reserves the option to maintain up to 20% of its net assets in cash or other highly liquid instruments.