Fund Description

The fund invests in U.S. equity securities of any market capitalization the adviser believes are undervalued and sells short U.S. equity securities it believes are overvalued. Equity securities consist of common and preferred stocks. The adviser estimates company value independent of stock price through bottom-up fundamental analysis of earnings, revenue growth, operating margins, and other economic drivers, while also considering industry competition, regulation, technological obsolescence, and other factors. Portfolio construction is not constrained by benchmark sector or industry weights, and highest weights go to highest-conviction ideas. The frequency of short sales will vary substantially in different periods, and the fund will not make a short sale if, immediately before the transaction, the market value of all securities sold short exceeds 40% of the value of the fund's net assets. Holdings and shorts are monitored and adjusted as valuations or fundamentals change.