MGMT

MGMT, as an actively-managed fund, primarily invests in equity securities of small and midcap US companies which the adviser believes are underpriced, due to misperception of future earnings growth relative to their expectations for growth over the long-term. In selecting investments, emphasis is placed on those companies led by great management teams that display high quality and financially-sound attributes, leading to outperformance over the long term. Company evaluations include the following factors: (i) successful operation of their businesses in unfavorable and favorable market environments, (ii) balance sheets, (iii) cash flow, and (iv) return on capital. The fund may also invest all or substantially all of its assets in cash, cash equivalents, or, alternatively, in shares of other investment companies (including open-end and closed-end funds as well as ETFs) in order for the fund to be more fully invested.