Fund Description

The fund is actively managed and invests in U.S. and foreign equity securities, seeking above average compounded returns by purchasing securities in companies and industries where capital spending is declining while avoiding companies, assets, and business models that can be easily replicated. Companies, assets, and business models that cannot be easily replicated may include those with differentiated offerings, a low-cost advantage, or that maintain an advantage over competitors in their same industry. The fund typically invests across sectors, holds developed and emerging markets stocks, and spans the market-cap spectrum. It is nondiversified and, as a fundamental policy, concentrates at least 25% of net assets in precious metals and mining issuers.