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 in the benchmark index that are estimated to trade below their fair values relative to their future prospects.

Then the research team utilizes fundamental research to identify companies with attractive attributes. These attributes include superior and durable competitive advantages, high and sustainable returns on invested capital, competent and shareholder-oriented management, long term growth opportunities, and sustainable levels of debt.

Then the manager constructs a focused portfolio of approximately 15 to 30 securities that are trading at a discount to their estimated intrinsic value.

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

Also, from time to time the fund may invest a significant portion of its assets in a limited number of industry sectors.

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 may invest in securities of foreign issuers, including American Depositary Receipts.

The fund may also invest in fixed income securities without regard to maturity and duration.