Investment objective & strategy
As of Jan. 22, 2026 · prospectusObjective. The fund has an investment objective of long-term capital appreciation.
Strategy. The fund pursues long-term capital appreciation in the small market capitalization sector while seeking to incur less risk than the small capitalization value market. The fund invests in a select group of small market capitalization companies believed by the funds subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). Under normal circumstances, the fund invests at least 80% of its assets in … The fund pursues long-term capital appreciation in the small market capitalization sector while seeking to incur less risk than the small capitalization value market. The fund invests in a select group of small market capitalization companies believed by the funds subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small market capitalization companies. As of the date of this Prospectus, the funds subadviser considers small market capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell 2000 Value Index on a rolling three-year basis. On this basis, as of September 30, 2025, the total market capitalization range of companies included in the Russell 2000 Value Index over the past three years was $43,500 to $22 billion. Generally, the fund invests in approximately 25 to 35 securities at any given time.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| RBC BEARINGS INC | — | $35.64M | 5.93% |
| CONSTRUCTION PARTNERS INC CL A | — | $34.21M | 5.69% |
| HOULIHAN LOKEY I | — | $27.94M | 4.65% |
| ARMSTRONG WORLD INDUSTRIES INC | — | $27.52M | 4.58% |
| PRIMERICA INC | — | $27.20M | 4.52% |
| WATSCO INC | — | $25.60M | 4.26% |
| BANK OF HAWAII | — | $25.53M | 4.25% |
| CHEESECAKE FACTORY INC | — | $23.54M | 3.92% |
| JOHN BEAN TECHNOLOGIES CORP | — | $23.40M | 3.89% |
| WD-40 CO | — | $23.27M | 3.87% |
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. |
|---|---|---|
| Virtus KAR Small-Cap Value Series | 99% | 1.10% |
| Virtus KAR Small-Mid Cap Value Fund · VKSGX, VKSDX, VKSEX, VKSFX | 40% | 0.82% |
| CONESTOGA SMID CAP FUND · CCSMX, CCSGX | 21% | 0.85% |
Footnotes
- Expense ratio as of January 22, 2026, 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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