Fund Description

The fund seeks long-term capital appreciation by investing in a small number of undervalued securities using a value-investing approach. Under normal market conditions it invests primarily in common stocks of companies of all sizes, including small and micro-capitalization companies, and may also invest in other equity securities and investment-grade bonds of varying maturities. It typically holds a core of 15 to 20 securities, is non-diversified, and may at times invest significantly in a limited number of sectors, without concentrating in any one industry. The adviser uses fundamental research to identify ethical businesses with competitive advantages, relevant products, shareholder-oriented management, growth, and low debt, focusing mainly on U.S. companies but also considering foreign issuers. Positions may be reduced or sold as securities near fair value, fundamentals deteriorate, or the original investment thesis changes. If opportunities are limited, the fund may hold significant cash or cash equivalents.