The fund invests primarily in common stocks of companies that the Adviser believes offer superior investment value and opportunity for growth. It may invest in companies of any size - large, medium and small. The Adviser focuses on companies that the adviser believes to be undervalued or otherwise out-of-favor in the market, but that have sustainable competitive advantages. It may also invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including those in emerging markets.