The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.
The investment process starts with a list of companies in the benchmark index and the research team uses quantitative techniques and fundamental analysis to identify investable opportunities.
Next the research team employs a flexible investment style to focus on companies that have the potential for long-term capital appreciation.
Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.
The fund typically invests in stocks of between 20 and 40 companies at one time, but invests a significant portion of its net assets in a smaller number of companies, industries and/or sectors.
However, up to 25% of the fund’s net assets may be invested in securities issued by companies within a single industry.
Then the fund may invest in securities of foreign issuers. There is no limit on the extent to which the fund may invest in foreign companies or be exposed to issuers from any particular country.
If market conditions so warrant, the fund may establish short positions in specific securities or stock indices.
In addition, the fund has the flexibility to invest in debt and fixed income securities, including below investment grade debt and/ or fixed income securities.
The fund seeks income and capital appreciation in the long term by investing in companies across any size in the United States.
The investment process is designed to highlight companies that are engaged in the real estate industry, including real estate investment trusts.
The investment team considers a company to be in the real estate industry if construction, ownership, management, financing or sales of residential, commercial or industrial real estate account for at least 50% of its gross revenues or net profits.
Next, the research team considers companies in the real estate industry to include those with significant real estate holdings, such as hotel chains and mining, lumber and paper companies.
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 manager may, from time to time, invest a significant portion of the fund’s net assets in a small number of companies.
The fund may invest up to 20% of its net assets in equity or debt securities of companies outside the real estate industry, which may be of any credit quality and of any maturity.
The fund has the flexibility to invest in foreign companies or be exposed to issuers from any particular country.
