Investment objective & strategy
As of July 25, 2025 · prospectusObjective. The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation.
Strategy. The Fund invests principally in equity securities (such as common stock) issued by small-to-medium capitalization U.S. companies. The Fund employs a core equity investment strategy that seeks to meet the Funds investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of small-to-medium capitalization U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash … The Fund invests principally in equity securities (such as common stock) issued by small-to-medium capitalization U.S. companies. The Fund employs a core equity investment strategy that seeks to meet the Funds investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of small-to-medium capitalization U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. For purposes of this investment policy, the Fund considers small to medium capitalization U.S. companies to be U.S. companies with market capitalizations between $25 million and the largest company included in the Russell 2500 Index (as of June 30, 2025, $23.9 billion). The Fund may invest in derivative instruments, such as exchange-listed equity futures contracts, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. In addition, certain subadvisers may employ a quantitative investment process in seeking to achieve the Funds investment objective.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| COMFORT SYSTEMS USA INC | — | $34.44M | 2.01% |
| INSMED INC | — | $19.55M | 1.14% |
| BJS WHSL CLUB HLDGS INC | — | $18.69M | 1.09% |
| Ascendis Pharma A/S | — | $17.24M | 1.01% |
| JAZZ PHARMA PLC | — | $16.81M | 0.98% |
| JABIL INC | — | $15.21M | 0.89% |
| FTAI AVIATION LTD | — | $14.28M | 0.83% |
| ADV ENERGY INDS | — | $14.13M | 0.82% |
| API GROUP CORP | — | $13.86M | 0.81% |
| TAPESTRY INC | — | $12.97M | 0.76% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Schwab U.S. Mid-Cap ETF · SCHM | 38% | 0.04% |
| Fidelity Small-Mid Multifactor ETF · FSMD | 38% | 0.15% |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF · BBMC | 37% | 0.07% |
Advisers
| Firm | Role |
|---|---|
| Westfield Capital Management Company, L.P. | Sub-adviser |
| Loomis, Sayles & Company, L.P. | Sub-adviser |
| LSV Asset Management | Sub-adviser |
| Parametric Portfolio Associates, LLC | Sub-adviser |
| GW&K Investment Management, LLC | Sub-adviser |
| River Road Asset Management, LLC | Sub-adviser |
| Mercer Investments LLC | Adviser |
Footnotes
- Expense ratio as of July 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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