DFMC

DFMC provides exposure to the US micro-cap space. It integrates research, design, management, and trading to pursue its investment objectives through active portfolio management. The adviser defines micro-caps as companies whose market capitalizations are: i) in the lowest 5% of the selection universes total market-cap, or ii) smaller than the 1,500th largest US company, whichever results in the higher market-cap break. While the fund is market cap-weighted, the adviser may emphasize securities within the portfolio that are smaller in size, have lower relative prices and higher profitability. Relative price is assessed using metrics such as price-to-book value, while profitability is measured by earnings relative to book value or assets. In addition, the adviser has full discretion to adjust security weights based on factors including price momentum, short-run reversals, and investment characteristic ratios, such as changes in assets divided by total assets.