Fund Description

The fund follows a "Quality at a Discount" approach, seeking above-average to highest-quality businesses at prices believed to be below their business value. It is multi-cap and may invest across market capitalizations, including securities issued by non-U.S. companies, which may be denominated in U.S. dollars or foreign currencies. It may concentrate in relatively few issuers and is non-diversified. The fund uses long and short positions, including short sales of ETFs, may borrow to invest in long positions, and may trade futures such as stock index futures. It may invest defensively in cash and cash equivalents when opportunities are limited.