Goal and Strategy
The Fund's primary objective is to seek long-term capital appreciation by investing in companies selling for less than and shorting companies selling for more than our appraisal of intrinsic value. Current income is a secondary objective. The Fund invests at between 80% and 115% of its assets long and sells short between 0% and 30% of its assets in stocks of U.S. financial services companies of any size. These companies will include banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies.
What You Should Know
Closed-end fund shares are not redeemable, but instead are traded in the secondary market on an exchange such as the New York Stock Exchange or the NASDAQ. They frequently trade at a discount to net asset value. Specialized funds may carry additional risks.
