Fund Description

The fund invests primarily in a focused portfolio of equity securities, seeking traits such as relatively high free cash flow yields, strong balance sheets, products or services that satisfy basic human needs, long-term growth potential, and managers with capital-allocation skill and significant ownership. It may hold significant cash holdings and significant fixed income investments, and the Advisor may purchase money market mutual funds in lieu of holding large amounts of cash, with the amount and mix varying based on the Advisor's assessment of investment opportunities and general market and economic conditions. It may shift among asset classes and sectors, invest in any market cap, and allocate up to 100% to foreign securities (up to 50% emerging markets). It is non-diversified and may invest in REITs, ADRs, rights and warrants, a wide range of debt, and distressed special situations, including below-investment-grade securities.