Investment Objective

Capital Appreciation

Fund Characteristics

The Large Cap Value Fund seeks to invest in large cap quality companies which are temporarily out-of-favor in the market.

Investment Approach

  • The Fund employs a value-investing approach focusing primarily on established companies that offer long-term capital appreciation and future dividend payments and whose stock prices appear to be undervalued relative to the general market.
  • In choosing investments, fundamental company analysis and stock selection are the Fund’s primary focus. The investment process begins by screening for stocks whose price-to-earnings ratios are at or near the bottom of their long-term historical range. The Fund’s portfolio manager then compares a company’s stock price to its book value, cash flow, free cash flow yield, and analyzes individual companies to identify those that are financially sound and appear to have strong potential for long-term earnings and cash flow growth. He assembles the Fund’s portfolio from among the most attractive stocks, drawing on an analysis of economic outlooks for various sectors and industries.
  • The Fund may favor securities from different sectors and industries at different times while maintaining variety in terms of industries or companies represented.
  • The portfolio manager will normally sell a security when he believes the growth potential or income potential of the security has changed, other investments offer better opportunities, or in the course of adjusting the emphasis on or within a given industry.

Why Consider This Fund?

  • Focused on attractive long-term value creation seeking to:
    - Buy at historic low valuation supported by a unique margin of safety
    - Identify longer term growth and cash flow drivers beyond the market’s shorter term focus
    - Exploit poor sentiment at the time of investment
  • Adheres to a time-tested and consistently applied fundamental research approach and investment process
  • Provides a diversified portfolio of stocks and sectors

Investments are subject to market risk