Fund Description

The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities of large-cap companies (market capitalizations at purchase of $5 billion or greater) that the Adviser believes are undervalued. Equity securities include common and preferred stocks. The Adviser estimates company value independent of current stock price using bottom-up analysis of fundamental economic drivers such as earnings, revenue growth, operating margins, and other factors, along with industry considerations. Portfolio construction is not constrained by benchmark sector weights, with highest weights in highest-conviction holdings. Holdings are monitored and may be sold as they reach estimated value, fundamentals deteriorate, or better opportunities arise.