The investment seeks long-term capital appreciation independent of stock market direction.
The fund generally pursues its investment objective by taking both long and short positions in domestic and foreign equity securities, including those in emerging markets, and exchange-traded funds ("ETFs") in an effort to insulate the fund's performance from general stock market movements. It normally invests in issuers from several different countries, including the United States. The fund may, under unusual circumstances, invest in a single country. It may also have significant exposure to emerging markets. The fund is non-diversified.