The Fund seeks to achieve long-term capital appreciation by investing principally in securities of US Issuers, which the Investment Manager believes are undervalued. The Investment Manager follows a value discipline in selecting securities, and therefore seeks to purchase securities at large discounts to the Investment Manager's assessment of their intrinsic value. Intrinsic value, according to the Investment Manager, is the value of the issuer measured, to different extents depending on the type of company, on factors such as, but not limited to, the discounted value of its projected future free cash flows, the company's ability to earn returns on capital in excess of its cost of capital, private market values of similar companies, the value of its assets, and the costs to replicate the business. Qualitative factors, such as an assessment of the company's products, competitive positioning, strategy, industry economics and dynamics, regulatory frameworks and more, are also important.