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 equity securities and equity-related instruments, including derivatives.

The team takes long positions in attractively-valued companies that exhibit earnings growth potential.

Additionally, the team takes short positions in sector and index hedges, puts (single name and indices), and securities of companies with deteriorating fundamentals and/or valuation.

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 focus its investments from time to time in one or more sectors of the economy or stock market.

The fund may invest in fixed income securities and other debt instruments, including, without limitation, corporate bonds, convertible bonds, bank loan participations, government securities and money market instruments.

Also, the fund’s investments may include securities of U.S. and foreign issuers, including securities of issuers in emerging market countries and securities denominated in a currency other than the U.S. dollar.

The fund is non-diversified, which means that a significant portion of its net assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund.

The fund may also lend portfolio securities to brokers, dealers and other financial organizations.