Fund Description

The fund uses a "Quality at a Discount" approach, seeking above-average to highest-quality businesses at prices believed to be below their business value. Under normal circumstances, it invests at least 80% of net assets, plus any investment borrowings, in equity securities of large-cap companies, defined as those with market capitalizations included in the Bloomberg 1000 Index. It may invest in non-U.S. issuers in U.S. dollars or foreign currencies and may concentrate in relatively few issuers. Quality is assessed by competitive position, return on invested capital, ability to redeploy capital, cash flow consistency, financial leverage and management team. It buys when priced at a discount and typically sells as prices approach or exceed business value estimates; if opportunities are limited, it may invest without limitation in high-quality cash and cash equivalents.