Fund Description

The fund normally invests in 30-40 common stocks chosen for growth potential, using a bottom-up, fundamental research approach that evaluates sustainable competitive advantages, long-term growth potential, and shareholder value. It may invest in companies of any size but primarily holds larger, well-established companies, and it may invest in foreign securities. Classified as nondiversified, it can hold larger positions in fewer securities. It generally considers selling when a company's financials deteriorate, the thesis changes, or the security exceeds targeted value. It may also lend securities up to one-third of total assets.