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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.
Next, the research team invests in securities of companies principally engaged in the design, development, production, sale, management or distribution of products, services or facilities used for or in connection with healthcare or medicine (healthcare companies).
These healthcare companies include biotechnology companies, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other healthcare facilities, as well as companies engaged in medical, diagnostic, biochemical and other healthcare-related research and development activities.
Also, healthcare companies may include investment companies, including exchange traded funds that invest in healthcare companies.
In selecting securities for the portfolio, the team focuses on companies that have superior free cash flow and pay regular dividends, as well as have potential for long-term earnings per share growth.
Also, the team favors companies with the presence of a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division or the development of a profitable new business.
The team also prefers companies that meet earnings, return on capital and growth criteria, as well as that would benefit from sustainable long-term economic dynamics.
As part of the research process, the team also relies on industry contacts, consultants, company press releases and conference calls, buy-and sell-side contacts, brokers, third-party research, independent research of financial and corporate information, third-party research databases, and news services, and has conversations with company management teams.
The team will also take into account macroeconomic conditions and healthcare industry trends.
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 may invest up to 50% of its net assets in securities of non-U.S. issuers, which may include, without limitation, emerging market issuers.
In addition, the fund may invest up to 20% of its net assets in a wide variety of securities and financial instruments, of all kinds and descriptions, issued by non-healthcare companies.
The fund may invest without limitation in warrants, and also is a non-diversified fund.
The fund seeks capital appreciation in the long term by investing in small-size 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 process combines growth, value and core investment management styles.
Next, the research team focuses on companies with high quality management focused on generating shareholder value.
The team also favors companies with attractive products or services, appropriate capital structure, and superior competitive positions in their industries.
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.
At times, the manager may focus investments in a particular sector or sectors of the economy.
Also, the fund may invest in securities issued by real estate investment trusts, as well as invest in exchange-traded funds.
The fund may invest without limitation in warrants and may also utilize derivatives.
Additionally, the fund may also invest in master limited partnerships, which are principally engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities.
