Investment objective & strategy
As of Sept. 25, 2025 · prospectusObjective. The Fund seeks long-term capital growth.
Strategy. The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of small capitalization U.S. companies. Under normal circumstances, the Fund will invest at least 80% of its assets (for the purpose of this requirement, net assets include net assets plus any borrowings for investment purposes) in equity securities of companies with small market capitalization. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is no greater than the largest market capitalization of any company included in the Russell 2000 Index. The Fund's sub-adviser, Bragg Financial Advisors, Inc., invests the Fund's assets by pursuing a value-oriented strategy. The … The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of small capitalization U.S. companies. Under normal circumstances, the Fund will invest at least 80% of its assets (for the purpose of this requirement, net assets include net assets plus any borrowings for investment purposes) in equity securities of companies with small market capitalization. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is no greater than the largest market capitalization of any company included in the Russell 2000 Index. The Fund's sub-adviser, Bragg Financial Advisors, Inc., invests the Fund's assets by pursuing a value-oriented strategy. The sub-adviser's strategy begins with a screening process that seeks to identify small cap companies whose stocks sell at discounted price-to-earnings (P/E) and price-to- cash flow (P/CF) multiples. The sub-adviser favors companies that maintain strong balance sheets and have experienced management. Generally, the sub-adviser attempts to identify situations where stock prices are undervalued by the market. The sub-adviser generally sells securities when it believes they are trading for more than their intrinsic value, to generate tax losses to offset taxable gains, or if additional cash is needed to fund redemptions.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MSILF Treasury Portfolio, Class Institutional | MISXX | $130.01M | 10.95% |
| RLI CORP | — | $46.77M | 3.94% |
| UGI CORP NEW | — | $45.96M | 3.87% |
| Vanguard 0-3 Month Treasury Bill ETF | VBIL | $45.81M | 3.86% |
| TD SYNNEX CORP | — | $44.57M | 3.76% |
| OSHKOSH CORP | — | $40.06M | 3.38% |
| NEW JERSEY RESOURCES CORP | — | $38.19M | 3.22% |
| ARROW ELECTRONICS INC | — | $37.99M | 3.20% |
| INTERDIGITAL INC | — | $33.09M | 2.79% |
| LITTELFUSE INC | — | $33.05M | 2.78% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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. |
|---|---|---|
| S&P MidCap 400 Pure Value Fund | 12% | 1.64% |
| S&P MidCap 400 Pure Value Fund · RYAVX, RYMVX, RYMMX | 12% | 1.55% |
| First Trust Managed Futures Strategy Fund · FMF | 11% | 0.99% |
Advisers
| Firm | Role |
|---|---|
| First Pacific Advisors, LP | Adviser |
| Bragg Financial Advisors, Inc. | Sub-adviser |
Footnotes
- Expense ratio as of September 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 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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