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 invest in securities of technology and communications companies.

The investment team defines a technology company as a company that derives at least 50% of its revenues or earnings from technology activities or at least 50% of the company’s assets were devoted to such activities, based upon the company’s most recent fiscal year.

Technology companies may include companies that are engaged in the research, design, development or manufacturing of technology products.

Other examples of these companies include those in the Internet, medical, pharmaceutical, manufacturing, computer software and hardware industries.

Also, the investment team defines a communications company as a company that derives at least 50% of the company’s revenues or earnings from communications activities or at least 50% of the company’s assets were devoted to such activities, based upon the company’s most recent fiscal year.

Communications activities may include regular telephone service; communications equipment and services, electronic components and equipment, broadcasting; computer software and hardware, semiconductors, mobile communications and cellular radio/paging.

Other examples of communications activities include electronic mail and other electronic data transmission services, networking and linkage of word and data processing systems, publishing and information systems, video text and teletext, emerging technologies combining telephone, television and/or computer systems, and Internet and network equipment and services.

Next, the research team employs a top-down and bottom-up approach to identify investment opportunities.

As part of its research process, the team reviews the overall outlook for the economy to identify specific industries that would benefit from economic trends and the investment environment.

Then the team relies on fundamental analysis, growth potential, earnings, valuation, competitive advantages and the opportunity of each issuer to select individual securities.

Finally, the team selects high-quality companies at attractive prices that are trading at a discount to their estimated intrinsic value.

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

The fund may invest up to 25% of its net assets in foreign companies.

When market or financial conditions warrant, the fund may also make temporary investments in investment grade debt securities.
 

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 invest in securities of technology and communications companies.

The investment team defines a technology company as a company that derives at least 50% of its revenues or earnings from technology activities or at least 50% of the company’s assets were devoted to such activities, based upon the company’s most recent fiscal year.

Technology companies may include companies that are engaged in the research, design, development or manufacturing More