Fund Description

The fund invests primarily in a diversified portfolio of common stocks and other equity securities of companies of all sizes, including ADRs, preferred stocks, limited partnerships and convertible securities. The adviser uses a bottom-up, quantitative, factor-based model, which it may modify, to screen for market-leading companies based on factors such as low valuations, financial strength, earnings quality, earnings growth, market capitalization and volume, and selects companies with strong shareholder yield (dividends and/or share repurchases). Holdings are generally sold upon periodic rebalancing. It primarily invests in U.S. issuers, may invest up to 20% in foreign stocks (including emerging and frontier markets), up to 25% in REITs or foreign real estate companies, up to 20% in depositary receipts, and up to 10% in other investment companies, including ETFs. It may emphasize certain sectors and may hold cash and short-term instruments, and up to 50% in aligned ETFs, for temporary defensive purposes.