The fund seeks capital appreciation in the long term by investing in companies in the United States.

The value oriented investment process looks for out-of-favor companies with compelling earnings or price metrics.

The process starts with a list of companies in the benchmark and applies quantitative research to identify underappreciated companies with the potential to deliver superior returns over a full market cycle.

The research process is driven by fundamental analysis of one stock at a time. Next, the&n

The fund seeks capital appreciation in the long term by investing in companies in the United States.

The value oriented investment process looks for out-of-favor companies with compelling earnings or price metrics.

The process starts with a list of companies in the benchmark and applies quantitative research to identify underappreciated companies with the potential to deliver superior returns over a full market cycle.

The research process is driven by fundamental analysis of one stock at a time. Next, the team assesses a company’s expected sustainable revenue and/or asset growth; expected cash investment needed to support expected growth; normalized earnings and free cash flow.

The team also considers valuation relative to normalized earnings and free cash flow after giving consideration to growth potential and financial strength.

Then using the research team work the investment team constructs a high conviction, concentrated portfolio of best ideas that holds 25 to 35 companies. The fund is managed using a long-term approach to security selection.

Generally, investments will be made with an intended investment horizon of three years, although individual investments may be held for shorter or longer time periods.

The fund generally focuses on companies with an investment grade debt rating, a history of paying dividends, and a market capitalization among the top 1,000 companies in the United States.

The fund may also invest up to 25% of its net assets in government and corporate debt securities of any maturity.

The fund also may invest up to 20% of its net assets in securities of foreign issuers. Additionally, up to 15% of the fund’s net assets may be invested in a combination of convertible securities, options on stocks, warrants and rights and other non-money market fund investment companies.