PJFV

PJFV actively targets a narrow portfolio of 25 to 40 value stocks globally. The fund does not have market-cap restrictions, yet focuses on large- and midcap stocks. Up to 35% of the portfolio may be in foreign securities. In constructing the high-conviction portfolio, the fund adviser aims for those stocks that appear underrated by the market. Securities are selected based on a combination of fundamental research and bottom-up portfolio construction. Fundamental factors concentrate on valuation metrics unique to the company, high levels of durability and viability, high return on assets and free cash flow, and mispriced business models. The adviser uses valuation metrics that utilize price in relation to earnings, book value, free cash flow, revenue, and dividend yield. The fund may also participate in the IPO market. PJFV's investment strategy and exposure are substantially similar to its mutual fund counterpart.