Fund Description

The fund invests in common stocks of companies with potential for significant growth over at least a three-year period. It normally holds a focused portfolio of securities of no more than 45 issuers, including U.S. common stocks and securities convertible into common stocks. Using a value-oriented approach with no market-cap limits, the adviser seeks firms with some or all of: low P/E, low price-to-book or tangible asset value, excellent growth prospects, strong franchise, highly qualified management, consistent free cash flow, and high returns on invested capital. It may invest in foreign securities, ETFs, and ADRs, and will normally invest its remaining assets in cash and cash equivalents, including U.S. government debt instruments, money market funds, and repurchase agreements. The fund generally sells a security if its price exceeds the adviser's intrinsic value estimate or if more attractive opportunities exist, and is non-diversified.