Fund Description

The fund seeks superior long-term performance by investing in equity securities of a limited number of small-cap companies that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow, with capable, shareholder-oriented management. It targets prices typically 60% or less of a conservative appraisal based on fundamental analysis, and sells as holdings near appraisals or if fundamentals or relative attractiveness change. It normally invests at least 80% of net assets plus borrowings in equity and convertible securities, primarily common stock. It may invest up to 30% in non- securities, including emerging markets, including via ADRs. It is non-diversified and generally holds 15 to 25 companies.