This fund primarily invests a minimum of 80% of its assets in microcap value companies. Its investment strategy relies on a systematic quantitative model to identify and acquire these particular stocks. For the purpose of this fund, "microcap stocks" are defined as companies with a market capitalization, at the moment of initial purchase, ranging from $20 million up to the market capitalization that separates the 8th and 9th deciles of all stocks listed on the New York Stock Exchange. The adviser considers "value stocks" to be those primarily characterized by low price-to-book ratios.