Fund Description

The fund invests primarily in a diversified portfolio of common stocks of companies with market capitalizations above $10 billion at purchase. Using a fundamental, relative value approach, the adviser selects best-of-breed operators meeting criteria for quality, valuation, value creation/catalyst, and risk-reward, assessing factors such as management, margins, ROIC, leverage, and free cash flow, and using measures including P/E, price/book, and FCF yield. Portfolio construction is security-by-security with limits on position sizes and sector allocations; holdings may be reduced or sold based on thesis realization, disproportionate price moves, limits, or negative fundamentals.