The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.
The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.
As part of its strategy, the fund employs a passive management or indexing investment approach.
Next, the research team attempts to invest all, or substantially all, of its net assets in the component securities that make up the Index.
The Index is designed to measure the performance of a portfolio of U.S. and Canadian exchange-listed equity securities of companies that generate a majority of their cash flow from certain qualifying midstream energy infrastructure activities.
Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.
The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.
Also, the fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds.
To the extent the Index concentrates in the securities of a particular industry or group of related industries, the fund will concentrate its investments to approximately the same extent as the Index.
