Strategy. The Adviser pursues the Funds investment objective by investing, under normal circumstances, in equity securities that the Funds investment team believes are undervalued. The Fund invests in equity securities of small-, mid-, or large-capitalization companies. The Fund typically invests in equity securities of U.S. companies but may also invest any portion of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund is non-diversified and expects to hold a larger portion of its assets in a smaller number of issuers. As a result of the Advisers investment process, the Funds investments may be focused in one or more economic sectors from time to time, including the financials sector. In … Show more… The Adviser pursues the Funds investment objective by investing, under normal circumstances, in equity securities that the Funds investment team believes are undervalued. The Fund invests in equity securities of small-, mid-, or large-capitalization companies. The Fund typically invests in equity securities of U.S. companies but may also invest any portion of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund is non-diversified and expects to hold a larger portion of its assets in a smaller number of issuers. As a result of the Advisers investment process, the Funds investments may be focused in one or more economic sectors from time to time, including the financials sector. In evaluating investments for the Fund, the Adviser conducts fundamental research to identify companies with improving returns on invested capital. The Advisers research efforts seek to identify the primary economic and value drivers for each company. Research focuses on a companys capital deployment strategy, including decisions about capital expenditures, acquisitions, cost-saving initiatives, and share repurchase/ dividend plans, as the Adviser seeks to understand how returns on invested capital may improve over time. Valuation is considered an important part of the process. The Adviser seeks to invest in companies based on its assessment of risk (the possibility of permanent capital impairment) and reward (the future value of the enterprise). The Adviser regularly reviews the Funds investments and will sell securities when the Adviser believes the securities are no longer attractive because (1) of a deterioration in rank of the security in accordance with the Advisers process, (2) of price appreciation, (3) of a change in the fundamental outlook of the company, or (4) other investments available are considered to be more attractive. Show less