Our investment philosophy is based on three core principles:

We are Focused.

  • We invest with conviction and hold only our best ideas. This strategy results in a diversified portfolio of usually 25 to 30 companies. Positions are sized to have a meaningful impact on portfolio performance.
  • We believe a concentrated portfolio of high-quality and attractively valued businesses is the best way to manage investments.

We are Contrarian.

  • We seek to pursue and hold well-informed, contrarian investment ideas. There is comfort in the crowd, but in our opinion, there are exceptional investment opportunities for the contrarian-minded individual willing to hold a non-consensus opinion.
  • The best opportunities are forged in the fire of controversy and uncertainty, which can cause share prices to deviate far from a business’s underlying value.

We invest for the Long-Term.

  • We look for investments that we believe will do well over a long-term horizon. We often view the short-term mindset of Wall Street and news media as noise that needs to be heard but often ignored.
  • Businesses facing short-term challenges are often punished by markets creating opportunities for investors willing to look past fixable issues that do not impact long-term business fundamentals.

There can be no guarantee that any strategy will be successful.  All investing involves risk, including the potential loss of principal.  There are risks associated with investing in the Fund that may adversely affect the Fund’s performance.  The principal risks associated with an investment in the Fund include market risk, non-diversification risk, risk of investing in undervalued securities, REITs, Master Limited Partnerships (“MLPs”), investment companies and ETFs.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets and may affect the value of the fund.  Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of an individual security in the Fund’s portfolio.  Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor.  REITs may be subject to, among other factors, certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, and variations in rental income.  MLPs are generally considered interest-rate-sensitive investments.  During periods of interest rate volatility, these investments may not provide attractive returns.  To the extent the Fund invests in other investment companies, the Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by certain of the investment companies in which it invests. Investment in ETFs carry specific risk and market risk.  If the area of the market representing the underlying index or benchmark does not perform as expected, the value of the investment in the ETF may decline. Read the prospectus carefully for more information about these and other risks associated with investing in the Fund.

Investors should consider the Fund’s investment objectives, potential risks, management fees, charges and expenses carefully before investing.  This and other information is contained in the Fund’s prospectus.  Please read the prospectus carefully before investing.