Fund Description

The fund invests in common stocks of companies of any market capitalization and in both growth and value companies. The adviser emphasizes rigorous company-specific research, analyzing earnings, cash flow, and intrinsic value, and looks for cases where market perception diverges from fundamentals. It may invest in out-of-favor special situations, including firms facing management changes, financial distress, restructurings, government inquiries, or heightened sensitivity to negative market conditions. It may short up to 10% of net assets, use money market instruments, buy and sell options, and invest up to 10% in securities futures and options. It may buy U.S.-traded, U.S. dollar-denominated foreign stocks, including ADRs, EDRs, and GDRs. Sector exposure may be significant, and turnover may exceed 100%.