Fund Description

The fund invests mainly in equity securities of U.S. and non-U.S. companies across all market capitalizations and, under normal conditions, holds a limited number of issuers. It primarily invests in common stocks, REITs, and publicly traded partnerships, including master limited partnerships, and may invest in non-U.S. companies through depositary receipts or directly on foreign exchanges. The subadviser's proprietary Absolute Value approach seeks to generate sustainable returns over the long term while minimizing downside risk, using bottom-up, security-specific research and a systematic method to assess risk-to-reward characteristics, and combining a stock's conviction rating with its discount to value to determine whether it qualifies for investment and how it will be sized within the fund. A structured sell discipline is used, and the opportunistic approach may lead to high turnover. The fund is non-diversified.