Our value philosophy is based on the belief that certain securities may be undervalued and out of favour as the market may have over-penalized a specific concern or risk in the business. As the market view tends to be more focused on the short-term rather than on the long-term fundamentals, value investing involves identifying these types of companies in which the intrinsic or underlying value is considerably higher than the current share price. This approach is less sensitive to the overall direction of the market, placing a higher emphasis on preservation of capital, and as such seeks to outperform significantly during poor markets.

The fundamental investment objectives of the Fund are to maximize investment return through investment in a diversified portfolio of securities with a view to seeking the most productive balance from time to time between long-term growth and current income. To this end, the Fund's investments are mainly in Canadian equity securities which are anticipated to provide the opportunity for growth of capital consistent with reasonable security and income. Investment may be made in Canadian debt securities and in foreign equity and debt securities if economic, monetary or investment conditions indicate that the Fund's objectives are more likely to be met through such investment.

This Fund is designed for taxable and tax-exempt individuals and organizations, including pension, non-profit and corporations that are interested to gain exposure to established Canadian companies that the managers determine are undervalued.

This Fund is not eligible for RSPs, Group RRSPs, DPSPs or other registered plans.

Inception Date: Feb. 1, 1989  Asset Class: Canadian Equity  Benchmark: S&P/TSX Composite Total Return Index  Risk Level: Moderate Risk

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