The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of U.S. issuers of any capitalization. The securities selected for inclusion in the fund are those that, in the opinion of the Adviser, are well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. The fund may invest up to 20% of its assets in securities of issuers located in Canada or in sponsored or unsponsored ADRs of foreign companies located in developing or emerging markets countries.