The investment seeks long-term capital appreciation with low correlation to the U.S. equity market.
The fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Substantially all of the equity securities in which the fund takes long and short positions will be included in its benchmark index, the Russell 1000 Index, at the time the position is taken. As a result, the fund will invest significantly in large capitalization companies. It may enter into stock index futures contracts to manage cash flows into and out of the fund.