This is a brief description of the fund ...
MAIN INVESTMENT STRATEGIES
Under normal market conditions, the Fund invests most
of its assets in equity securities of companies the Fund’s manager believes are
undervalued at the time of purchase but that have the potential for significant
capital appreciation. Common stocks and preferred stocks are examples of equity
securities.
A stock price is undervalued, or a “value” when it is less than the price at
which the manager believes it would trade if the market reflected all factors
relating to the company’s worth. The manager may consider a company to be
undervalued in the marketplace relative to its underlying asset values because
of overreaction by investors to unfavorable news about a company, an industry or
the stock market in general, or as a result of a market decline, poor economic
conditions, tax-loss selling, or actual or anticipated unfavorable developments
affecting a company. The Fund normally invests most of its assets in common
stocks of undervalued companies that have the potential for significant capital
appreciation.
The types of companies the Fund may invest in include those that are attempting
to recover from business setbacks or adverse events (turnarounds), cyclical
downturns, or, in certain cases, bankruptcy.
RISKS
Obsolescence of techniques and other factors that may
identify the issuer as a potential turnaround candidate or takeover target.
The Fund may invest a substantial portion of its assets in small capitalization
companies, which have a market capitalization such as those with market
capitalization of between $50million and $75million at the time of the Fund’s
investment (sometimes called “small cap”). Market capitalization is the total
market value of a company’s outstanding common stock.
