The objective of the Fund is to provide long-term growth of capital and capital preservation. The Fund invests in both U.S. and foreign stocks. Companies are added to the portfolio only if they sell at a discount of 70 percent or less to their intrinsic value. The Fund is very research intensive and focuses on dominant companies generating excess cash flow with good management in industries that are often out of favor in the investment community.
Intrinsic value is based on private market transactions and discounted cash flow valuations.
Companies are sold when their share price reaches intrinsic value. Please read the prospectus carefully for a discussion of the risks. Pacific Financial Research , a wholly owned subsidiary of United Asset Management Corporation. Mr. Bruce Veaco, age 44 since 1986. The Fund does offer an automatic investment plan but it does not waive the minimum initial investment amount as detailed above.