Fund Description

The fund normally invests in equity securities, including common stock, preferred stock and convertible securities, across market capitalizations, and in investment grade and high yield fixed income securities. It may invest in foreign securities directly or via ADRs and GDRs, and may use currency contracts to hedge foreign currency exposure. Using a fundamental value, bottom-up process and internally generated research, it seeks companies whose prospects are misunderstood or not fully recognized by the market. It may use futures, options, swaps and other derivatives to manage risk and cash. ESG factors considered financially material may be evaluated. It is non-diversified and may hold a limited number of issuers. Sales are evaluated case by case based on valuation, operating trends, fundamentals and diversification.