Had we changed allocations, we would have made a major mistake for the shareholders. To keep consistency, and low volatility, this is the way we want to manage the fund. I think so. It s important to give the shareholders a product so that they know what they own. But if you re wrong, you mess up the fund.
History shows it.
We try to be a vanilla-style balanced fund. We try to look at stocks that are cheap, and then determine if they deserve to be cheap. We like to find discounted stocks that are either selling at a discount to the overall market or within their peer group. We have about 280 stocks in the fund that are managed by the three managers and convert specialist. A convertible bond looks like a bond, because of the high dividend, but acts like a stock, because its value fluctuates.