Investment Objective
A multi-manager Fund seeking long-term capital appreciation and current income primarily through investments in mid-market capitalization U.S. stocks.
a TEAM OF MANAGERS
The Fund is sub-advised by three complementary asset managers:
- Barrow: Constructs portfolios on a bottom-up basis, reflecting price-to-earnings and price-to-book ratios below
the market and a dividend yield above the market.
- Pzena: Buys good businesses when they go on sale, focusing on companies whose stock price is low relative
to normal earnings power; current earnings are below normal; and management has a reasonable plan for earnings recovery.
- WEDGE: Focuses on identifying pricing discrepancies or unrecognized value among high quality market-leading companies that have defendable competitive advantages.
STRENGTH IN DIVERSIFICATION
The multi-manager approach brings diversification to the Fund and helps protect it from single-manager risk.
- The Fund typically holds 100 to 130 positions.
- Bottom-up portfolio construction lends itself to a portfolio that is well diversified at the security, industry and stock level.
- Fund assets may include common and preferred stocks, convertible securities, American Depositary Receipts and foreign
stocks traded on U.S. exchanges.
Total Fund Assets
$125.1 Million
Sub-Advisors (%)
Barrow, Hanley, Mewhinney & Strauss, LLC |
33.8
|
Pzena Investment Management, LLC |
33.2
|
WEDGE Capital Management, LLP
|
33.0
|
Smart Investing:
There Is Nothing Passive About It*
Pzena Investment Management, LLC
July 2015
Although this paper is from 2015, we believe that the concepts presented remain valid.
*For investment professional use only. Login required.