Fund Description

The fund seeks its investment objective through an unconstrained approach with an emphasis on equity securities. Under normal circumstances, it invests primarily in publicly traded equity and equity-related securities of U.S. and non-U.S. companies or instruments with similar economic characteristics, across any market capitalization, with no geographic limits, including developed and emerging markets, and may invest via private placements. It may also invest significantly in fixed income, including lower-rated high-yield ("junk") bonds. Security selection is bottom-up and research-driven, without regard to a benchmark, and holdings may deviate significantly. The portfolio is focused, potentially creating sector exposure, and may use short positions and derivatives for hedging, cash flow management, substitutes, or return enhancement.