RUNN

RUNN invests in US stocks using an "Efficient Growth" discipline, which is a long-only blend of growth and value. The fund employs a bottom-up approach based on a proprietary framework that seeks quality companies perceived to exhibit the greatest combination of value and growth significantly higher than the average of the S&P 500 Index, while also avoiding stocks with downside volatility characteristics. Stocks that have downside volatility characteristics are those that have historically been associated with greater-than-average downward movements, including high debt-to-capitalization ratios, highly valued growth stocks, and stocks with high sensitivity to market risks. The fund sets limits to any one industry at 15% and non-US companies at 20%. The portfolio holds 50-70 stocks, which are roughly weighted equally. The actively managed fund may, at times during defensive positions, invest in cash and cash equivalents.