The fund uses a long/short investment strategy in seeking to achieve its investment objective. This means it sells short a portion of its portfolio and uses the proceeds of the shorts, or other borrowings, to purchase additional stocks long. It will generally implement its long/short strategy primarily through selling securities short and borrowing money from banks to invest in long positions held by the fund. In constructing its portfolio, the fund uses a multi-factor quantitative model to evaluate each security considered for investment, and to consider the security's impact on the fund's active risk.