Effective Sept. 30, 2026, subadvisor Ceredex Value Advisors will broaden its eligible universe to permit up to 20% of its portfolios to be invested in non-dividend-paying companies. This change allows for greater investment flexibility and a larger opportunity set, though the fund will continue to primarily target dividend-paying companies. The changes bear monitoring but don’t represent a material deviation from the existing investment framework. Accordingly, the strategy’s Average Process rating and Morningstar Medalist Ratings still apply.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SMVTX’s performance objective and investment process is for both security selection and portfolio construction.
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