Fund Description

The fund allocates assets globally across multiple asset classes with varying correlations, generally investing 50%-80% in equities or equity-like securities and 20%-50% in a diversifying portion that may include global fixed income, U.S. Treasury instruments, precious metals, commodities and cash. In selecting securities, the manager primarily emphasizes a bottom-up approach and seeks to find relative value across the asset classes noted above, complemented by top-down analysis. The equity portion targets companies with sustainable competitive advantages, high levels of cash flow, and stable to improving margins and returns, and generally holds at least 30% in foreign securities. The diversifying portion may include investment-grade and high-yield bonds (including up to 35% in junk bonds), emerging market and bank loans, and mortgage-backed securities. It may use derivatives and ETFs, including via a 0%-20% tactical sleeve, and may invest through a wholly owned subsidiary.