Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (plus any borrowings for investment purposes) in dividend-paying common stocks and other instruments with similar economic characteristics, focusing primarily on common stock. It targets securities the portfolio managers believe are undervalued using various valuation measures and may invest up to 25% of net assets in foreign issuers. Using fundamental research, financial statement analysis and multiple valuation techniques, the team estimates target prices over a 2-3 year horizon, emphasizing profitability, balance sheets and capital allocation that support sustained or increasing dividends and share repurchases, and diversifying holdings across market sectors.