Fund Description

Under normal market conditions, the fund invests in U.S. equity securities of any market capitalization that the adviser believes are undervalued, including common and preferred stocks. It is non-diversified and intends to hold a limited number of securities. The adviser estimates company value independent of stock price using bottom-up analysis of earnings, revenue growth, operating margins and other economic factors, along with industry competition, regulation and technological obsolescence. Portfolio construction is not constrained by benchmark sector weights; highest weights reflect highest conviction. Holdings are monitored and may be sold upon reaching estimated value, deteriorating fundamentals, or to pursue better opportunities.