Fund Description

The fund invests in a diversified portfolio of equity securities of large-cap companies the adviser believes are undervalued, using a fundamental value approach that targets securities attractively priced relative to future earnings power and dividend-paying capability. Under normal circumstances it invests at least 80% of net assets, including borrowings, in large-cap equities, generally focusing on companies with market capitalizations of at least $5 billion at purchase. It invests primarily in U.S. companies but may also invest in non-U.S. companies and ETFs. The adviser uses fundamental and quantitative research, projects performance over a full economic cycle, and generally sells when valuation criteria are no longer met. The fund may use derivatives, including options, futures, forwards, and swaps, to earn income, adjust exposure, or help protect against declines.