The fund seeks capital appreciation in the long term by investing in mid-and large-size companies in the United States.

The investment process is driven by fundamental research to identify companies that are significantly undervalued based on market price relative to normalized earnings.

The investment team estimates the intrinsic value of a stock on the basis of its historical earnings and estimated future earnings.

Then the research team utilizes a proprietary screening process to narrow the investable universe from among the top 1,000 companies ranked by market capitalization.

Next, the research team assesses a company’s growth and profitability drivers and position in the industry relative to competitors.

The process also emphasizes financial statements analysis, study of competitors, customers and suppliers, meetings with management teams, review of past earnings calls and investor presentations, and research from brokerage and independent research firms.

Then the research team makes an in-depth research of undervalued stocks to assess if they are out of favor for temporary or permanent reasons.

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.