The investment seeks capital appreciation over a full market cycle, which the advisor defines as a sustained upswing in equity markets followed by a pull back, and recovery. The fund is a non-diversified portfolio and pursues its investment objective by investing, under normal circumstances, 80% of its net assets in equity securities traded in the U.S. It holds a portfolio of common stocks of mid-capitalization and large-capitalization companies with attractive valuations based on the Adviser's proprietary analysis. The fund may also invest in securities of foreign companies that are publicly traded in the U.S. It is non-diversified.