The fund, which focuses on equities with market capitalizations of $1 billion or less, recorded a net asset value of $15.55 against a market price of $14.00 by the end of August. With net assets totaling $842.5 million, the portfolio maintains a weighted average price-to-book ratio of 2.2x. Trading activity remains steady, with an average weekly volume of approximately 493,146 shares. Industrials currently anchor the portfolio, representing 25.6% of assets, followed by information technology at 21.0% and health care at 16.3%. Top holdings include EZCORP Cl. A and CareDx, each accounting for 1.4% of net assets. While the fund aims for long-term capital growth, it operates with a net leverage of 3.0%, reflecting the inherent risks of small-cap exposure. Shareholders should remain aware that market prices fluctuate independently of net asset values, and past performance does not guarantee future results.