The fund seeks capital appreciation by investing in companies across any size in the United States.

The investment process is designed to identify high-quality companies in the benchmark index demonstrating durable competitive advantages in the long term.

The process also considers companies that have a track record of paying dividends regularly.

Next, the research team considers companies that consistently bring superior products to market and have potential for durable operating and revenue growth.

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The fund seeks capital appreciation by investing in companies across any size in the United States.

The investment process is designed to identify high-quality companies in the benchmark index demonstrating durable competitive advantages in the long term.

The process also considers companies that have a track record of paying dividends regularly.

Next, the research team considers companies that consistently bring superior products to market and have potential for durable operating and revenue growth.

The team looks for companies with proven management teams aligned with shareholders’ interests and that allocate capital of shareholders prudently.

In addition, the team emphasizes companies that are experiencing special situations such as going through reorganizations, recapitalizations, mergers, spin-offs, or facing resolutions of litigation, management team changes, or important technological improvements or discoveries.

The team believes these companies may have opportunities for significant returns.

Other factors in consideration are selecting stocks that are trading at a discount to their estimated intrinsic value in a rapidly developing industry.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with attractive franchises that are not impacted by market fluctuations over the long-term.

Then the manager constructs a portfolio that typically holds 30 to 40 stocks and allocates capital based on its conviction level.

The manager may consider macro-economic trends, and will occasionally pursue investment themes across multiple holdings, when constructing the portfolio.

The fund has the flexibility to diversify its holdings across sectors and industries and avoids illiquid securities.