Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus any borrowings (measured at purchase) in a diversified portfolio of equity investments in large-cap U.S. issuers, and may also invest in securities below the then-current large-cap threshold. While primarily focused on publicly traded U.S. securities, it may invest in foreign securities, including emerging-country issuers and securities quoted in foreign currencies. It targets value opportunities defined as quality companies with identifiable competitive advantages and sustainable growth potential whose intrinsic value is not reflected in the stock price. The process combines industry-specific valuation metrics, in-depth research, and sector portfolio manager recommendations with team input. It may also invest in fixed income securities, including government, corporate, and bank debt, and is measured against the Russell 1000 Value Index.