Below is a description of the the Funds’ underlying strategy.  Broader strategy definitions can be found in the Prospectus.  All Fund Managers are SEC registered investment advisers.


Kovitz was founded in October 2003 and is located in Chicago, Illinois. Kovitz operated as an independent group within Rothschild Investment Corporation, from 1997 until their formation in 2003. Kovitz manages a Long/Short Equity strategy with an approach to investing based on Benjamin Graham’s concept of “Margin of Safety”. While Kovitz strives to maximize return, they believe the primary investment criterion should be safety of principal and a focus on minimizing permanent loss of capital. Their investment team relies on in-house research to screen for long and short ideas and focuses primarily on fundamental principles of balance sheet and cash flow analysis. (

Strategy run for the Absolute Capital Opportunities Fund: 
Long/Short Equity