Fund Description

The fund is non-diversified and invests all investable assets in the Paradigm Portfolio. Under normal circumstances, the portfolio invests at least 65% of net assets in common stocks, ETFs, convertible securities, warrants, and other equity-like securities (including ADRs, GDRs and IDRs) of U.S. and foreign companies the adviser believes are undervalued, have or are expected to soon have high returns on equity, and are positioned to reduce costs, extend distribution, and grow assets or revenues. It may purchase and write options, invest up to 20% in below-investment-grade debt, up to 100% in emerging markets, lend up to 33-1/3% of portfolio securities, and hold significant cash or high-quality U.S. short-term debt and money market instruments. It may gain indirect bitcoin exposure via the Grayscale Bitcoin Trust and other pooled vehicles, including through a Cayman subsidiary, and will not make additional investments in the Grayscale Bitcoin Trust if, as a result, aggregate investment in it (directly or through the subsidiary) would be more than 15% of assets at the time of investment.