Fund Description

The fund is non-diversified and invests all investable assets in a portfolio that normally invests at least 80% of net assets plus borrowings in equity securities of U.S. and foreign small-cap companies, including common stocks, convertibles, warrants, and ADRs/GDRs/IDRs, that the investment adviser believes provide attractive valuation opportunities. It may invest in ETFs and purchase or write options for hedging and/or investment, invest up to 20% in below-investment-grade or comparable unrated debt, and lend up to 33-1/3% of portfolio securities. It may hold significant cash or invest up to 100% in high-quality U.S. short-term debt and money market instruments. It may gain indirect bitcoin exposure via pooled vehicles such as the Grayscale Bitcoin Trust, including through a wholly owned Cayman subsidiary, and will not make additional investments in the Grayscale Bitcoin Trust if, as a result, its aggregate investment in the trust, either directly or through the subsidiary, would be more than 15% of its assets at the time of the investment.