Fund Description

The fund takes long positions in stocks the Adviser identifies as undervalued and short positions in stocks it identifies as overvalued, investing short-sale proceeds in short-term cash instruments to earn a return just below the federal funds rate. It invests principally in securities traded in U.S. markets, may invest in unseasoned issuers and IPOs, and targets a portfolio with less volatility than the U.S. equity market generally. It normally invests at least 80% of net assets in equity securities, with long exposure generally not exceeding about 125% of net assets. It may invest in foreign issuers, high yield debt, smaller issuers, and up to 15% in illiquid investments, and is limited to 25% of total assets in any one industry. It may temporarily hold U.S. government obligations and other money market instruments or, defensively, up to 100% in cash and eligible U.S. dollar-denominated money market instruments.