The investment seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. The fund will typically be fully invested in common stocks favored by the fund's investment adviser, except for modest cash balances arising in connection with the fund's day-to-day operations. When market conditions are unfavorable in the view of the investment adviser, the fund may use options and index futures, as well as other hedging strategies, to reduce the exposure of the fund's stock portfolio to the impact of general market fluctuations.