Strategy Overview

High-conviction stock picking with a focus on downside risk mitigation

With the flexibility to increase or decrease equity market exposure, this strategy seeks to offer investors access to the long-term benefits of owning stocks while also preserving their capital during extended market declines.

Disclosures

A word about risk:

Equitiesmay decline in value due to both real and perceived general market, economic and industry conditions. Investments in value securitiesinvolve the risk the market’s value assessment may differ from the manager and the performance of the securities may decline. Investing in securities of smaller capitalization and mid-capitalization companies tend to be more volatile and less liquid than securities of larger companies.Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic andpolitical risks, which may be enhanced in emerging markets. Currency rates may fluctuate significantly over short periods of time and may reduce thereturns of a portfolio. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest inthem may be subject to greater levels of credit and liquidity risk than portfolios that do not. REITs are subject to risk, such as poorperformance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Entering into short sales includes the potential for loss of more money than the actual cost of the investment, and the risk that the third party to theshort sale may fail to honor its contract terms, causing a loss to the portfolio. Derivatives may involve certain costs and risks such asliquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivativescould lose more than the amount invested.