Investment approach The fund seeks long-term capital appreciation by owning the common stock of primarily domestic mid-cap companies that the managers believe have above-average growth prospects. The managers rely on in-depth fundamental analysis to identify those companies they believe have the potential to compound earnings over time. Additionally, the managers define mid-cap at the time of initial investment based on the range of securities in the Russell Midcap Growth Index. The fund may invest up to 20% of its net assets in non-U.S. securities, typically through sponsored American Depository Receipts (ADRs). Fund profile The fund invests in a concentrated portfolio primarily of companies the portfolio managers believe possess "3G" criteria: durable growth, sound governance, and scalable go-to-market strategies. In considering durable growth, the managers assess: Whether there is a large and growing market; Whether the company is a market leader and/or is gaining market share; and Whether a company has a differentiated product offering. To assess governance, the managers examine the strength of a company’s management, whether there is a shareholder-friendly board, and the alignment of management incentives with shareholder interests. Finally, the managers evaluate whether a company’s go-to-market strategies will result in incremental revenue, high and/or rising margins, and the efficient use of capital.