Fund Description

Under normal market conditions, the fund invests at least 80% of net assets in U.S. large-cap equity securities that the adviser believes are undervalued, including common and preferred stocks of companies with market capitalizations of $5 billion or greater at purchase. The adviser estimates company value independent of stock price using bottom-up analysis of fundamental economic drivers such as earnings, revenue growth, operating margins and other factors, while also assessing industry competition, regulation and technological obsolescence. Portfolio construction is not constrained by benchmark sector or industry weights, with larger positions in highest-conviction ideas. Holdings are monitored and may be sold as they reach estimated value, fundamentals deteriorate, or better opportunities arise.