Investment approach The fund seeks to invest in companies at discounts to their business value, which the managers consider to be the present value of sustainable free cash flow. To identify these investment opportunities, the portfolio managers employ a disciplined, bottom-up investment process highlighted by rigorous, internally generated fundamental research. Accordingly, the portfolio managers only make investments when the managers believe that there is a sufficient discount to business value to mitigate the loss of capital in the event of adverse circumstances. Fund profile The fund seeks to achieve capital appreciation by investing at least 80% of the value of its net assets in a concentrated portfolio of equity securities of large-cap companies, which the subadviser Beutel Goodman identifies as securities with greater than $5 billion in market capitalization at time of purchase. The fund may invest up to 20% of its net assets in non-U.S. securities, typically through sponsored American Depository Receipts (ADRs). The fund is non-diversified and may invest a significant portion of its assets in the securities of a singler issuer or a small number of issuers.