Fund Description

The fund invests primarily in publicly traded equity securities, including common and preferred stocks, convertible securities, rights, warrants and other securities. It will invest in a diversified portfolio of securities issued primarily by domestic small- and micro-cap companies (generally under $2 billion at investment) that the advisor believes trade at significant discounts to underlying earnings power or asset values. Using a value style, it weighs company and industry fundamentals and macro factors such as interest rates, fiscal and monetary policy, and geopolitical events. The advisor employs rigorous quantitative and qualitative analysis as part of its due diligence. The fund targets strong balance sheets, capable management and large insider ownership, may seek catalysts to unlock value, uses limit orders and scales into positions, and may hold money market funds or cash equivalents.