Fund Description

The fund invests primarily in common stocks the advisor believes are significantly undervalued relative to the market using fundamental accounting measures such as book value (assets less liabilities), revenues, or cash flow, following a deep value approach. It may invest across any market capitalization, including small- and mid-cap companies, and can allocate up to 100% of its portfolio to these issuers. The fund may also invest in foreign companies and may hold a significant portion in cash or cash equivalents, including for extended periods when acceptable valuations are scarce. It may at times concentrate in a single economic sector and may take temporary defensive positions in cash and/or short-term obligations.