Fund Description

The fund invests at least 80% of total assets in equity securities of large-capitalization companies and may invest up to 20% in equity securities of foreign issuers through ADRs and similar investments. It typically holds about 30 to 50 large-cap stocks, defined as companies within the market-cap range of the Russell 1000 Index at purchase. Using rigorous fundamental research, it seeks undervalued companies with favorable reward-to-risk profiles, durable asset bases, strong balance sheets, and sustainable, superior cash flows, including firms out of favor or undergoing reorganization or other corporate actions. Holdings are reviewed regularly and may be sold as price targets are approached, downside risks rise, fundamentals deteriorate, or better opportunities emerge.