The investment seeks long-term growth of capital.
The fund invests primarily in the equity securities of companies located in developed and emerging markets throughout the world that the adviser believes are available at market prices less than their value. Portfolio holdings are typically concentrated in 10 to 35 securities without limits as to the size of an issuer, the issuer's earnings or the industry in which it operates. It also may invest globally in debt securities, including government and corporate bonds, high yield bonds, commercial paper, mortgage or asset-backed securities and repurchase agreements. The fund is non-diversified.