Fund Description

The fund invests primarily in a diversified portfolio of common stocks of U.S. companies, focusing mainly on larger organizations. Employing a value investment philosophy, it seeks securities deemed to be significantly undervalued relative to the adviser's estimate of intrinsic value, which reflects the price a knowledgeable buyer would pay for the entire business. The investment strategy prioritizes companies with attractive attributes, such as strong free cash flows, predictable earnings growth, and management that aligns with shareholder interests. The fund typically holds 30 to 60 stocks, allowing concentrated investment in its best ideas, and it may use options to assist in managing distributions.