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Masters' Select Value
Fund seeks superior long-term returns relative to standard
value stock benchmarks and its value fund peer group.
Working independently and using a distinct approach
to identifying undervalued stocks, each of four managers
runs a portfolio composed of no fewer than eight or
more than 15 of his most compelling stock picks. We
expect the majority of the Fund to be invested in mid
and large-cap stocks. Though not likely, up to 25% of
the fund could be invested in foreign stocks and stocks
of small companies. To a much smaller extent, the Fund
also invests in distressed securities by purchasing securities
of companies that are, or are about to be, involved
in reorganization, financial restructuring, or bankruptcy.
The multi-manager structure
should result in a well-diversified value stock portfolio.
However, because of the potential for overlap in the
holdings, the Fund is structured under the securities
laws as a non-diversified fund. This means that the
Fund is permitted to have more than 25% of its assets
invested in companies that represent 5% or more of the
fund's assets. Most of the time we expect the Fund to
qualify as a "diversified" fund.
Click here to see Morningstar analysis on Masters' Select Value Fund
Masters’ Select Value Fund is a non-diversified fund, which means that it may concentrate more of its assets in fewer individual holdings than a diversified fund. Though primarily an equity fund, the fund may invest a portion of its assets in securities of distressed companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may become worthless. Though not an international fund, the fund may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Though not a small-cap fund, the fund may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. |
