Strategy. Under normal circumstances, we invest: at least 80% of the Funds net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalization within the range of the Russell Midcap Index at the time of purchase. The market capitalization range of the Russell Midcap Index was approximately $ 270 million to $ 73.29 billion, as of December 31, 2023, and is expected to change frequently. We manage a relatively focused portfolio of 30 to 50 companies that we believe enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. We select securities for the … Show more… Under normal circumstances, we invest: at least 80% of the Funds net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalization within the range of the Russell Midcap Index at the time of purchase. The market capitalization range of the Russell Midcap Index was approximately $ 270 million to $ 73.29 billion, as of December 31, 2023, and is expected to change frequently. We manage a relatively focused portfolio of 30 to 50 companies that we believe enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. We select securities for the portfolio based on an analysis of a companys financial characteristics and an assessment of the quality of a companys management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a companys top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolios assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity. Show less