Fund Description

The fund pursues its objective primarily through short positions in domestically traded equity securities and indices, while holding short-term liquid securities such as money market funds, U.S. Treasury securities, and government agency securities for liquidity and to cover obligations related to short sales. It also seeks capital appreciation through long positions in equity securities the Adviser believes are undervalued and may invest, to a lesser extent, in foreign issuers. Short exposure may include short sales, index futures, and put options; long exposure may include stocks, index futures, and call options. It uses leverage, typically maintains net short exposure, may use derivatives, buy ETFs and IPOs, and is actively managed with turnover usually exceeding 100%.