Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities with potential for long-term capital growth, typically holding 35-55 common stocks. Using a bottom-up approach, it seeks durable businesses trading at a significant discount to portfolio management's estimate of intrinsic value, with intrinsic value expected to grow over time and management teams aligned with shareholders. It may invest in companies of any size and in foreign securities. As a nondiversified fund, it may hold larger positions. It may also lend securities to qualified parties, up to one-third of total assets at loan origination.