Fund Description

The fund seeks long-term growth of capital by investing primarily in equity securities it believes are undervalued at purchase and offer growth potential. It views common stocks as ownership interests and buys when price appears low relative to total enterprise value. It does not rely on technical market studies, instead extensively analyzing companies' balance sheets and earnings history and prospects to appraise intrinsic value. The fund normally invests in U.S. and non-U.S. equities across any market capitalization, and may sell holdings due to deteriorating fundamentals, disappointing earnings progress, or excessive valuation. It may hold cash and cash equivalents, including short-term U.S. Government securities, and cash reserves may be significant. The fund is non-diversified.