The investment seeks long-term capital appreciation and a total return greater than that of the S&P 500® Index.
The fund invests in long positions in stocks identified by the manager as undervalued and takes short positions in stocks that the manager has identified as overvalued. It normally invests at least 80% of net assets (including borrowings for investment purposes) in equity securities. The fund may also invest up to 20% of total assets directly in equity securities of foreign issuers. It may invest up to 15% of net assets in illiquid securities and 20% of net assets in high-yield debt obligations.