Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (including borrowings for investment purposes) in a diversified portfolio primarily of equity securities, such as common stocks, across the capitalization spectrum identified by the Adviser as having value characteristics. Value is assessed using factors such as price-to-book and price-to-earnings ratios in the context of operating and financial fundamentals. Each holding has a target valuation established at purchase that the Adviser monitors and adjusts as appropriate, and the Adviser will sell a stock when it no longer meets one or more investment criteria, including after obtaining target value or due to an adverse change in fundamentals or business momentum. It may invest up to 20% in non-U.S. dollar-denominated securities, up to 15% in illiquid investments, participate in IPOs, invest up to 10% in convertible securities, and hedge up to 40% via options. It is limited to less than 25% in any one industry and may temporarily hold up to 100% in cash and eligible U.S. dollar money market instruments.