The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team employs quantitative techniques to look for companies that are trading a discount to their estimated intrinsic value.

Then the team considers companies with attributes such as a defensible competitive advantage, relevant products, competent and shareholder-oriented management, growth, and a low level of debt.

Also, the team prefers companies with ethical businesses.

Then the manager constructs a diversified portfolio from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The portfolio holds between 15 to 20 securities, and from time to time, the fund may invest a significant portion of its net assets in a particular sector.

Also, from time to time the fund may invest a significant portion of its net assets in a limited number of industry sectors, but will not concentrate in any particular industry.

The fund may also invest in fixed income securities such as investment-grade bonds of varying maturities.

Additionally, the fund has the flexibility to maintain without limitation a significant portion of its net assets in cash or cash-equivalents like money-market funds, certificates of deposit and short-term debt obligations.

The fund is a non-diversified fund, which means it can invest in fewer securities at any one time than a diversified fund.