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


St. James was founded in 1999 and is located in Dallas, Texas. St. James is an absolute return-oriented, “best ideas” equity manager whose philosophy focuses on valuation, independent fundamental research, and the view that risk is defined as a permanent loss of capital. They seek to make investments in a limited number of businesses that are purchased with a significant margin of safety. St. James utilizes a long term investment horizon and they are willing to be patient and hold cash in the absence of bargains.

Primary Strategy for the Absolute Strategies Fund: Opportunistic Equity


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.

Primary Strategy for the Absolute Strategies Fund:  Long/Short Equity

Mohican was founded in November 2003, and is located in Wilton, CT. Mohican manages a disciplined Convertible Arbitrage strategy with an investment objective focused on capital preservation. The firm’s experienced investment team utilizes intensive fundamental research for sourcing ideas and constructing portfolios of small/mid capitalization convertible securities. Their versatile understanding of total return, credit, and volatility provides the foundation for successful portfolio diversification and risk management.

Primary Strategy for the Absolute Strategies Fund: Convertible Arbitrage