Fund Description

The fund seeks to invest in dividend-paying equity securities that the Adviser believes trade at discounts to its estimate of intrinsic value. It invests primarily in domestic and foreign equity securities such as common and preferred stock that are paying dividends, and may invest in dividend-oriented ETFs. Under normal circumstances, it invests at least 80% of net assets in equity securities that paid a dividend in the prior 12 months or are expected to pay one within 12 months. It generally holds 25 to 50 companies, diversifying by issuer, industry, and country, with at least three countries including the U.S. and at least 40% in foreign securities, primarily developed markets. Foreign exposure may include foreign exchanges, ADRs, and ETFs, with currency hedging via forwards. Securities may be sold upon reaching intrinsic value, when a more attractive security is found, or if dividend criteria are no longer met.