Fund Description

The fund invests primarily in large-cap common stocks but may invest across market capitalizations, including smaller companies, and generally holds about 25 to 40 stocks. It may invest up to 25% of total assets in foreign securities, including emerging markets, and in U.S. dollar-denominated securities of foreign companies trading in the U.S., including depositary receipts. It may invest in publicly traded REITs and use ETFs to manage cash or gain market/sector exposure, and it may lend securities. It is non-diversified. Decisions are driven by fundamental research using a growth-at-a-reasonable-price approach and various risk tools, including quantitative tools, to help manage and monitor the portfolio's risk profile and individual stock valuation and volatility, and to assist in portfolio construction and maintaining issuer and industry diversification.