Fund Description

The fund invests primarily in common stocks of U.S. large- and mid-cap companies. It is non-diversified and may hold as few as 12 securities, generally about 20, which means it may invest a greater portion of its assets in a more limited number of issuers, and a higher percentage of the fund's total assets may at times be invested in a particular sector or industry. It follows a value approach, seeking stocks priced significantly below the adviser's estimate of intrinsic value, emphasizing free cash flow, growing and reasonably predictable earnings, and management alignment. Research is bottom-up and in-house, including company visits. Stocks are typically sold as prices approach estimated intrinsic value using updated buy/sell targets. It may use put and call options on stocks and indexes for tax or other considerations and to help manage distributions.