Fund Description

The fund invests at least 80% of net assets in common stocks and in ETFs that invest primarily in common stocks, using a flexible, concentrated, opportunistic approach. It is non-diversified and may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors. The adviser uses bottom-up stock selection, emphasizing companies with capital appreciation potential, strong management and balance sheets, financial strength, pricing flexibility, competitive advantages, disciplined management, and attractive valuation. It emphasizes mid- and small-cap stocks, may invest in special situations, up to 20% in ETFs, and up to 30% in foreign issuers.