Strategy. Under normal circumstances, we invest: at least 80% of the Funds total assets in equity securities of small-capitalization companies; and up to 25% of the Funds total assets in equity securities of foreign issuers through American Depository Receipts (ADRs) and similar investments. We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000 Index at the time of purchase. The market capitalization range of the Russell 2000 Index was approximately $2.13 million to $19.09 billion, as of July 31, 2025, and is expected to change frequently. Small-capitalization companies may include both domestic and foreign small-capitalization companies. We seek small-capitalization companies that are in the emerging phase of … Show more… Under normal circumstances, we invest: at least 80% of the Funds total assets in equity securities of small-capitalization companies; and up to 25% of the Funds total assets in equity securities of foreign issuers through American Depository Receipts (ADRs) and similar investments. We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000 Index at the time of purchase. The market capitalization range of the Russell 2000 Index was approximately $2.13 million to $19.09 billion, as of July 31, 2025, and is expected to change frequently. Small-capitalization companies may include both domestic and foreign small-capitalization companies. We seek small-capitalization companies that are in the emerging phase of their life cycle. We believe earnings and revenue growth relative to consensus expectations are critical factors in determining stock price movements. Thus, our investment process focuses on identifying companies with robust and sustainable growth in revenue and earnings that are underappreciated by the market. To find that growth, we use bottom-up research, emphasizing companies whose management teams have a history of successfully executing their strategy and whose business model have sufficient profit potential. We forecast revenue and earnings growth along with other key financial metrics to assess investment potential. We then combine that company-specific analysis with our assessment of what the market is discounting for growth to form a buy/sell decision about a particular stock. We seek to capitalize on investment opportunities where a sizable gap exists between market consensus and our expectation for a companys growth prospects. We may invest in any sector and, at times, we may emphasize one or more particular sectors. In addition, our investment process is built on a foundation of continuous risk management and a strict sell discipline. We sell a companys securities when we see signs that can cause a companys growth prospects to deteriorate, as this often leads to lower valuation potential. We may also sell or trim a position when we need to raise money to fund the purchase of a better investment opportunity or when valuation has extended beyond our expectations. Show less