This fund principally allocates its capital to the common stock of smaller enterprises, specifically those with a market valuation of $500 million or less at the time of initial purchase. A key aspect of its strategy is to pinpoint micro-capitalization firms that appear undervalued relative to their perceived "private market value," which the sub-adviser defines as the sum informed investors would hypothetically pay to acquire the entire company. Furthermore, the fund has the discretion to commit up to 25% of its total holdings to international equities, including European Depositary Receipts (EDRs) or American Depositary Receipts (ADRs).
