The fund invests primarily in equity securities of companies organized in the United States that the Adviser believes are high quality, though temporarily out of favor. It typically invests in a portfolio of 15 to 35 companies of various market capitalizations and is considered an all-cap strategy. Although the fund will invest primarily in U.S. companies, the fund may invest up to 25% of its assets in non-U.S. companies that are classified as “developed” by MSCI Inc. (“MSCI”). It is non-diversified.