Fund Description

The fund seeks long-term growth of capital by investing primarily in equity securities it believes are undervalued at purchase and offer growth potential, viewing stocks as ownership interests and buying when price appears low relative to total enterprise value. It does not rely on technical stock market studies, instead extensively analyzing company balance sheets and earnings history and prospects to appraise intrinsic value. It normally invests in U.S. and non-U.S. companies across any market capitalization. It may sell holdings due to deteriorating fundamentals, earnings shortfalls versus expectations, or excessive valuation. The portfolio is not required to be fully invested in equities and usually holds cash or cash equivalents, including short-term U.S. Government securities; cash may be significant. The fund is non-diversified.