Strategy. The Fund seeks superior long-term performance by acquiring equity securities of a limited number of mid-and large- cap U.S. companies that we believe meet our qualitative and quantitative criteria: ? Strong businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow; ? Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and ? Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines weve applied for almost 50 years. We believe purchasing equities at prices substantially less than their intrinsic worth establishes a margin of safety that should protect capital from significant permanent loss and provide the opportunity for substantial appreciation if … Show more… The Fund seeks superior long-term performance by acquiring equity securities of a limited number of mid-and large- cap U.S. companies that we believe meet our qualitative and quantitative criteria: ? Strong businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow; ? Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and ? Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines weve applied for almost 50 years. We believe purchasing equities at prices substantially less than their intrinsic worth establishes a margin of safety that should protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the companys value. We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change. The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities. The Fund may invest up to 30% of assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). The Fund is non-diversified, which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies. Show less