The fund seeks capital appreciation in the long term by investing in companies across any size outside 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 securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

The research process is driven by fundamental analysis of one stock at a time.

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 will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

The fund seeks capital appreciation in the long term by investing in companies across any size outside 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 securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies More