Fund Description

The fund uses a fundamental process to build a diversified portfolio of undervalued U.S. and non-U.S. companies it considers high quality, emphasizing strong balance sheets and shareholder-oriented management. Research centers on intrinsic value and seeks purchases at significant discounts, along with business quality, financial strength, and management aligned with shareholders. Positions are sized primarily by the discount to estimated intrinsic value, with adjustments for diversification, risk management, and liquidity, and financially material ESG factors are considered. Under normal conditions it primarily holds equities, may invest in emerging markets, generally targets companies with at least $2 billion market cap at purchase, and may use participation certificates. It may also invest to a limited extent in debt, including lower-rated and convertible securities of any maturity.