Manager: Ceredex Value Advisors, LLC

Category: Small-cap value

Objective: Provide capital appreciation and income by investing primarily in small capitalization companies that pay regular income dividends and are undervalued in the opinion of the Adviser.

Strategy: The Fund invests primarily in small cap stocks, focuses on income, is value-oriented, and uses a bottom-up stock selection process.

Note: On Nov. 3, 2023, the Virtus Ceredex Small-Cap Value Equity Fund name changed to Ceredex Small Cap Value Strategy and the fund structure was modified from a mutual fund to a separate account. The Fund Fact Sheet for the new separate account will be available after the first full quarter of performance.

The Ceredex Value Advisors Small Cap Value Equity composite factsheet is made available at the link above/below to provide a view of the fund strategy only. Please Note: The factsheet does not specifically reflect historical performance and the fee structure for the new Ceredex Small Cap Value Strategy Fund (the Fund) offered within the State of Michigan 401(k) and 457 Plans (the Plans). Since the Fund is a newly established separate account designed specifically for the participants of the Plans and was recently introduced on November 3, 2023, historical performance is not yet available for the production of a Fund-specific fact sheet. Instead, the linked fact sheet reflects the performance of Ceredex Value Advisors Small Cap Value Equity composite with the standard fee structure for the strategy applied, that is greater than that negotiated by the State of Michigan for the Fund. A Fund-specific fact sheet will be available after the first quarter of 2024. Past performance provided in the factsheet is not reflective of future results.

Fund fact sheet