Seeks long-term capital appreciation through investments in small capitalization companies that we believe are undervalued. Companies generally have a market capitalization below $3.5 billion at the time of purchase.
Our philosophy is to deliver above average long-term results, while reducing portfolio risk through the application of a disciplined, opportunistic, and unique investment strategy. Our investment team uses a bottom-up, fundamental approach to stock selection focusing the majority of the portfolio on companies undergoing internal corporate restructuring.
Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities.
Fund Profile - as of December 31, 2014
|Total Net Assets||$2,587,619,016|
|Number of Holdings||95|
|Gross Expense Ratio (Class A Shares)||1.35%|
|Gross Expense Ratio (Class I Shares)||1.10%|
|Net Expense Ratio|
|Asset Allocation %|
|Cash & Equivalents||0.7%|
|*The Fund's adviser has contractually agreed to waive a portion of its management fee or reimburse the Fund if total ordinary operating expenses during the current fiscal year as a percentage of the Fund's average net assets exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, dividend expenses incurred on securities that a Fund sells short, litigation expenses, and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of portfolio securities. The waiver is in effect through January 31, 2016.|
|Category||3 Yrs & Overall
Stars / #Funds
* Star ratings are based on risk-adjusted return. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10- year Morningstar Rating metrics. (Overall: 2 stars out of 624 funds; 3-years: 2 stars out of 624 funds; 5-years: 2 stars out of 567 funds; 10-years: 2 stars out of 362 funds in the Small Blend category).
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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Ratings are for the Fund's A Share Class; other classes may vary.