The Fund invests in a wide variety of securities and financial instruments, domestic and foreign, primarily focusing on equity securities of small/micro-cap U.S. companies with a market capitalization ranging from $20 million to $500 million. The strategy is long-term in nature, with typical investment holding periods of 6 months to 2 years or more. The portfolio normally consists of 10 to 30 long positions and 10 to 30 short positions. The long portfolio is concentrated, however typically no position will comprise more than 20% of total assets. The short portfolio is typically diversified, with no position accounting for more than 3% of assets.