The fund seeks capital appreciation by investing in mid-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.

Next, the research team invests in above-average to highest-quality businesses that are trading at a discount to their estimated intrinsic value.

The team then evaluates a company based on factors such as competitive position, return on invested capital, ability to redeploy capital, cash flow consistency, financial leverage and management team.

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.

Also, the fund may concentrate its investments in securities of relatively few issuers.

The fund may invest in securities issued by non-U.S. companies, which may be denominated in U.S. dollars or foreign currencies.
 

The fund seeks capital appreciation 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 long positions in stocks and other securities, when it is estimated that the value of such securities will increase.

In addition, the team also invests in short positions in stocks and other securities, including short sales of exchange traded funds, when it is estimated there will be a decline in the value of such securities.

The team’s strategy for long positions is based on the premise that stock prices fluctuate around the true value of a company.

So, the team seeks to identify the securities of companies that meet earnings, return on capital and growth criteria with proven management teams.

However, the team’s strategy for short positions can include selling short an exchange traded fund, or simultaneously buying a put option and selling a call option on an ETF or other security, or buying an ETF or other security that is designed to appreciate in value.

Other factors in consideration would be simultaneously holding a short position in one security and a long position in another security.

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 in securities issued by non-U.S. companies, which securities may be denominated in U.S. dollars or foreign currencies.

Also, the fund may concentrate its investments in securities of relatively few issuers.

The fund may invest without limitation in high-quality cash and cash equivalents such as U.S. Government securities or government money market fund shares.
 

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

Then the research team focuses on companies that are growing and meet earnings, return on capital and growth criteria which have honest, competent management.

Next the research team evaluates a company’s asset values, earnings power and the intangible value of a company’s franchise in its market or a combination of these variables, depending on the nature of the business.

The team is driven by fundamental analysis to focus on companies that are selling at a significant discount to their estimated private market value.

Then the manager utilizes bottom-up research to construct a concentrated portfolio with a multiple-year time horizon.

The fund has the flexibility to take temporary defensive positions in high-quality cash or cash equivalents such as U.S. Government securities or government money market fund shares.

The fund may also invest in securities issued by non-U.S. companies, which securities may be denominated in U.S. dollars or foreign currencies.

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

The investment process focuses on companies that are lagging in market price and trading at a discount to their estimated intrinsic value from a list of companies included in the benchmark index.

The manager employs a value investing approach in selecting investments and believes that stock prices fluctuate around the true value of a company.

The investment team believes value of a business is a function of the cash flows it will generate over time.

Then the research process looks for growing companies that meet earnings, return on capital and growth criteria with honest and competent management.

Next, the team evaluates the estimated the private market value of the business.

Then the manager constructs a concentrated portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the team also estimates the cash that a business will generate for its owners in the future. The valuation may focus on asset values, earnings power and the intangible value of a company’s franchise in its market or a combination of these variables.

Then the manager employs bottom-up research to build a concentrated portfolio and may concentrate its investments in securities of relatively few issuers.