Fund Description

The fund invests primarily in equity securities, including common stocks, convertible securities and warrants, focusing on large-cap companies but able to invest across market capitalizations. It normally invests across a wide range of sectors and industries and follows a growth style, seeking companies with sustainable competitive advantages, long-term structural growth drivers, attractive cash flow returns on invested capital, and management teams focused on long-term shareholder value, while favoring shares trading at a significant discount to estimated intrinsic value. It may sell holdings for structural changes, flawed assumptions, better reward-to-risk opportunities, or when price reflects intrinsic value. Up to 20% may be in foreign securities, including depositary receipts and emerging markets. It may also use affiliated or unaffiliated funds and ETFs, hedge with foreign currency transactions and options, and invest in REITs, Rule 144A and other privately placed investments, including private equity.