The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by purchasing equity securities of companies that Towle & Co., the fund’s investment advisor, believes are deeply discounted relative to the companies’ earnings potential. It invests primarily in equity securities of U.S. issuers and maintains the flexibility to invest in common stocks of companies across different market capitalization levels, although the advisor's investment process generally gravitates towards smaller companies. It is non-diversified.