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.
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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
$289.1 Million
Sub-Advisors (%)
Barrow, Hanley, Mewhinney & Strauss, LLC |
33.9
|
WEDGE Capital Management, LLP |
33.1
|
Pzena Investment Management, LLC |
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.