Fund Description

The fund invests primarily in common stocks the adviser believes are significantly undervalued relative to the market based on fundamental accounting measures such as book value, revenues, or cash flow, following a deep value approach. It may invest across any market capitalization, including small- and mid-cap companies, with no set allocation and the ability to invest up to 100% of assets in these companies. The fund may invest in foreign securities and may hold significant cash or cash equivalents, including for extended periods when acceptable valuations are scarce. It may concentrate in a single economic sector at times and may take temporary defensive positions in cash and/or short-term obligations.