The fund seeks total return by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return

The fund seeks total return by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.