Fund Description

The fund uses a value-oriented approach, investing primarily in common stocks, including ADRs, of companies of any size across domestic and international markets, including emerging, developing, or frontier markets, and may also invest in publicly traded MLPs. Holdings are selected through fundamental research of financial condition using traditional valuation measures such as price/book and price/sustainable free cash flow ratios. It seeks broad geographic diversification and typically invests in about 15 industries, with no limit on assets in any one country. The adviser may use covered calls, puts, and index or ETF options for premiums, selling at target prices, and hedging.