Fund Description

The fund uses a hedged long/short strategy, taking long positions in stocks the Adviser identifies as undervalued and short positions in those viewed as overvalued; short-sale proceeds are invested in short-term cash instruments to produce a return just below the federal funds rate. It invests long and short across large-, mid-, small and micro-cap equities and equity-convertible instruments, and may also hold foreign equities, REITs, fixed income (including high yield), derivatives, and up to 15% in illiquid investments. Security selection blends quantitative and fundamental analysis focused on value, business strength and momentum, with an industry limit of under 25% of assets.