The fund seeks 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 trading at a discount to their estimated intrinsic value.

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

Then the manager constructs a concentrated 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 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.