The Strategy focuses on growth-style stocks and therefore the performance of the Strategy will typically be more volatile than the performance of investments that focus on types of stocks that have a broader investment style. The Strategy may invest up to 15% of its total assets in U.S. dollar denominated foreign securities and ADRs. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Strategy invests a substantial portion of its assets in the stocks of mid-capitalization companies. Mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.
* Past performance is no guarantee of future results. The Strategy, a separately managed account, is celebrating its 20th anniversary. The Fund’s inception date was December 29, 2000. While the Fund and the Strategy are managed in a substantially similar fashion, it is important to note that there are important differences between the two types of investments.