The investment seeks long-term growth of capital independent of stock market direction.
The fund seeks to limit global equities market risk by balancing "long" and "short" positions. It will buy, or take a long position in, equity securities of U.S. and non-U.S. companies that the Adviser believes are undervalued and more likely to appreciate and, at the same time, sell or take short positions in, equity securities that the Adviser believes are overvalued and more likely to depreciate. While the fund does not target issuers of a particular size, most issuers have larger capitalizations. It normally invests significantly in securities of non-U.S. companies.