Akron, Ohio-based Oak Associates has launched a new fund that invests primarily in equity securities of small-cap companies based on their growth potential.

The River Oak Discovery Fund is co-managed by Robert Stimpson and Brandi Allen. Stimpson also co-manages the Rock Oak Core Growth Fund, while Allen also provides co-management to the Live Oak Health Sciences Fund.

According to company officials, the River Oak Discovery Fund will employ the firm's long-term investment approach and target companies with market capitalizations of $3 billion or less. The fund, they said, would be most appropriate for the investor that "seeks a diversified way to participate in the growth potential of smaller cap companies."

A 20-year-old firm, Oak Associates manages $5.7 billion in mutual fund, pension and endowment assets. Its funds are distributed through SEI Investments Distribution.

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