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 that are participating or benefitting from the development of the resources in the Mid-North America area, encompassing the states of Arkansas, Colorado, Illinois, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Wisconsin, and Wyoming; and the Canadian provinces of Alberta, Manitoba, and Saskatchewan (the Region).

Next, the research team focuses on companies that are headquartered or maintain their principal place of business in the Region.

The team also considers companies that derived at least 50% of their revenues from goods produced or sold, investments made, or services performed in the Region, or have at least 50% of their assets in the Region during the issuer’s most recent fiscal year.

In addition, the team looks for companies and industries that are trading at a discount to their estimated intrinsic value.

The team prefers companies that demonstrate the potential for above-average performance and growth over the long term.

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.

The manager has the flexibility to invest a significant amount of the fund’s net assets in companies in the natural resources area, as well as in the companies that serve these sectors and/or service the Region.

Also, the manager may invest in companies that engage in hydraulic fracturing.

The fund may invest in smaller companies that have recently commenced operations and do not have significant revenues.

The fund has the flexibility to invest in the securities of foreign issuers, such as American Depositary Receipts.
 

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 that are participating or benefitting from the development of the resources in the Mid-North America area, encompassing the states of Arkansas, Colorado, Illinois, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Wisconsin, and Wyoming; and the Canadian provinces of Alberta, Manitoba, and Saskatchewan (the Region).

Next, the research team focuses on companies that are headquartered or More